HSBC: Asia Accounts for Nearly All of Wealth Asset Growth
The Asia pivot at HSBC is being felt within its wealth management unit. Almost all of the business’ growth in assets under management was attributable to the region in 2024.
HSBC's wealth management business added $102 billion of invested assets to reach nearly $1.3 trillion in 2024, according to the bank’s presentation of its annual results to investors and analysts. This included $64 billion of net new invested assets.
In total, the operating profit of the wealth and personal banking business in 2024 rose 5 percent to $12.1 billion.
Regional Dominance
Of the total invested assets, Asia accounted for $96 billion with $47 billion of fresh funds.
Asia’s dominance was felt even more so in global private banking (GPB). The region increased $33 billion in invested assets to $199 billion compared to a $32 billion increase worldwide to $395 billion in the overall GPB unit.
