The IAM industry is a rapidly growing sector in wealth management and growing client awareness and demand for independent advisory services will continue to spur the development of specialised IAM advisors. According to research by Asian Private Banker, they projected there are currently 160 IAMs in Hong Kong and Singapore, managing approximately US91.5 billion of AUM, which translates to 5.5% of market share.1
Philip Kunz, Head of Global Private Banking, Southeast Asia, HSBC Private Banking shared, “A dedicated IAM desk enables us to expand our reach into this fast-growing segment. Clients increasingly have more options and by establishing this desk, we are supporting them in their wealth ambition with capabilities underpinned by our international footprint and full private banking suite of capabilities at scale.”
Capturing the massive opportunity from Asia’s fast-growing wealth creation and what is expected to be among the world’s biggest intergenerational wealth transfer events is core to HSBC Group’s strategic pivot to Asia. This is central to our ambition to become the No. 1 wealth manager in Asia.
In February 2020, the Group created a new global business, Wealth and Personal Banking (WPB) combining its strengths globally in retail banking and wealth management, asset management, insurance and private banking to become one of the world’s largest global wealth managers with over USD1.4 trillion in wealth balances, with half coming from Asia.
About HSBC Private Banking
As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Private Banking seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group. For more information, visit www.hsbcprivatebank.com
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organisations.
1 Asian Private Banker, “2018 IAM Report: Asia Pacific Ready for Take Off?”, Asian Private Banker, 2018.