BEST PRIVATE BANK – PHILANTHROPIC SERVICES
Philanthropy is gaining traction among Asian investors, with entrepreneurs and next-generation wealthy keen for guidance beyond the boundaries of blank check charity. Few if any private banks in Asia can match the depth of expertise and long-standing relationships HSBC Private Bank boasts across a diverse range of over 100 non-profit organisations – facets that, in 2016, set HSBC Private Bank and its Private Wealth Solutions business apart from the rest.
“Our Private Wealth Solutions (PWS) was a forerunner among global banks in introducing a dedicated and specialist philanthropy advisor for Asia-Pacific, and has continuously engaged philanthropy team members with extensive non-profit experience,” says Cynthia D’Anjou-Brown, head of philanthropy advisory and family governance advisor, Private Wealth Solutions, HSBC Private Bank.
Deep roots and relationships – particularly in the Hong Kong NGO community – have enabled HSBC Private Bank to offer its clients a range of philanthropic strategies including tailored solutions and, importantly, to amass a comprehensive and robust data set for due diligence purposes. Indeed, the sustainability of a philanthropic programme is only as strong as its solutions track record and HSBC Private Bank’s systematic approach to data gathering has translated into a best-in-class offering.
For many Asian families, philanthropic initiatives have become the preferred means to discuss wealth succession plans and to articulate familial and corporate values, and HSBC Private Bank’s five-step approach, which involves fleshing out, evaluating and reviewing clients’ philanthropic interests, has proven especially effective at institutionalising collective decision-making.
“For us, philanthropy is a key ingredient in family harmony, unity and continuity as it contributes to effective family governance,” adds D’Anjou-Brown.
Further setting HSBC Private Bank’s philanthropic offering apart is its proven ability to run its philanthropy services as a profitable business through its flexible fee model that provides a full suite of philanthropic services, especially around charitable trusts administration and advisory. And in 2016, charitable donations doubled, while the number of charities PWS works with increased significantly.
HSBC Private Bank is Asian Private Banker’s Best Private Bank – Philanthropic Services for 2016.