Wealth Asset Growth in APAC to Reach Double-Digits by 2023 – HSBC
(25 May 2020 – Hong Kong) HSBC’s regional head of wealth and personal banking business Greg Hingston estimates the bank will 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 combined wealth business, which came into effect on May 1, manages assets worth about US$1.3 trillion globally. Asia makes up nearly half of this total, with the fast-growing mass affluent customer base accounting for the bulk of it is. HSBC plans to sharpen its focus on clients with investable assets of over US$1 million.
“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 net worth segments,” said Mr Hingston.