A senior Millennium PM in Paris just showed up at HSBC in London

The days of M&A and ECM at HSBC in London may be winding down, but its rates trading desk goes on. HSBC just hired a macro trader who spent 11 years working across hedge funds and asset managers, including Millennium.

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Joseph Mouwad joined HSBC in London this week as its CEMEA head of emerging markets rates, after a ten-month break working as a private investor. Before that, he spent a year as a senior portfolio manager in Millennium's Paris office. Before that, Mouwad made his name at French asset manager Carmignac, where he was a fund manager for portfolios of up to €400m ($456m). 

It's a London homecoming for Mouwad, who spent all his pre-Carmignac career in the city. He was an associate PM at London macro hedge fund Caxton and also spent eight years as a rates trader across Barclays, JPMorgan and Deutsche Bank. At the latter, he was a director running EM rates trading and long-dated FX options trading.

HSBC's rates took a hit earlier this year when its previous CEEMEA rates trading head Andrew Dinnis left for an unnamed hedge fund after bonuses. Perhaps there was an open seat at Millennium.

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