HSBC Global Private Banking will employ up to 240 additional employees by early 2019, in order to “step up its focus on sustainable business growth,” including appointments to its offices in the UK and Channel Islands.
The bank, which manages $330bn in client assets, said this would represent an increase of about 9% of HSBC private banking staff.
“We are now entering a new phase of growth for which we are hiring talent across key markets,” said Peter Boyles, HSBC’s head of private banking, in a statement.
Most of the new hires will take place in Asia-Pacific, which is the fastest growing region for the bank’s private banking activity. The bank said it would invest heavily in its APAC wealth business over coming years.
“The majority of new hires will join in Asia-Pacific, HSBC Private Banking’s fastest growing region and the focus of considerable investment in the coming years as part of the group’s strategic aim to grow its overall Asia wealth business.”
Around 70 of the new hires will be in Hong Kong with another 40 in Singapore. Roughly 100 of the total will fall to UK and Channel Islands, Switzerland, Luxembourg, France, Germany and Middle East.
The team will include relationship managers, investment counsellors, credit advisers, wealth planners and account support staff.
HSBC employs roughly 3,000 in its wealth arm – one of the world’s largest. HSBC continues to add private bankers in the US. HSBC Private Bank International in Miami has brought on five hires to cater to its core Latin American markets, including Argentina, Brazil, Chile and Mexico.
The bank expects wealth creation in the region to maintain its current near double-digit growth rate over the next three years.
The move is part of a much-touted pivot to Asia by HSBC, which has outlined plans to invest $15 billion to $17 billion in its technology and business across Asia. The bank is strong in Hong Kong, but plans to push beyond, including to China’s Pearl River Delta, home to some of the world’s largest tech companies.