HSBC has named Maggie Ng as the new head of Wealth and Personal Banking (WPB) in Hong Kong, with responsibility for fueling the growth agenda of the business.
WPB was formed after the consolidation of HSBC’s retail banking, wealth management, and global private banking units. The combined business has $1.4trn in assets.
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Ng will assume the new role in December this year.
She will be tasked with facilitating the wealth needs of a diverse group of client ranging from first time investors, HNWIs, UHNWIs, and businesses, among others.
HSBC WPB head for Asia Pacific Greg Hingston will manage the Hong business until Ng assumes the responsibility.
Background
Ng’s financial career spans more than two decades.
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By GlobalDataAt present, she is the Greater China CEO of online trading provider IG Group.
Previously, she was the co-founder of Assured Asset Management, a fintech wealth management firm.
Hingston stated: “Our ambition for Wealth and Personal Banking is to become the #1 wealth manager in Asia, trusted by our clients to help them thrive throughout every stage of their wealth journey.
“With a leading position in Hong Kong and as the largest international bank in the Greater Bay Area, our comprehensive wealth management solutions, strong digital capabilities and exceptional people will help customers capture the significant wealth opportunities that exist in Asia and beyond.”
HSBC moves
The bank has made several management changes this year.
Earlier this month, HSBC appointed Annabel Spring as the CEO of global private banking.
Last month, HSBC Private Banking appointed Ken Ng and Gary Goh as the market heads for Singapore and Malaysia, respectively.
In May, HSBC Private Banking named Lavanya Chari as global head of products, investments and collaboration.
In April, HSBC Private Banking appointed Caroline Kitidis as its head of Ultra High Net Worth for EMEA and the US.
In the same month, HSBC Private Banking appointed Sharon Oh as the Asia-Pacific COO.
In March, HSBC appointed Mark Yunfeng Wang as the president and CEO of its China business.
HSBC also plans to hire 2,000 to 3,000 wealth planners in China over four years.
