Finance

HSBC’s former global fixed income head joins hedge fund Brevan Howard

The former global head of fixed income at HSBC has re-emerged at hedge fund Brevan Howard around a year after his exit.

Elie El Hayek, a 23-year veteran of the UK lender, has joined Alan Howard’s hedge fund as a portfolio manager, more than 12 months after leaving the bank as it unveiled a sweeping overhaul of its business.

He joined the hedge fund in April, according to his LinkedIn profile. Brevan Howard declined to comment.

El Hayek was one of the biggest names to leave HSBC in the wake of a new strategy unveiled by chief executive Noel Quinn in February 2020, which will mean $100bn in risk weighted assets stripped out, with its global markets unit a key target of the reduction.

READ HSBC London bankers brace for job cuts amid Asia shift: ‘There is a lot of middle management in the UK’

Richard Bibbey and Mehmet Mazi were promoted in the wake of El Hayek’s departure.

HSBC’s fixed income currencies and commodities unit remains the largest within its investment banking division, bringing in $6.3bn in revenues last year, or a 33% increase on 2019 as volatility spiked across the sector as a result of the Covid-19 pandemic.

READ HSBC cuts staff and shakes up executives in London equities unit

However, HSBC’s global markets business has been a key target of cuts from Quinn’s planned overhaul, which will see the bank pivot its business towards Asia and eventually cut 35,000 jobs across the organisation.

El Hayek joined HSBC in 1997, and rose up the ranks during a career that has spanned more than two decades taking numerous senior roles including global head of rates trading.

HSBC’s global head of equities Hossein Zaimi also left the bank in July last year, having recently been handed a larger role. He was later replaced by Franck Lacour. The UK lender unveiled some job cuts in its stock trading unit in February, and relocated key executives from London to Paris and Hong Kong

To contact the author of this story with feedback or news, email Paul Clarke

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