The wealth management business of HSBC recorded positive inflows globally year-to-date, with the majority – over $40 billion – originating from Asia.
HSBC’s wealth management business attracted $67 billion of net new invested assets in the first nine months of 2023, according to the bank’s financial results. Asia accounted for the majority with $42 billion booked in the region.
In the third quarter alone, HSBC recorded $34 billion of net new invested assets. Overall, the bank’s wealth balance, which also accounts for market movements, grew 12 percent year-on-year to $1.6 trillion.
WPB Profit
The wealth management business is part of the broader wealth and personal banking (WPB) unit, which posted a pre-tax profit of $2.8 billion in the third quarter, up from just $113 million in the same period last year. Year-to-date, pre-tax profit at the unit more quadrupled to $11.4 billion.
«We remain focused on investing and growing in our areas of strength. We have continued to demonstrate progress in executing our wealth strategy, notably in Asia,» HSBC said in its quarterly results.
