KUALA LUMPUR: HSBC has launched a new global business, wealth and personal banking, combining its retail banking and wealth management with global private banking to become one of the world’s largest global wealth managers with US$1.4 tril (RM5.88 tril) in assets, nearly half of them from Asia.
Charlie Nunn, HSBC CEO of wealth and personal banking, said the combined business brings together the best of both worlds, to provide a seamless experience as individuals grow their wealth and best-in-class products across retail banking, wealth, asset management, insurance and private banking.
He said this move creates one of the world’s largest and fastest growing wealth franchises, centred in Asia and serving clients around the world.
“Our mission is to put the technology that internationally-minded clients need to manage their wealth in their pockets, alongside exceptional people who provide advice and help to solve more complex challenges.
“A relationship with HSBC helps wealth clients unlock the world through our international network, and access best-in-class products through the full set of businesses in the HSBC family,” Nunn said in a statement today.
He said wealth and personal banking will cover the entire spectrum of private wealth, from retail clients to ultra high net-worth (UHNW) individuals across Asia, where wealth pools are growing faster than in any other region, HSBC’s wealth revenues grew 12% in 2019 (year on year) to US$5.7 bil.
While private banking will move under the umbrella of wealth and personal banking, it will remain a distinct brand with a unique value proposition.
He said HSBC continues to innovate how individuals can manage wealth digitally, launching mobile banking capabilities for self-directed investors for equities and mutual funds in Hong Kong, FX in Singapore and structured products in mainland China in 2019.
A partnership with BlackRock allows both Jade and Private Bank clients in Hong Kong and Singapore to access AI-powered investment management software.
New tools such as wealth dashboards on tablets have enhanced the financial planning experience in key markets.
“HSBC will continue to invest in its wealth management business globally, with a particular focus on Asia, including Hong Kong and mainland China (especially the Greater Bay Area), as well as Southeast Asia, some of the world’s fastest growing economies,” he added. – March 2, 2020, Bernama
