Q1: Private banks in Asia have faced a number of challenges in 2024, from uncertainty around interest rate cuts in the US to volatile markets and geopolitical tensions. Considering this background, how did you safeguard AUM and revenue streams in 2024, while also attracting net new assets? What will your strategy be in 2025?

We had an incredible year in 2024. Despite market volatility and changes around the world, our strong performance has been evident, highlighted by significant growth in net new money and a 31% year-on-year increase in reported invested assets in Asia. These achievements have driven double-digit revenue growth for three consecutive quarters.

In 2024, we prioritised seizing opportunities by leveraging the strength of our global network, deepening collaboration across the group, and expanding our product offerings. Highlights include the launch of HSBC Privé, our first premium credit card exclusively designed for private banking clients in Hong Kong and India. Additionally, we partnered with HSBC Innovation Banking to introduce the “all-in on innovation” programme, which brought Asian clients to the US for exclusive networking opportunities with top venture capitalists and insights into the latest advancements in technology.

Looking ahead to 2025, we are committed to building on this momentum by investing in areas that enhance the client experience and deliver greater value to our clients.

Q2: How are you advising clients in terms of investment opportunities in 2025? Which markets and asset classes will provide the best opportunities? And how can clients balance leveraging these opportunities while managing risks to their portfolios?

Multiple new growth engines from the supportive industrial policies, AI innovation, increasing M&A activities and China’s policy stimulus would add to the market momentum and the opportunity set in 2025. We are advising clients to keep cash at a minimum to seize opportunities in public and private markets amid resilient global economic and earnings momentum.

We are positive on the return outlook for global equities which remain our biggest overweight in the portfolios. As the risk-on environment reduces the appeal of safe-haven bonds and credit spreads are relatively tight, we hold a neutral stance on fixed income and believe equities will outperform bonds, and bonds will outperform cash. We stay underweight cash and adopt an active and tactical approach in positioning in the bond market.

With the anticipation that geopolitical uncertainty will linger in 2025, we hold an overweight view on hedge funds and gold which are effective tail-risk hedges and diversifiers. We further enhance risk diversification through our strategic allocation to private markets.

Q3: China’s announcement in 2024 of a series of monetary and fiscal stimulus measures has helped re-energise the world’s second-largest economy, bringing optimism and momentum to the market. What opportunities has this created for your bank? How would you advise clients when it comes to investing in China?

We expect further policy stimulus from China to mitigate downside risks to growth in 2025 amid global market uncertainties. But the outlook for the Chinese market will largely hinge on the size, timeline and execution of new demand-side fiscal stimulus to reboot domestic demand. We stay neutral on China equities in anticipation of increased two-way market volatility in the coming year driven by the developments of Beijing’s policy stimulus and US trade policy.

We work hard to stay close to our clients and look for opportunities to broaden our suite of innovative investment solutions, supporting our clients to capture opportunities in both domestic and overseas markets.

Q4: Trillions of dollars of wealth are expected to be passed down to the next generation of clients in Asia over the coming years, bringing into the spotlight services targeted at next-generation clients. What is your bank doing to ensure it captures the full potential of this opportunity, whether via content, outreach, or solutions like family office and wealth planning?

Managing multigenerational family wealth is at the heart of what we do and we have the expertise to do it well. According to the HSBC Global Entrepreneurial Wealth Report, 78% of global entrepreneurs want to keep the business in the family and preserve their legacy, yet over half haven’t started planning, underscoring the urgent need for systematic and structured wealth transfer strategies.

We work closely with clients on everything from wealth structuring and philanthropy to family governance, business succession, and estate planning. Our in-house trust and insurance solutions, backed by close to 80 years of experience, ensure families are well-supported in managing their wealth over generations. For family offices and UHNW clients, our UHNW Solutions Group offers tailored advice and resources.

We also tap into HSBC’s global reach to address broader needs. Our global flagship Next Generation Programme, most recently held in Dubai, connects clients with experts and like-minded peers to gain insights and build networks. Beyond that, we participate in industry discussions, contribute to policymaking, and share thought leadership through reports and partnerships with universities. It’s all part of our commitment to helping families thrive now and into the future.