HSBC has created a 50-man team to try to win lucrative business from hedge funds and traditional asset managers with a range of investor-services type businesses that are aimed at winning a greater share of the prime brokerage market.

In a memo to staff this morning from head of global markets, Samir Assaf, and global head of securities services, Tim Howell, HSBC announced the creation of the unit, will initially employ as many as 50 staff, although this is likely to increase over the next 12 months as the bank expands the operations.