HSBC goes on a hiring spree for its ABS group

HSBC has hired six people for its asset-backed securities (ABS) group in New York, as part of an ongoing effort to build this area of its business.

The appointees will report to Michael Normile, head of term ABS - Americas. Normile said the appointments mean HSBC is now well positioned to expand its origination presence in the US ABS market, and support US distribution for structured products.

Robert DiOrio, a managing director and head of real estate securitisation - Americas, joins from CDC Ixis Capital Markets North America. Alice Koo, a senior vice-president and head of ABS product management - Americas, joins from Citigroup Asset Management. Cyrus Moehbbi, a managing director and head of ABS analytics and structuring - Americas, joins from ABN Amro, as does Caroline Morrill, managing director and head of ABS syndicate for the Americas.

Two more managing directors, Jeffrey Moses and George Smith, have moved from Bear Stearns. They join HSBC as head of transportation and equipment securitisation for the Americas, and head of Americas ABS trading, respectively.