Assets under management at HSBC Private Banking climbed higher, driven in part by more than $9 billion of net new inflows in the first half of 2021.
Asia assets under management at HSBC Private Banking grew 25 percent to $193 billion in the first half of this year, according to a statement, driven in part by $9.3 billion of net new money inflows.
This accounts for over 45 percent of HSBC Private Banking’s total assets under management worldwide at $427 billion, according to its recent interim report.
In addition to private banking, HSBC also saw growth across its affluent segments in Asia – Premier and Jade – with a 7 percent increase in the number of affluent and higher net worth clients to 1.7 million.
Asian wealth revenues in the first half increased 26 percent and account for much of global wealth revenue growth.
Asian wealth balances – the sum of client assets from HSBC’s Premier, Jade, and private banking segments – reached a new high of $810 billion and accounted for $49 percent of global assets.
HSBC continues to pursue its ambitions of becoming a leading wealth manager by 2025.
It has rolled out a series of mobile solutions and digital enhancements for wealth clients in key Asian markets.
The bank also added around 600 full-time employees in the first half – including 350 personal wealth planners for its mainland China mobile services HSBC Pinnacle with plans to add another 100. The bank said it is on track to hire over 1,00 client-face wealth staff in Asia by the end of 2021.
The positive momentum of our Asian Wealth business this year shows the traction we are seeing on-the-ground with our clients, as we forge ahead with our considerable investments in technology, products, and people,» said APAC regional head of wealth and personal banking Greg Hingston.