HSBC builds MBS team

HSBC has hired two people for its new mortgage-backed securities (MBS) business following the appointment of six people for its asset-backed securities (ABS) group.

The MBS appointees will report to Joseph Petri, senior executive vice-president and head of global markets, Americas. Petri said the appointments mark HSBC’s growth in North America and penetration of the MBS business. Neal Leonard and Todd White both join as managing director and co-head of MBS. Leonard joins from Lehman Brothers, where he was managing director and head of the mortgage business.

White also joins from HSBC, where he was a managing director and head of agency mortgage pass-through trading. The company expects to add 15 to 20 more staff this year for sales, trading and analyst positions, said a company spokesperson.

HSBC also recently hired six people for its ABS group in New York as part of its effort to expand its origination presence in the US ABS market and support US distribution for structured products.