International tinge to HSBC super
(30 June 2008 – Australia) HSBC has launched a wholesale wealth management business based in its Sydney office that will focus on investing in foreign economies.
The move by HSBC will take advantage of the projected inflow of funds into super in the coming years. HSBC said that the move was motivated by the fact that Australia is a net exporter of wealth.
HSBC's chief executive of local banking operations, Stuart Davis, said that the specialised Australian market had therefore become strategically important and he expects the demand for international assets to grow significantly.
The Australian market is often considered too small to cope with the inflow of money from superannuation. Estimates say that the superannuation market will increase to $3,300 billion by 2017, forcing further dispersion of investments overseas.
HSBC is targeting institutional fund managers who are looking to invest in emerging markets such as China, India, Brazil, Russia and other Asian countries offering better growth opportunities than established economies.
Davis added that Australia is a growing part of HSBC’s business and there is therefore a need to be based in Australia. He said that this will avoid international fund managers simply coming to Australia in search of new deals.
Former Westpac investment manager Charles Genocchio, from Barclay's Global Investors, will run the new Australian funds and investments division.
HSBC's chief executive of local banking operations, Stuart Davis, said that the specialised Australian market had therefore become strategically important and he expects the demand for international assets to grow significantly.
The Australian market is often considered too small to cope with the inflow of money from superannuation. Estimates say that the superannuation market will increase to $3,300 billion by 2017, forcing further dispersion of investments overseas.
HSBC is targeting institutional fund managers who are looking to invest in emerging markets such as China, India, Brazil, Russia and other Asian countries offering better growth opportunities than established economies.
Davis added that Australia is a growing part of HSBC’s business and there is therefore a need to be based in Australia. He said that this will avoid international fund managers simply coming to Australia in search of new deals.
Former Westpac investment manager Charles Genocchio, from Barclay's Global Investors, will run the new Australian funds and investments division.
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