Farley Thomas has his sights set on a specific goal. Fresh from HSBC’s entry into the exchange traded fund business last month when the bank launched its first own-brand ETF, he believes HSBC will become a leading player in Europe’s $183bn (£113bn, €129bn) ETF market in the next three years.

“ETFs are one of the fastest growing areas in the investment management industry and we plan to be a leader in it,” says Mr Thomas, global head of wholesale distribution at HSBC Global Asset Management (HGAM), which will be investment manager for the new business. He believes ETFs are “an important part of the asset manager’s tool kit”.