With Asian wealth rising at a faster rate than any other region2, UHNW clients and family offices increasingly require tailor-made, bespoke solutions for investing, financing and hedging. HSBC Private Banking aims to bring an institutional approach to this client segment backed by the full global connectivity and capability of the HSBC Group.
Kenneth Yeo, Head of Investment Services and Product Solutions, Southeast Asia, HSBC Private Banking said: “Strategically, the newly created role underpins what UHNW clients come to expect: bespoke and tailored solutions because they understand the financial markets in a different way. That level of sophistication means their transactions tend to be more intricate which requires pulling in different kinds of specialists. With UHNW clients it’s a lot more custom-built so we are transforming how we deliver this proposition.”
Philip Kunz, Head of Private Banking, Southeast Asia, HSBC Private Banking said: “We went out with a bold commitment to double headcount in five years. We’re making that pivot to growth by substantially investing in our bench strength attracting the best talent in the industry. More than ever, our HR team is fielding calls from candidates searching us out to be part of the team. Even internally we’re seeing staff increasingly transfer from other parts of HSBC into Private Banking.”
Eng Chien joins HSBC from an international bank where he was most recently Head of Cross Assets Solutions, Southeast Asia and India responsible for institutional and corporate clients. His prior experience includes originating strategic opportunities, private financing and providing bespoke product solutions to investment banking and private banking clients with 21 years of financial markets experience. His appointment is effective immediately.
Today’s announcement follows an update provided in January 2019 on two newly created roles:
Eng Chien, James and Rowan report directly into Kenneth Yeo, Head of ISPS, SEA, HSBC Private Banking.
1 Clients with more than US$30mn in investible assets.
2 Capgemini World Wealth Report 2018