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imp-rsearch team antique/ shardul sec (1)   17-May-08 20:51Tracked by (0)  
Posted by:   jasavi on ( 17-May-08 20:51 )
Price : BSE: Rs 158.60 ( 5.00 % )
antique / shardul securities research team

Archive for December 14th, 2007
HSBC India Equity Sales Team Quits to Join Brokerage (Update1)
Dec. 13 (Bloomberg) — HSBC Holdings Plc’s director of Indian equity sales Anish Jhaveri and four colleagues have quit to join Antique Stock Broking Ltd., lured by a share of the profits from a stock market that’s doubled in value in a year.

“We’re old friends coming together,'’ Jhaveri, 39, said in a telephone interview in Mumbai. “It’s going to be fun building the business as well as making some money.'’

HSBC is losing senior executives at a time India’s stock market is at an all-time high and companies in the world’s second-fastest growing major economy are raising funds at a record pace. By contrast, the London-based bank set aside $3.4 billion last month for losses on its U.S. loan business.

Kirti Doshi, chairman of Antique Stock Broking, said he’d hired the five to build the Mumbai-based firm’s institutional broking and corporate finance business.

“We want to scale up our business and grow our investment banking and wealth management business,'’ Doshi said in an interview. Antique Stock Broking has received regulatory approval to start portfolio management services, he said.

Dharmesh Dalal, Suryakant Bhatt, Manish Shah and Suketu Parekh have also joined Antique Stock Broking, Doshi said. Rajesh Joshi, India-based spokesman at HSBC, confirmed some executives have quit, without giving details.

The exodus from HSBC follows similar departures from CLSA Ltd. and JPMorgan Chase & Co. Domestic brokerages are winning staff with signing bonuses and equity stakes.

`Critical Issue’

Losing key staff may make it harder for HSBC to meet its targets for growth in developing nations, including India and China. The bank has said it aims to generate 60 percent of pretax profit in emerging markets in Asia, Latin America and the Middle East, up from 51 percent in the first half of 2007.

HSBC’s Asia-Pacific head Sandy Flockhart said on Dec. 4 competition for banking staff in Hong Kong makes employee retention a “critical issue'’ as it seeks to grow its business in China, the only major economy that’s growing faster than India.

HSBC lost Asia Chief Executive Officer Michael Smith to Australia & New Zealand Banking Group Ltd. Other Asia-Pacific departures include George Pavey, head of equity capital markets; Guy Gui, head of the natural resources group; Ashok Mittal, former head of investment banking in India; and Jonathan Orders from equity capital markets.

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