HSBC woos Asia’s ultra-rich to set up family offices in Hong Kong with suite of digital and wealth planning services
- Many ultra-high-net-worth customers from mainland China, Asean and the Middle East are keen to set up family offices in Hong Kong, HSBC’s Lok Yim says
- HSBC’s invested assets from private bank customers in Asia rose 18 per cent year on year to US$166 billion as of end-2023
HSBC, Hong Kong’s biggest lender, plans to increase the visibility of its family office and digital banking services to attract ultra-high-net-worth clients to its private banking unit, according to a senior executive.
“We have seen a strong growth in ultra-high-net-worth customers in the Asia-Pacific region, particularly in mainland China, India, Indonesia, the Philippines and Australia in recent years, who demand wealth management services,” said Lok Yim, the newly appointed head of HSBC global private banking in Asia-Pacific.
To tap these clients, HSBC will offer a suite of digital solutions to support relationship managers to better serve tech-savvy customers round the clock, Yim said. The bank will also provide investment and wealth planning services for wealthy families and individuals to set up family offices in Hong Kong.
Ultra-high-net-worth individuals have a net worth of at least US$30 million.
“Many ultra-high-net-worth individuals and families in mainland China, Asean and the Middle East have been showing strong interest in setting up family offices in Hong Kong after the government offered a wide range of incentives and promotions to entice them,” he said.
“Hong Kong is a natural choice for ultra-high net worth customers to set up family offices to diversify their investment portfolio, for succession planning and conducting philanthropy work to pass on their families’ legacy.”
