HSBC Holdings’ private bank has discontinued its independent asset management business in Hong Kong and Singapore following a strategic business review, a bank spokesperson said.
“We will make this change as smooth as possible for the affected clients,” the spokesperson said in a statement, adding that it remains committed to providing solutions for single and multi-family offices.
HSBC’s independent asset management desks were set up in 2020 in Singapore and 2022 in Hong Kong. External asset managers act as agents for family office clients, helping to guide rich clients on their investments and steer them to banks or funds that specialise in particular products.
HSBC has been pushing hard to become the leading wealth manager in Asia over the past few years amid a broader pivot to the region.
The majority of the family offices are directly served by the private bank. There is no expected impact on the bank’s teams, according to the statement.
Banks in Singapore are facing increasing scrutiny around accounting openings after a money laundering scandal rocked the Asian financial hub last year. Hong Kong has also been pushing to be a family office hub. BLOOMBERG
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