HSBC Private Bank has said that up to
half of its assets under management (AuM) could come from Asia over
the next five years, an increase from the current level of 30%.
HSBC Private Banking global chief
executive Chris Meares said that Asia’s huge IPO growth in the past
year was driving economic wealth creation – meaning wealth
management operations in the region could amount to half of the
bank’s business.
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Global AuM for HSBC Private Bank were
$450bn as of 30 June 2010, its most up-to-date reported figure.
Meares relocated to Hong Kong from London in December last year
– reinforcing the importance of the private bank’s ‘home’ market in
Asia and its emerging markets focus.
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