HSBC’s global private banking business posted US$261 million in profits before tax nine months into 2015, with 80% of it derived from Asia, proof again that the region is the dominant growth engine for wealth managers. The Asia unit turned in pretax profits of US$209 million, a 175% year-on-year surge. The European arm posted a US$14 million loss while the remaining regions…
Have a confidential tip? Get in touch [email protected]