HSBC has launched a top-level management shakeup in both its wholesale banking and asset management divisions - moving its group treasurer and deputy head of global markets, John Flint, to the helm of its fund management arm.

Flint replaces Mark McCombe, who is relocating to Asia as chief executive of HSBC's Hong Kong office - just weeks after the bank said group chief executive Michael Geoghegan would move to the region - according to an internal memo seen by Financial News.