The private banking arm of HSBC has discontinued its external asset management business in Hong Kong and Singapore.
HSBC Global Private Banking has discontinued its external asset management (EAM) business in Hong Kong and Singapore following a strategic business review, according to a «Bloomberg» report.
«We will make this change as smooth as possible for the affected clients,» a spokesperson said in a statement.
Brief Setup
The exit marks a brief stint for HSBC’s EAM business in the region. It set up desks to serve the segment in 2020 for Singapore and 2022 for Hong Kong. The bank noted that there is no expected impact on teams and it remains committed to providing solutions for single and multi-family offices.
At end-2023, HSBC Global Private Banking was the second-largest private bank in Asia with $209 billion in assets under management, according to finews.asia data, up 20.1 percent year-on-year.
