HSBC’s private banking arm has launched discretionary portfolio management services for its mobile app in Asia.
HSBC’s private banking clients in Asia will be able to subscribe and reallocate their discretionary portfolios via mobile app, according to a statement.
The discretionary portfolio management (DPM) offering includes equity, fixed income and multi-asset strategies managed by HSBC Asset Management and third party managers for a minimum investment amount of $200,000.
This set of discretionary mandates was launched in May 2021 and now makes up over 10 percent of HSBC Global Private Banking’s (GBP) DPM assets under management in Asia.
Affluent, HNW Segment
The latest offering – exclusively available in Asia – is part of HSBC’s broader plan to extend its private banking capabilities to the affluent and high net worth segment.
«Most discussions on DPM or portfolio construction today are still heavily reliant on face-to-face meetings, whether physical or virtual,» said HSBC GBP’s APAC regional head Siew Meng Tan. «The discretionary digital platform is built upon our strategic vision of making a broad product shelf and [chief investment office] content digitally available to our clients beyond the UHNW space.»
HSBC GPB has also underlined digitalization as a strategic priority, with $200 million invested over a four-year period in its core banking and digital platforms. Currently, two-thirds of HSBC GPB’s clients are engaged digitally with over 35 percent of execution-only trades in Asia completed online.
