HSBC is making a habit of hiring some big-name investment banking deal-makers, despite its relatively lowly position in the league tables. As well as bringing in James Simpson, the former head of financial sponsor M&A at UBS, it has now just hired Kristian Terling, a big-hitter in Nordic investment banking, who was latterly at Houlihan Lokey.
Terling has been appointed head of banking for the Nordic region at HSBC, a role he took in June this year, according to sources close to the situation. Before this he was managing director and head of Nordic investment banking at Houlihan Lokey, which he joined in June 2012.
Before moving to Houlihan Lokey, Terling spent nearly eight years at Credit Suisse, where he was co-head of Nordic investment banking. His role covered originating and executing M&A, equity and debt transactions. Similarly, his position at Houlihan Lokey required a depth of skills, as he was in charge of corporate finance, financial advisory and restructuring for the Nordic region.
Terling is the second significant hire at HSBC in the past month as the bank looks to build its corporate coverage and advisory business in Europe. James Simpson, the former head of financial sponsor M&A at UBS, joined the bank last week. As we pointed to previously, Simpson’s move makes him head of M&A for the whole of EMEA at HSBC, the sort of title upgrade that adds to his importance in the organisation.
There’s also the fact that the two banks have traded big names in recent months. In April, William Barter, who joined HSBC as head of UK global banking from Nomura in January 2013, signed up to UBS as co-head of its UK and Ireland corporate client solutions unit.
Terling’s decision to join HSBC is not a simple sideways move and broadens the scope of his responsibility. His versatility will also fit in with the structure at HSBC. As we mentioned, HSBC’s M&A bankers don’t sit in a separate division, but are part of a combined capital markets group and work alongside those in debt capital markets and equity capital markets. The bank’s coverage bankers feed deals into the group.
Headhunters also point to the fact that HSBC’s investment bankers sit alongside the corporate banking relationship managers. The pay disparity – mid-ranking investment bankers on £125k versus corporate bankers on around £80k – and the push to cross-sell the bank’s services is something both parties have now “got to grips with”, suggests the headhunter.
Terling also currently serves on the board of engineering firm AH Automation and Russian construction equipment supplier Ferronordic Machines. He has a Master of Engineering and Electronics Engineering from Imperial College London.
HSBC did not respond to requests for comment.