The London and Hong Kong-listed group's asset management boss is relocating from his UK base to Asia.

The global chief executive of HSBC's $500 billion asset management arm, Sridhar Chandrasekharan, is moving from London to Hong Kong as the British banking group looks to capitalise on growth opportunities in Asia.

The move comes as HSBC reviews whether to shift its corporate headquarters outside of the UK amid concerns surrounding increased government levies on banks in the country, as well as a referendum on its membership of the European Union.

HSBC said Chandrasekharan will continue to serve as the division's global chief and will still oversee the 30 locations in which it operates.

“HSBC has a significant client franchise in Asia. As a global asset manager, we believe there are opportunities for us to grow our business with our clients and contribute to the evolution of the investment markets,” said a spokesperson for HSBC.

“The global CEO of the asset management business has relocated from London to Hong Kong to directly support this development and will continue to provide oversight across HSBC Global Asset Management's global operations.”

Last month, HSBC became one of the first big players to announce its application to take part in the Mutual Recognition of Funds scheme between Hong Kong and mainland China, a cross-border initiative introduced to boost fund flows into the region.