Clients outside the private bank are set to benefit from HSBC’s merged wealth and personal banking structure with plans to broaden the alternatives offering across segments.
«This year, we aim to broaden our alternative investments offering to also meet the long-term investment demands of our personal banking and premier customers,» said HSBC’s global head of investments and wealth solutions Lavanya Chari.
The expanded access to alternatives marks another example of HSBC clients benefiting from a 2020 reorganization that saw the private bank folded under the wealth and personal banking (WPB) unit, enabling a single platform to serve individuals across the wealth continuum.
The bank also plans to enhance the alternatives offering for ultra-high net worth clients with the introduction of «new bespoke and dedicated services» this year.
Record Inflows
The announcement follows another record year for alternative investment inflows from the bank’s ultra-high net worth business.
In 2021, HSBC Private Banking raised $3.2 billion in private client commitments to alternative investments, the bank said in a statement.
This included $1.9 billion from Asia – double of 2020’s aggregate commitments – alongside $1.3 billion from EMEA.
According to Chari, diversification into alternatives, across hedge funds and private markets, was fueled by worries about market volatility and inflationary pressures.
