FILE PHOTO: Nicolas Moreau, CEO of Deutsche Bank's asset management unit DWS, poses for pictures at the Frankfurt Stock Exchange, Germany March 23, 2018. REUTERS/Kai Pfaffenbach

(Reuters) - HSBC Global Asset Management has appointed Nicolas Moreau as its new chief executive, the firm said in a statement on Tuesday, adding that he will join the $500 billion business in September.

Moreau, former head of AXA France and Deutsche Bank’s DWS unit, replaces Sri Chandrasekharan, who will be moving into another senior role within HSBC Group, the lender’s asset management business said.

Moreau will be based in London, it added.

His appointment was first reported by Sky News, which said Moreau will likely be given a mandate to explore a combination of the arm with a rival through a merger or a takeover.

Earlier in the week, HSBC’s John Flint was ousted as CEO after just 18 months in the role, in a move the bank said was needed to speed up progress on priority areas.