People Moves

HSBC GAM appoints global ETF capital markets head from DWS

The ETF issuer has significantly expanded its team over the past 18 months

Tom Eckett

a man wearing glasses

HSBC Global Asset Management has once again raided DWS to hire Bhaven Patel as global head of ETF capital markets, ETF Stream can reveal.

In his new role, Patel (pictured) will be responsible for running the firm’s ETF capital markets function and driving the liquidity strategy for its ETF platform.

He will work closely with the ETF sales team to aid clients with their ETF execution and trading requirements and the ETF operations and product development teams in order to assist in designing best-in-class primary market infrastructure.

At DWS, Patel was director, ETF capital markets for six years joining in 2015 where he worked with ETF brokers and sales teams to promote and open new geographical markets for ETFs.

He joined DWS from BlackRock where he was in the ETF capital markets team for two years between July 2013 and September 2015.

Prior to BlackRock, he was part of the ETF and delta one trading teams at Credit Suisse and Morgan Stanley.

Patel will report to Carmen Gonzalez-Calatayud, head of ETF capability at HSBC GAM.

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Gonzalez-Calatayud said: “Bhaven’s experience in designing and launching asset class-specific ETF platforms will enable us to continue expanding our growing range of ETF products and capabilities.”

Patel added: “HSBC GAM’s ETF business has seen momentous growth over the past year and it is an exciting time to join the firm.”

Patel is the latest in a string of appointments from DWS since former CEO of the German asset manager Nicholas Moreau, who was named in ETF Stream'sIndustry 30 2020, joined to lead the business in August 2019.

Last February, the firm appointed Thorsten Michalik as global head of external wholesale, while in September 2020, it hired Philip Knueppel as head of ETF sales for Germany, Austria and Switzerland (DACH), both from DWS.

HSBC GAM has significantly expanded its ETF team over the past 18 months and recently appointed Dominic Clabby as head of ETF strategy from Invesco in March.

The firm is currently Europe’s tenth-largest ETF issuer with €13.1bn assets under management (AUM), as at the end of March, according to data from Morningstar.


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