HSBC Aims to Strengthen Ties Between Hong Kong and Singapore Wealth Management Teams to Win High-Net-Worth Clients and Family Offices
In the competitive world of wealth management, HSBC is making strategic moves to strengthen its ties between its Hong Kong and Singapore teams. The goal? To enhance cross-selling opportunities and sharpen their focus on winning more high-net-worth clients and family offices.
Maggie Ng, head of wealth and personal banking operations in Hong Kong, shared in an interview that the bank’s ambition is to grow beyond just their domestic markets. Many customers are interested in setting up family offices in both Hong Kong and Singapore, viewing the cities as complementary rather than competitors.
Hong Kong, in particular, is working to attract the world’s wealthiest families, offering tax incentives and long-term residency options to entice them. With over 2,700 single-family offices managing significant assets, the city is positioning itself as a hub for wealth management.
HSBC is committed to helping its super-rich clients manage their family investments, succession planning, and philanthropic endeavors. The bank saw a significant increase in pre-tax profit from its wealth management unit in Asia last year, showcasing the success of their efforts.
To streamline operations, HSBC discontinued its Independent Asset Management (IAM) channel in Hong Kong and Singapore, opting to use relationship managers to serve family offices instead. This move allows the bank to focus on growing the ultra high-net-worth family office segment and leverage its strong brand for trust and investment services.
With total assets under management in Hong Kong and Singapore reaching trillions of dollars, the opportunities for growth in the wealth management sector are vast. Investors continue to favor both financial hubs as gateways to opportunities in mainland China and the Asia-Pacific region.
Kai Zhang, HSBC’s head of wealth and personal banking for South Asia, highlighted the demographic dividends in Asia, such as a young population and rising middle class, as key factors driving investment in the region. The bank’s focus on markets in Southeast Asia, India, Taiwan, and Australia has led to double-digit growth in new international customers, with expectations for this trend to continue.
As HSBC strengthens its ties between its Hong Kong and Singapore wealth management teams, the bank is well-positioned to capitalize on the growing demand for wealth management services in the region. By focusing on high-net-worth clients and family offices, HSBC is poised for continued success in the competitive world of wealth management.
