View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
May 27, 2022

HSBC plans hiring spree in China wealth management unit

HSBC’s Global Private Banking unit is set to hire about 100 new employees in China this year as the bank seeks to expand its services and offerings for mass affluent clients.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

The British lender is planning to recruit roles including relationship managers and investment counsellors and plans to grow its team size three-fold over the next five years.

HSBC also intends to expand its Global Private Banking presence to Hangzhou and Chengdu cities later this year. The bank, which currently has operations in Beijing, Shanghai, Guangzhou and Shenzhen, said it will further expand into more cities in the next few years.

The Global Private Banking unit will tap the bank’s international connectivity to enhance its product suite with offerings including structured deposits, overseas mutual funds as well as succession planning and philanthropy services.

The unit will offer wealth management solutions to clients through its strategic partnership with HSBC Qianhai Securities Limited.

HSBC Global Private Banking Asia-Pacific regional head Siew Tan said: “The wealth needs of HNW and UHNW individuals and families in mainland China are becoming more sophisticated on a daily basis.

“Increasingly, they are looking for a trusted advisor that can guide them holistically across asset allocation, wealth and succession planning and philanthropy. We have a unique role to play in this regard, and that’s why HSBC Global Private Banking has earmarked one third of our investment in Asia to grow our mainland China business.”

HSBC has been focusing on growing HSBC Premier, its global flagship proposition for mass affluent families, in mainland China over the past two decades.

HSBC China will add an additional 300 staff by the end of this year in a bid to offer more customised service to its Premier clients, according to the bank.

HSBC mainland China head of Wealth and Personal Banking Trista Sun said: “A team of trusted advisors, equipped with deep local market knowledge and global insights, alongside new financial technology, are our key to help clients navigate their wealth journey and achieve the ambitions for themselves and their family.

“As the leading international bank, we are committed to further investing and growing our business, bringing the best of HSBC to our local clients.”

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International