July 1, 2022


Singularly Wondrous Business

Former HSBC investment banking chief to join General Atlantic

3 min read

1 of HSBC’s longest-serving executives is stepping down from a entire-time situation at Europe’s largest lender to become a senior adviser to $50bn technology trader, Normal Atlantic.

Samir Assaf, who ran the investment decision financial institution for a 10 years, will retain a job counselling HSBC’s chair Mark Tucker and chief government Noel Quinn. He will also carry on to be non-govt chair of HSBC’s Middle Japanese subsidiaries.

Together with an advisory function at Normal Atlantic, Assaf will join the board of a new local climate transform fund, BeyondNetZero, established by the US non-public fairness firm. Run by Lord John Browne, the former BP chief executive, the fund aims to give advancement equity for new businesses with technologies that can assistance minimize carbon emissions.

HSBC and Basic Atlantic both verified the appointments. Basic Atlantic explained Assaf’s function as “sourcing, developing interactions with business people about the globe and portfolio firm support”.

Assaf, 61, became 1 of Europe and Asia’s best-recognized expense bankers about an unusually extensive 10-calendar year tenure in demand of the division in the course of the turbulent post-monetary crisis years.

Born in Lebanon and educated mainly in France, he outlasted virtually all his peers in his 21-yr vocation at HSBC, working for 5 different chief executives soon after joining as European head of set income buying and selling in 2000, when HSBC acquired Crédit Business de France.

In late 2019, Assaf stepped aside as head of the investment financial institution soon after a extraordinary shake-up at the financial institution, which noticed chief government John Flint depart after just 18 months in the occupation. Assaf took a lower-profile position as chair of corporate and institutional banking.

In his later decades, the small business he ran faced criticism for its bureaucratic and conservative lifestyle, which some alleged prompted it to tumble behind more intense rivals and get rid of sector share, particularly in the M&A company. However, its far more cautious tactic meant that – compared with some competitors – it had few sizeable credit score losses.

Assaf was recruited by ​​Gabriel Caillaux, co-president and head of Common Atlantic’s business enterprise in Emea.

The team has designed a lot of effective engineering bets considering that staying established by Chuck Feeney in 1980. It was the very first significant US trader in China’s Alibaba, turning a $75m investment decision in 2009 into much more than $1bn when the agency listed five decades later on. In Europe, it was an early backer of Adyen, a Dutch payments start out-up that now has a €74bn valuation.

Nevertheless, Typical Atlantic’s report in tech investment decision has been tarnished by its association with the collapsed source chain finance corporation Greensill Capital. Its implosion compelled the closure of $10bn of offer chain finance funds at Credit score Suisse, which may possibly finally induce traders as considerably as $2.3bn in losses.

The US non-public fairness team has given that moved to conclude its relationship with the scandal-ridden begin-up by repaying a €300m mortgage that it took out in 2019 from Greensill, in which it also owned a stake and had a board seat.