HSBC Private Banking has further expanded its offerings in Asia by launching a new advisory service for affluent clients in the region.
Dubbed HSBC Prism Advisory, the new solution combines the knowledge of the bank’s personal advisers with BlackRock’s Aladdin Wealth technology.
The hybrid offering will initially be provided to HSBC’s private banking clients in Hong Kong and Singapore.
The bank plans to expand the service to retail clients in Hong Kong later this month.
Prism Advisory is a contractual solution that is designed to enable clients to improve their portfolio based on the bank’s model portfolios.
Users of the solution can tailor-made model portfolios to offer their personal views. They can also use Prism’s asset allocation feature to develop strategy with advisors, noted the bank.
With capability to supervise portfolios 24×7, Prism can make its clients aware of risks and opportunities existing in the market.
The service also includes an option that helps its clients to plan their long-term goals associated with their wealth.
HSBC regional head of investment and wealth solutions for APAC Stefan Lecher said: “HSBC Prism Advisory is a primary example of how we are combining innovative digital platforms with advisor-led expertise to construct investment portfolios that truly reflect our clients’ unique objectives.”
HSBC’s private banking arm in Asia is said to have invested more than $200m within four years to further develop its core banking and digital platforms so that the bank can meet client requirements.
Later last month, HSBC U.S. Private Banking revealed that it selected technology platform Addepar to improve its client performance reporting capabilities.