Ultra-high net worth individuals in Asia will be able to witness cutting edge technological developments in the US in person through a tour hosted by HSBC.

HSBC Global Private Banking will offer ultra-high net worth (UHNW) clients in Asia, including those in Hong Kong, mainland China and Singapore, on a three-day tour to the US to observe some of the latest technological developments in person, according to a statement.

The tour includes a visit to California to directly engage with top venture capitalists and startups in the industry, covering emerging market trends such as generative artificial intelligence and deep tech. The program also includes visits to early-stage investment firm Playground Global and Stanford Medical Center.

Innovation Banking

The tour is based on a collaboration between HSBC Global Private Banking and HSBC Innovation Banking. The latter business was launched in June 2023 and leverages the expertise of Silicon Valley Bank’s UK unit which was acquired by the British lender in March 2023.

«We are pleased to partner with HSBC Innovation Banking to curate this exclusive platform for our UHNW clients to exchange ideas with like-minded investors and draw inspiration from the authentic ingenuity that defines the tech community,» said Lok Yim, regional head of global private banking, APAC, HSBC.

PE Demand

According to a report by Boston Consulting Group and iCapital, global private equity assets under management have grown 22 percent per annum over the last five years to $8.2 trillion, as of 30 June 2023. Future participation by individual investors is expected to outpace institutional growth with anticipation of capital commitments increasing by a compound annual growth rate of 18.8 percent by 2025 to $1.2 trillion.

«Venture capital (VC) is increasingly a global story,» said David Sabow, head of innovation banking, HSBC USA. «Not only have global markets significantly increased their share of VC investment over the last five years, the sources of capital supporting the VC asset class have increasingly come from every corner of the world.»