HSBC Global Asset Management has promoted Guy Morrell to head of its multimanager business in the UK, the Middle East and North Africa.

Morrell, who joined HSBC in 2004, replaces James Hughes who is to relocate to Hong Kong where he will become head of HSBC’s multimanager business in Asia Pacific. He will continue his current roles as head of the bank’s global real estate investment team and manager of the HSBC Open Global Property Fund in addition to his new duties.

All changes will take place from Friday.

HSBC Global Asset Management’s multimanager team of more than 40 staff worldwide has $32.8bn (£17.6bn) under management with a further $39.9bn (£21.4bn) of assets ‘under advice’.