London-headquartered HSBC is reportedly expanding its asset management business in China with plans for new hires and an enlarged product offering.
HSBC is making key investments in its asset management unit in mainland China in 2023, according to a «Reuters» report citing unnamed sources. This includes the launch of new teams dedicated to green finance and fixed income.
The bank is also exploring the possibility of offering carbon-offsetting products to customers after a surge in client queries over the past year, particularly from western multinational companies seeking to meet strict emissions targets.
Onshore Opportunity
HSBC chairman Mark Tucker was in Beijing last week to meet with Chinese officials to discuss the bank’s growth plans in China, including in asset management, according to a release from the municipal government, adding that foreign participation in green finance was welcome.
Separately, the British lender's local partner in China is auctioning its 31 percent stake in HSBC Jintrust Fund Management at an asking price of 1 billion yuan ($140 million). On the possibility of purchasing the stake, a spokesperson for HSBC said the bank was open to opportunities to expand its business in China.
