Feb 15 (LPC) - HSBC's key leveraged and acquisition finance bankers in Asia Pacific are leaving their positions, sources said, raising questions on its strategy for the event-driven financing business.
Lyndon Hsu, head of the LAF team in Asia Pacific and Michael Bevan, head of sovereign wealth funds and financial sponsors, Asia Pacific will no longer be running their teams, according to sources.
Jonathan McCullagh, head of North Asia LAF and restructuring, Asia Pacific and Erick Hsu, director in the financial sponsors group, have left the bank.
A spokesperson from HSBC in Hong Kong declined to comment.
Interestingly, the changes coincide with HSBC's hiring of Ray Doody as global head of leveraged and acquisition finance in London. Doody, a JP Morgan leveraged finance veteran, will start with HSBC in May.
Lyndon Hsu and McCullagh were the most senior members of the LAF team in Asia. Hsu, a veteran in Asian leveraged finance, joined HSBC in September 2010 after a 14-year stint with Credit Suisse. He initially worked with the Swiss bank in Australia and headed the leveraged finance business there before relocating to Hong Kong to manage the division for Asia (ex-Japan). Before joining Credit Suisse, Hsu spent seven years with ANZ.as a relationship manager.
McCullagh joined HSBC from ABN Amro in November 2007 in London before moving to Hong Kong.
Bevan has worked with HSBC since September 2001, according to his LinkedIn profile. He was initially a director in the global banking and markets team in London before moving to the United Arab Emirates as head of equity capital markets for Middle East and sub-Saharan Africa. He assumed responsibility for sovereign wealth funds coverage in September 2013.
Erick Hsu joined HSBC in 2010 from Blue Beacon Capital and was based in Hong Kong, according to his LinkedIn profile. He had previously worked at Merrill Lynch and UBS in New York, handling coverage of the telecom, media and technology sectors. (Reporting By Chien Mi Wong and Prakash Chakravarti; editing by Steve Garton)