HSBC is set to boost it wealth management offering with the use of the BlackRock Aladdin Wealth platform, after 18 months’ collaboration between the two parties.
Aladdin Wealth is a tool that enables portfolio analysis, taking into account weight and risk management. Aladdin has largely been used in asset management since its creation over 30 years ago, and was recently selected by Santander Asset Management to drive it digital transformation.
HSBC advisers will now be able to analyse customer’ portfolios more holistically and accurately, and assess the impact changes could potentially to better guide their clients, a statement from the bank has said.
The rollout commenced in the US and Hong Kong, but over time will be available to HSBC relationship managers worldwide who are managing clients holding $1m or more with the bank.
According to BlackRock, more than 25,000 investment professionals and 200 institutions around the world rely on Aladdin for risk and return analytics, as well as order management and trading.
“We are excited and proud to offer the benefits of Aladdin to our clients thanks to our strong partnership with BlackRock,” HSBC CEO of global private banking, António Simões, says.
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“We are building a better private bank and Aladdin will help us take our wealth management services to the next level.”
Charlie Nunn, CEO of retail banking and wealth management, adds: “This is part of our strategy to meet the increasingly sophisticated needs of growing wealth segments around the world, especially in Asia.”
Robert Goldstein, global chief operating officer at BlackRock, comments: “This is an exciting milestone for both organisations and the broader wealth management industry.
“With HSBC’s scale and global reach, many more advisers will have access to capabilities previously only available to institutional investors.”
HSBC is following the lead of Swiss bank UBS, who adopted BlackRock’s risk management and portfolio construction tool Aladdin Risk for Wealth Management in 2017.