BUY SIDE

L&G taps HSBC for Asian equity trading head

Danny Kwok worked at HSBC Global Asset Management for six years as a senior trader.

By Hayley McDowell hayley.mcdowell@strategic-i.com August 03, 2017 9:59 AM GMT

Legal & General Investment Management (LGIM) has poached a senior trader from HSBC Global Asset Management to join its expanding team in Asia.

Danny Kwok has been appointed head of APAC equity trading, reporting to Ed Wicks who is the global head of equity trading.

He departed HSBC earlier this year after six years with the asset manager and was previously an equity derivatives trader at Macquarie group.

LGIM is currently expanding its business in Asia-Pacific in a bid to facilitate local market coverage for the region’s trading and index fund management.

The move will see responsibility for the firm’s equity trading and index fund management transferred to its Hong Kong based team.

LGIM said its presence in Asian markets has grown in recent years, as it looks to become a more global provider of investment services.

“We have developed our trading and fund management capability in Hong Kong, as well as the supporting infrastructure, in order to provide the best solutions for our clients over the long-term,” said Alan Flynn, head of LGIM Asia.

The transfer of trading of Asian equity orders to LGIM Asia was completed in July, with plans to transfer multiple equity index funds to Hong Kong in the fourth quarter this year.

Chad Rakvin, head of global index funds, explained LGIM has won various clients with index, fixed income and multi-asset mandates in Asia since the business established in 2012.

“We believe this change in fund management arrangements is the best solution for the continued, long-term management of the funds in question and will meet the needs of the Asian client segments we have attracted so far,” he added.