HSBC Private Bank
As Asian HNWIs and UHNWIs transition their businesses to the next generation, succession planning becomes an increasingly pressing issue, with particular trust structures gaining popularity. Never before have such services been as important a differentiator for private banks in Asia, as they are likely to be over the next decade.
HSBC Private Bank has distinguished itself in a fiercely competitive space with its ability to demonstrate tailored, bespoke yet structured approaches that leverages its longstanding relationship across multiple jurisdictions in Asia. The group’s legacy in the region gives it an undeniable advantage with over 70 years of experience in serving generations of families with their wealth planning needs. Indeed, some of its Hong Kong and Singapore-incorporated trust companies date back to the late 1940s, an indicator that it was almost always the prime option for clients looking to establish trusts in the region.
Continuously investing in its trust business, HSBC Private Bank has US$160 billion in assets under administration and over 500 professional staff in 16 locations globally. Indeed, though the private bank has impeccable pedigree, it does not rest on its laurels. Instead, it continues to leverage on its strong platform, breadth of capabilities and professional expertise in order to provide clients comprehensive solutions across multiple asset classes.
The bank also prides itself on being independent and autonomous through its open architecture approach and constant interaction with non-HSBC investment managers and advisors. Most importantly, its trustee companies operate as separate legal entities which translates to decisions made independent of the banking and investment divisions.
The ability to innovate in a space that is closely bound by regulatory and tax compliance is also imperative and HSBC Private Bank has managed to do exactly this through its close governance and on-going review of their solutions. It is this commitment, integrity and reach that makes it the worthy winner of 2015’s Best Private Bank- Trust and Advisory Services award.