Bank of China's Hong Kong-based investment banking arm BOC International has launched a new private wealth management department and hopes to attract up to HK$6 billion ($0.77 billion) in new funds. Deputy chief executive officer Tse Yung-hoi said the department will employ 120 private banking account executives by early next year, 70 more than BOCI has at present. "We hope each of the 120 executives can increase assets under management by HK$30 million to HK$50 million each year," said Mr Tse. Mr Tse added that the department would target clients from Hong Kong and the mainland. Services will range from securities trading, fund products, derivatives and structured products. Eric Lee Bing-kuen, equity sales and research division executive director, said BOCI already manages HK$100 billion for high net worth individuals. "Those who have $500,000 worth of assets are considered high net worth individuals and there are around 30,000 in Hong Kong,'' Mr Lee said.