HSBC has hired former DWS chief to grow its $500 billion asset management business.

HSBC Global has appointed Nicolas Moreau as chief executive to lead its asset management arm. Moreau departed Deutsche-owned asset manager DWS last October, where he was CEO.

He will join HSBC in September and takes over from Sri Chandrasekharan who has run operations there for the last seven years. The global lender said that Chandrasekharan would be moving into another senior role at HSBC, to be announced in due course.

Prior to DWS, Moreau was chair and chief executive of AXA France and spent four years before that as group chief executive of AXA UK and Ireland.

Charlie Nunn, CEO of retail banking and wealth management at HSBC, said that asset management is a “key area of focus” the bank was committed to growing. “HSBC Global Asset Management passed the $500 billion threshold for its assets under management this year, and Nicolas is the ideal candidate to lead the business going forward,” Nunn said.

Nunn thanked Chandrasekharan "for his dedication over the last seven years. He has built a strong foundation for the asset management business, which will allow us to focus on a new and ambitious phase of growth.”

Moreau will be based in HSBC’s London office.