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HSBC Trumpets Asia-Pacific Hiring Progress, Business Inflows

Tom Burroughes

11 May 2021

HSBC
, delivering 1.2 billion of adjusted profit before tax – two-thirds of all profits in this division. Wealth revenues in Asia surged by 57 per cent year-on-year to $1.5 billion while Asia wealth balances rose by 18 per cent, contributing nearly half of the global $1.6 trillion of wealth balances, it said. 

Among other details, the group said that its private banking business in Asia attracted $6.6 billion of net new money in Q1 2021, surging by 89 per cent on the same period a year ago and making up half of all global net new money. In the same period, HSBC Asset Management recorded an over fourfold rise in net new money reaching $3.3 billion in Asia, contributing 29 per cent of global inflows.

In February this year, HSBC said that it plans to invest more than $3.5 billion in the next five years to accelerate the growth of its wealth and personal banking business in Asia.