China’s massive wealth creation in recent years has yielded a new generation of sophisticated high net worth (HNW) investors seeking expert guidance on how to grow and protect their wealth in a volatile global environment. Currently the world’s second largest wealth management market, China is expected to be home to around 80 million individuals whose wealth exceeds US$1 million by 2035, up from 17 million today1.
Against this backdrop of rapid wealth accumulation, HSBC is bringing its comprehensive capabilities and global network to meet the needs of China’s entrepreneurs and their families. HSBC Global Private Banking (GPB) offers an extensive range of wealth management offerings to its clients across Asia. Tapping on the HSBC Group’s expansive breadth of services, the private bank is able to fulfil most of its clients’ wealth needs through the group’s robust commercial, retail and investment banking arms.
Meanwhile, HSBC’s global presence, spanning 62 countries and territories, with over 13 GPB booking centres, enables the bank to connect its clients to opportunities around the world. Clients also benefit from exclusive insights and research from the group’s investment research capabilities.
To provide its HNW clients with expert advice and guidance, HSBC GPB has assembled a team of dedicated relationship managers, investment counsellors, product specialists, and wealth planners who provide a wide range of bespoke investment and non-investment wealth solutions for individuals and family offices. Furthermore, the bank’s Global Relationship Managers (GRM) situated in major financial centres are able to offer Asian clients a seamless experience worldwide. These GRM teams consist of frontline colleagues who can effectively communicate with clients from the region and cater to their global needs.
“Our competitive advantage lies in being able to leverage HSBC Group’s global connectivity and breadth of capabilities. Our dedicated Asia coverage teams in key wealth hubs around the world can offer comprehensive solutions to support the wealth journeys of our clients,” says Jackie Mau, Head of Global Private Banking, HSBC China.
Another key trend poised to shake up the market is the looming inter-generational wealth transfer set to take place over the next decade. There is an urgent desire among HNW and ultra-high net worth (UHNW) individuals to secure their legacies and transfer their wealth to the next generation.
With over 75 years of experience in Asia and globally, HSBC Trustee has been working with families around the world to address the complex issues of succession planning and wealth transfer.
“The expertise of HSBC’s trust and fiduciary services is particularly beneficial for our clients, who often have complex, multigenerational wealth management needs. Our well-established trust structures offer not just the security of asset preservation, but also the sophistication of efficient wealth transfer and tax planning,” says Bryce Wan, Market Head of North Asia, HSBC Global Private Banking.
The bank is also able to assist its UHNW clients in Asia in establishing family offices and facilitating knowledge-sharing experiences between well-established and newly set up family offices across markets. “Our synergistic approach between onshore and offshore services allows us to deliver a superior client experience,” says Wan.
Growing from Strength to Strength
Going forward, HSBC GPB will continue to invest in its capabilities and network in Asia. As wealth creation in the region outpaces the rest of the world, the bank will work towards bringing its wealth management expertise and client service capabilities closer to its clients.
HSBC will also continue to enhance its Chief Investment Office and investment capabilities to ensure that its clients are well advised to navigate market fluctuations amid an increasingly uncertain environment. The bank’s growing digital capabilities will further enhance the customer experience, providing clients with various platforms to interact with their wealth managers.
Furthermore, HSBC GPB will foster greater synergy between its local and international teams in Asia, and proactively acquire talent as it scales up its presence in the region. By expanding both local expertise and global reach, HSBC is strategically positioning itself as an essential partner for HNW and UHNW individuals and families in Asia.
And as one of the most compelling wealth markets in Asia, China is a critical part of HSBC’s strategy to become the leading private bank for Asian, international and HSBC-connected clients. Says Mau: “With our global scale, financial strength and personalised services, HSBC Global Private Banking is well-positioned to serve as a trusted partner to Chinese clients, helping them achieve their wealth goals over generations.”
1 Source: The Rise of Asian Wealth, HSBC Global Research, August 2022
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