AWARDS FOR DISTINCTION 2021
Tan Siew Meng regional head of HSBC Global Private Banking, Asia Pacific
HSBC GLOBAL PRIVATE BANKING HSBC Global Private Banking (HSBC GPB) has been awarded Asian Private Banker’s flagship Best Private Bank – Asia Pacific accolade for the first time after the lender comprehensively demonstrated an ability to capture wallet share, improve its product shelf and fully harness new market opportunities. All of these achievements were evidenced in HSBC GPB’s spectacular business performance in 2021. Both revenue and client AUM derived from Asia-Pacific jumped at a rate that put HSBC GPB at the front of the pack of private banking peers. The numbers were all the more remarkable when taking into consideration that HSBC GPB’s net interest income during the year was hit harder by lower interest rates than that of many of its rivals — due to the fact the bank traditionally has a high balance of deposits. The impressive increases in the top line and the asset base were coupled with an impressive haul of net new money that marked a substantial recovery from industrywide deleveraging and was peppered with several US$1 billion-plus landmark deals with UHNW clients. Perhaps just as crucially as this muscular business performance were the private bank’s efforts to improve the quality of its revenue streams. In 2021, HSBC GPB boosted the portion of its revenue derived from recurring income sources by more than any of the other awards submissions reviewed by Asian Private Banker — reflecting the success of the lender’s efforts to convert more clients to mandates with annuity-based fees. In 2021, the collaboration between HSBC’s global private bank and its commercial banking (CMB) juggernaut thrived as the result of relentless tweaks and improvements to the linkages between the two. Net new money and revenue derived from PB/wholesale banking collaboration grew in 2021, thanks to investments in data analytics and prospecting, and in pipeline tools.
10
“We are honoured to be named the Best Private Bank – Asia Pacific and proud of what this accolade represents. Our clients are at the centre of everything we do, which means we are laser-focused on ensuring that every client receives the best ideas, advice, solutions and services tailored to their unique circumstances — every day. And we are committed to bringing the best of HSBC to clients, whose needs are typically international in scope and span the personal and business spheres. To deliver on our promise, we invest in our capabilities and people across the region, and we innovate. In 2021, we enhanced our client experience with major digital deliveries; we deepened our ESG integration and expanded our sustainable solutions offering as part of our Group-wide commitment. We extended our footprint in Southeast Asia and celebrated 75 years of partnering with families across generations via HSBC Trustee; and, above all else, we remained close to clients to help them navigate a complex environment. This award only adds to our motivation to really make a difference for clients as their trusted wealth manager.” - Tan Siew Meng, regional head of HSBC Global Private Banking, Asia Pacific
offerings and doubled-down on its market-leading position in alternatives. As the bank broadened its worldclass suite of hedge funds, private equity and credit strategies, it recorded record inflows of US$1.9 billion in the region. Outside of HSBC GPB’s traditional strongholds of Hong Kong and, increasingly, mainland China, the bank launched an onshore Thailand business, expanded its coverage of onshore Taiwan as well as boosting its product shelf there.
The private bank has more than doubled the size of its teams serving UHNWIs and this has already appeared to bear fruit, with the number of clients from this segment rising by the high single digits and its estimated share of wallet growing at an even faster clip.
Finally, the judging panel commended HSBC GPB for the velocity of its improvements in client experience and steps in attracting and retaining front office human capital. The bank boosted its headcount with selective and opportunistic hires among RMs, investment councillors and product specialists. Diversity and inclusion have been paramount, with almost half of senior leadership in the region now female.
On the investments side, HSBC GPB made significant strides in its discretionary portfolio management (DPM)
For these reasons, HSBC Global Private Banking is Asian Private Banker’s Best Private Bank – Asia Pacific.
