An asset manager backed by state-owned regional banks in Switzerland, has hired a senior sales executive from HSBC to spearhead a marketing effort aimed at UK institutional investors - meaning domestic funds houses will have another large competitor to face in the battle for client assets.

Swisscanto has hired Rob Barrett, who was head of UK institutional sales at HSBC Global Asset Management, to become head of sales at its London office. He took on the role on May 1. A spokesman for Swisscanto confirmed the move, but declined to comment further.