HSBC has opened the K11 ATELIER HSBC Wealth Centre to provide high-net-worth (HNW) clients in Hong Kong and the Greater Bay Area (GBA), those with investible assets of US$1 million or above, with an enhanced in-person experience, backed by a range of advanced and tailored wealth solutions.
The bank has seen strong demand for wealth management services in Asia, evidenced by the robust growth in its wealth business in the region, particularly in the HNW segment. As of the end of June in 2021, the assets under management (AUM) for HNW clients in Hong Kong grew nearly 30% from last year, alongside a double-digit growth in wealth income.
“Our HNW proposition is key to our ambition to become Asia’s leading wealth manager for clients across the wealth continuum,” says Greg Hingston, the bank’s regional head of wealth and personal banking, Asia-Pacific. “And we continue to see good momentum. In the third quarter this year, our global wealth balances grew 10% year on year to US$1.6 trillion, while our private banking business in Asia-Pacific contributed almost 80% of global private banking’s net new money intake of US$3.9 billion.”
New policies by financial regulators in China and Hong Kong, such as the latest cross-border Wealth Management Connect scheme, aim to strengthen the financial connectivity between mainland China and Hong Kong.