HSBC UK Private Banking has implemented Addepar’s software platform, specifically designed for wealth managers.
According to the tech vendor, HSBC is the first major UK bank to use its platform.
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The move follows its adoption by HSBC’s US Private Bank, with plans for further rollout in the Channel Islands and Luxembourg later this year.
HSBC UK Private Banking serves both domestic and international ultra and high net worth clients, as well as family offices.
HSBC UK Private Banking investment counselling head James Thomson said: “As a leader in the alternatives space, with more and more private banking clients wanting to have a proportion of their portfolio in this asset class, Addepar’s advanced alternatives reporting capabilities was an important selling point.”
The Addepar platform is said to offer enhanced client reporting capabilities, enabling relationship managers and investment advisers to provide tailored, comprehensive performance data and insights on client investments with minimal effort.
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By GlobalDataIt supports complex features such as alternative investments and account aggregation.
The platform also allows clients to view aggregated performance data for investments held with other wealth managers, providing a complete overview of their entire investment portfolio.
Addepar CEO Eric Poirier said: “Addepar exists to bring greater transparency, connectivity, and intelligence to the global investment ecosystem.
“HSBC UK Private Banking’s adoption of our platform reflects exactly that kind of forward-thinking leadership—embracing a solution designed to empower investors, advisers and their clients with a complete and timely data-driven perspective to confidently navigate complexity with actionable insights.”
HSBC UK serves over 15 million active customers across the UK, supported by 23,900 colleagues.
The bank provides a full range of retail banking, wealth management, and commercial banking services for small to medium businesses and large corporates.
Meanwhile, last month, HSBC was in the news for dismissing more than 25 analysts as part of a restructuring effort to improve operational efficiency, according to Bloomberg.
