HSBC Sources Over Half of Wealth Inflows From Asia

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HSBC’s wealth and personal banking unit attracted tens of billions of dollars in invested assets, with more than half originating from Asia.

In 2023, HSBC’s Wealth and Personal Banking (WPB) unit attracted net new invested assets of $84 billion, according to the bank’s annual report. More than half – $47 billion – was sourced from Asia. The WPB business covers the full range of client segments from mass affluent to ultra-high net worth individuals.

Overall, the WPB unit’s global pre-tax profit more than doubled year-on-year to $11.5 billion in 2023. Customer revenues reached $25.4 billion including $12.8 billion from its priority markets in Asia (Hong Kong, Singapore, Malaysia, mainland China, India and Australia).

China Growth

Within mainland China, the bank expanded its onshore propositions for private banking as well as «Pinnacle» – a digital affluent wealth offering – resulting in a 53 percent year-on-year increase in invested assets.

HSBC will look to further accelerate growth in the market via its acquisition of Citi’s retail wealth portfolio in mainland China last year. The deal includes assets under management, deposits and the associated customers.

Accounts, Customer Satisfaction

Other notable highlights from the Asia WPB business include strong contributions to customer accounts, which rose by $41 billion globally though no specific regional figures were disclosed.

The bank also underlined improved customer satisfaction scores within its private banking unit in Asia, including in Hong Kong, Singapore, Taiwan and mainland China.

Development Program

In terms of talent, the bank will expand its «Accelerating Wealth Program» which offers a development plan for colleagues looking to pursue a career as a relationship manager. In 2023, the program was extended to external applicants in Hong Kong as well as internal applicants in mainland China, India and Singapore.

«Building our wealth business to meet the rising demand for wealth management services, especially in Asia, has been a strategic priority,» said HSBC group CEO Noel Quinn.

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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