HSBC is assembling a team to court ultra-high-net worth clients in Asia as wealth managers look to a part of the world where the number of billionaires are increasing at a faster rate than North America or Europe, Bloomberg reports.
Hiring for the new business will be part of the bank's plan to add 700 private banking jobs in Asia by 2022. Gabriel Tam, previously with Bank of America, has been named Asia head of UHNW solutions to serve clients with HSBC's products within its private bank and investment bank.
Private banking in Asia is one of HSBC's strategic priorities as CEO John Flint plans to expand in markets from Greater China to Southeast Asia. Global wealth managers are counting on Asia's richest to boost profitability even after they took a hit from the stock market meltdown in late 2018.
If we're going to be able to achieve the ambitious growth plans that we've got, clearly we need to be able to address the ultra-high net worth segment very well"
"If we're going to be able to achieve the ambitious growth plans that we've got, clearly we need to be able to address the ultra-high net worth segment very well," Tan Siew Meng, Asia Pacific head of global private banking said in an interview in Hong Kong.
Erik Bergqvist, who had worked at Julius Baer Group, has bee hired as head of UHNW segment management.
The number of Asian billionaires will rise 27% to 1,003 by 2023, making up more than a third of the world's total, according to a report by Knight Frank. The billionaire population growth rates for North America and Europe are 17% and 18%, respectively.