HSBC Global Asset Management has appointed a head of passive fixed income within its investment team, as the bank’s investment arm seeks to strengthen its passive investments business.

Sebastien Faucher was formerly the head of index fixed income responsible for ongoing fund management activities across all index fund strategies, including implementation and client onboarding, at Legal & General Investment Management.

Prior to his time at Legal & General, Faucher was an investment manager for the global fixed income business of State Street Global Advisors.

HSBC said Faucher has taken up  the newly-created role as part of its strategy to provide clients with the most relevant range of products.

Based in London, Faucher will report to global chief investment officer, Xavier Baraton who said the new hire forms part of HSBC’s plans to strengthen its passive investments business.

“The initiative, in which Sebastien will play a key role, is in response to identified client demand. It reflects our commitment to satisfy it with the most relevant and effective range of products and solutions,” Baraton said.

HSBC added it will unveil a number of passive fixed income products as part of its new Undertakings for the Collective Investment of Transferable Securities (UCITS) product range later this year. 

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Standard Life announced £600 million of the £900 million of net inflows in the first half of 2016 were into multi-asset strategies, in its interim report.

Legal & General Group, meanwhile, announced net inflows of £9.6 billion of which £6.7 billion were into multi-asset and LDI (liability driven investment) strategies.

Both life companies have made changes to trading teams in the first half of the year.

This summer, Standard Life promoted derivatives dealer Martin Robertson to head of derivatives trading for Standard Life Investments. It came almost a year after Steven Swann, the previous head of derivatives trading, took over as global head of trading when veteran trader Jim Conway retired.

In June, Legal & General announced that it was seeking to bolster its Treasury team by appointing a mid-senior level dealer to develop rates and hedging strategies.

Earlier in the year L&G hired equities and derivatives trader Gregory Corrigan from Irish fund firm Fideuram Asset Management and moved senior analyst Jonathan Curteis to a quant role in the multi-strategy fixed income team.

Legal & General’s profit after tax stood at £667 million for the half year ending June 2016, up 22% on the £547 million declared at the same point last year.

Standard Life declared a rise in half year profits after tax (IFRS) of £226m, up from the £69 million declared at the same point in 2015.

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