HSBC Global Asset Management expects its assets under management in Asia to at least double in the next five years from $60 billion, as it sells more products in Hong Kong and China and moves into new markets such as Australia and Vietnam, its Asia chief said, according to a Reuters report.

A doubling or tripling of Asia's $1.5 trillion asset management industry would be realistic in the next five years, Rudolf Apenbrink, Asia chief executive of the HSBC fund unit, said in an interview.

"We will grow at at least the same rate," he added.

As part of its expansion, HSBC Global, owned by Europe's largest bank, will enter Australia's fast-growing mutual fund market in the third quarter and plans to set up a fund venture in Vietnam, he said.

It is also considering expansion into Malaysia and Brunei.