HSBC’s private bank client assets for the six
months to 30 June 2010 were $354bn, down $13bn compared with 31
December 2009.
Net new money flows stood at $7bn, including
inflows in Switzerland where the private bank had suffered
negative publicity linked to the theft of private client accounts
data in March.
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The world’s fifth largest private bank
announced it had launched a family office partnership with its
global banking and markets division that will target ultra high net
worth clients and family offices seeking quasi-institutional client
services.
Private banking pre-tax profits were 13% lower
at $0.6bn, largely due to the impact of low interest rates.
In the first half of 2010, it extended its
multi-manager fund product, World Selection, to 21 countries and
increased funds under management by 59% to $4.1bn.
HSBC said its private bank had begun a three-year programme to
add up to 500 customer-facing staff covering key markets in Asia,
Latin America and the Middle East.
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