BEST PRIVATE BANK – WEALTH PLANNING SERVICES
The discussion in 2016 veered sharply towards Asia’s intergenerational wealth transfer and the opportunities this poses for the region’s private banks. Similarly, complex shifts in the regulatory environment call for experts who not only understand what this means for private banking clients and their wealth, but who have the solutions to ameliorate this complexity. Little surprise then that the Best Private Bank – Wealth Planning Services category was one of the most heavily contested in 2016.
Against this backdrop, HSBC Private Bank has once again distinguished itself from the competition, headlined by the bank’s Private Wealth Solutions (PWS) unit, helmed by Christopher Marquis, global head of Private Wealth Solutions, HSBC Private Bank, and populated with one of the deepest benches of specialists in Asia and beyond.
Running on a separate P&L, PWS effectively operates as an independent business entity, bringing clients best-in-class bespoke solutions and services, including wealth planning and multi-jurisdictional structuring, philanthropy, family governance and insurance, all the while benefiting from deep group-wide synergies.
Much has been made over the years about the advantage that HSBC Private Bank gleans from its long-standing relationship with the region’s wealthy – a sure benefit of being a first mover in the region – but this fact should not be downplayed.
Such is the intimacy HSBC’s PWS business has with the region’s leading families across multiple generations that the private bank is well-positioned to remain the primary provider of trust and fiduciary services for years to come.
Even so, Private Wealth Solutions has not rested on its laurels, but rather continues to develop and refine its offering in line with clients’ evolving needs and shifts in the global regulatory environment. It also helps that the unit continues to post strong YoY growth across key financial metrics, including assets under administration.
“Our long term commitment of resources and expertise to family trust and succession planning not only differentiates us from some of the other service providers, it is also one of the main reasons why our clients turn to us for their wealth planning needs, says Marquis. “In many cases, we are advising the second, third or even fourth generations of major business leaders and their families on wealth structuring, continuity planning, intergenerational wealth transfer and family governance.”
HSBC Private Bank is Asian Private Banker’s Best Private Bank – Wealth Planning Services for 2016.