HSBC global asset management appoints Asia head for sovereigns

Sovereign and Quasi-sovereign entities, which make up the majority of institutional assets in Asia-Pacific, are strategically critical to growing HSBC's regional institutional business, said Rudolf Apenbrink, chief executive officer of HSBC Global Asset Management, Asia Pacific.

Sten Ankarcrona will join HSBC Global Asset Management in Singapore as head of sovereigns and supranationals for Asia Pacific on September 1.

Ankarcrona will relocate from Stockholm, where he was managing director of HSBC Global Asset Management for the Nordic region, responsible for developing its institutional distribution business. He will replace Wayne Shum, the previous head of sovereigns and supranationals, who left the asset manager in July to join Baring Asset Management in Hong Kong.