HSBC sees double-digit wealth asset growth in Asia by 2023

A man walks past a logo of HSBC outside a branch at the financial Central district in Hong Kong, China June 2, 2015. REUTERS/Bobby Yip

HSBC Holdings PLC expects to achieve double-digit asset growth in its newly combined wealth business in Asia Pacific in the next three years, as it looks to grab a bigger share of the growing rich population, the unit’s regional head told Reuters.

The Asia-focused lender in February announced the merger of its global private banking and retail wealth businesses to create a new wealth and personal banking unit, part of a radical strategy overhaul at Europe’s largest lender by assets.

The combined wealth business, which came into effect on May 1, manages assets worth about $1.3 trillion globally, with nearly half of that in Asia, where bulk of it is accounted for by its fast-growing mass affluent customer base.

Aiming to become the top wealth manager in Asia Pacific in the medium-to-long-term, HSBC plans to sharpen its focus on clients with investable assets of over $1 million, said Greg Hingston, regional head of wealth and personal banking business.

“With the combination, there is a big, big focus on family offices going forward. And it all fits within that focus around increasing penetration into the high and ultra-high networth segments,” said Hingston, who took over the new role on April 1.

Historical data for the combined wealth business are yet to be reported. The bank’s global retail wealth assets in the first quarter grew 6% from a year-ago to $480 billion, while private banking client assets fell 2% to $329 billion.

Even as the coronavirus pandemic has disrupted normal trade and banking services, Hingston said HSBC had seen increased usage of digital technologies by its wealth management clients.

In Hong Kong, the bank’s biggest market, the average monthly forex transaction value through digital channels by its wealth management clients grew 65% in the first quarter and monthly equity trading turnover rose 63%.

Reuters

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.