HSBC appoints Ravi Menon as CEO of Indian asset mgmt arm

HSBC has appointed Ravi Menon as the chief executive of its asset management arm in the country, after the elevation of Puneet Chaddha as business head for South East Asia.Menon, who joined the group in 1998, currently serves as the head of strategy and planning for HSBC India and was appointed as a director on the board of HSBC Asset Management India last year, HSBC said in a statement.The company primarily deals with the mutual fund and portfolio management services businesses.Welcoming Menon, HSBC Asset Management's Asia Pacific Chief Executive Pedro Bastos said the company is committed to capitalise on opportunities presented by "increasing wealth accumulation and diversification in Asia" and will continue to grow its presence.Menon's appointment is effective from February 1 and he will be reporting to Bastos, it said.His responsibilities will include ensuring adherence to the HSBC Group s requirements and regulatory standards in the country, the statement said.He replaces Chaddha, who was appointed as chief executive of HSBC Global Asset Management Singapore and head of the business in South East Asia in November last year.