HSBC has appointed a senior dealmaker to lead private equity coverage as major investment banks seek to attract more business from increasingly active big investors.
James Horsburgh, who previously headed the UK lender’s leveraged and acquisition finance business in Asia, has been promoted to global head of Private Capital Group, according to an internal memo from HSBC financial news.
Horsburgh relocated to London from Hong Kong in April last year to take on a role within its advisory and investment banking coverage unit for the UK and international Europe, building closer ties between its commercial and global banking units.
Borja Azpilicueta, who has led HSBC’s global private equity group for the past four years, is moving to a position in the British bank’s wealth management arm.
READ HSBC moves senior banker Horsburgh out of Asia to focus on UK business
Azpilicueta will become global head of the capital solutions group within HSBC Asset Management, the memo said.
Horsburgh’s new role is part of HSBC’s equity finance and investment banking coverage team and will focus on private equity, sovereign wealth funds and real assets funds.
He has been with HSBC for 14 years and joined in 2008 from Lloyds Banking Group.
Private equity firms have become increasingly active over the past two years, putting a lot of cash into big acquisitions funded by a boom in leveraged loans at low interest rates.
According to data provider Dealogic, HSBC has earned $33.6 million in fees from M&A work with financial sponsors so far this year, accounting for 42.2% of its total earnings in the sector.
The memo, written by Adam Bagshaw and Matthew Ginsburg, co-heads of the equity funding team, said the private equity group represents a “significant opportunity to continue growing market share and increasing revenue.”
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