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September 24, 2019

HSBC Private Banking reshuffles senior ranks in Asia

HSBC Private Banking has appointed Cynthia Lee as the regional head of private wealth solutions (PWS) for Asia-Pacific (APAC).

Free Report
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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.

Lee has been working at HSBC since January this year, with responsibility for leading PWS for North Asia.

In the expanded role, she will report to PWS global head Alan Beattie.

Lee’s two-decade-long financial career also includes a stint as the head of wealth advisory for Asia at JP Morgan.

Additionally, HSBC named Steven Weekes as the head of PWS for South East Asia, replacing Michelle Lau.

Weekes, who formerly worked for 23 years at Citi Private Bank, will report to Lee.

At Citi, Weekes latterly was the head of international fiduciary services based in Zurich.

Meanwhile, Lau will now become managing director of ultra-high net worth (UHNW) and family office strategic services for South East Asia.

Other recent leadership changes at HSBC

Earlier this month, HSBC Global Asset Management (HSBC GAM) named Joanna Munro as its new global CIO.

Last month, HSBC Greater China CEO Helen Wong Pik-kuen stepped down. Pik-kuen was not replaced. Instead, her responsibilities were divided among the bank’s Hong Kong, Macau, mainland China, and Taiwan country heads.

At the same time, HSBC GAM recently hired former DWS chief Nicolas Moreau as its new CEO.

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.

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