BAML's M&A Chair Joins HSBC Amid Big Push for U.K. Deals

Bank of America Merrill Lynch banker Philip Noblet is leaving his post to join HSBC’s U.K. advisory business, as the British firm seeks to bulk up its investment banking team, according to people familiar with the matter.

Mr. Noblet, previously chairman of mergers and acquisitions for Europe, the Middle East and Africa, will leave his post at BAML later this month, some of the people said.

As HSBC works to build up its U.K. investment banking unit, it hopes to use its position as a large U.K. lender to win more advisory business.

Its push in the U.K. follows moves in recent years to bolster its advisory presence in Asia Pacific, focusing specifically on growth in China. As growth in China slows and the U.K. recovery builds, the bank thinks there are opportunities to win banking mandates for U.K.-based companies.

Last year, it appointed Natalie Blyth, a consumer sector banker, and Alan Thomas, formerly deputy head of global banking in Asia Pacific, to run a new U.K.-focused unit.

Mr. Noblet started his career at law firm Slaughter and May, before working for Deutsche Bank, where he was co-head of M&A for the U.S., and Lehman Brothers.

He first joined Merrill Lynch in New York in 2000. Following a short interlude working for Kiwi Partners, a mid-market M&A boutique, he returned to Merrill Lynch in London where he rose to become co-head of the bank's M&A franchise in EMEA. He was named chairman of EMEA M&A in 2013.

Many of the major deals he has worked on involve private equity firms or industrial companies. Mr. Noblet is currently working for investment fund Haversham Holdings on its discussions to buy British Car Auctions for £1.2 billion, according to a person familiar with the matter.

Other deals he has done include the £2.7 billion sale of U.K. pubs company Spirit Group to Punch Taverns, the $3.2 billion by oil and gas engineer Amec to buy the U.S.-listed Foster Wheeler and the £480 million sale of British department store chain House of Fraser to China’s Sanpower Group.

Mr. Noblet joins BAML colleague Paul Bundred, who is also joining HSBC in the coming weeks. At BAML, Mr. Bundred worked on the IPO of luxury shoemaker Jimmy Choo.

HSBC increased its market share of U.K. investment banking fees from 4.5% in 2013 to 5.3% in 2014.