Michael Cross, who resigned as the Bank of England’s former head of foreign exchange and reserves management in 2015, has joined HSBC Global Asset Management in a new role that aims to win business from central banks and sovereign wealth funds.

An HSBC spokesman confirmed the move. Cross will be based in London and will be responsible for building out the firm's business with official sector clients across currencies, rates and other flow products, as well as debt capital markets. He will report to Simon Ellis, global head of client segments.