Latest News

Goldman Sachs announces acquisition of United Capital

Daimler Trucks establishes global organisation for highly automated driving

Mercedes-Benz launches new Swiss-made wristwatch collection

Metro Bank suspends commercial property lending following investigations launch

HSBC to add 50 retail wealth management jobs in Singapore to capture wealthy clients

Meet Aston Martin's brand new Bond-themed DBS Superleggera

The Executive Profiles: Exclusive interview with former supermodel Caprice

New Four Seasons private jet takes passengers a luxury round the world adventure for $147,000

Forbes has released its latest World’s Billionaires rich list

French luxury goods group LVMH acquires wine producer Le Château du Galoupet

Ecommerce luxury goods platform ‘The Luxury Closet’ closes £8.5m funding round with expansion to Hong Kong

The Executive Explorer travels around Rome to discover the very best restaurants and hotels in the Eternal City

Rome's world famous Doney Cafe gets an elegant overhaul, with a fresh new menu

And they’re off – celebrities line up for Cheshire Socialites’ Ascot fundraiser

New Lexus UX SUV delivers efficiency and luxury

Creative, slightly outrageous, and a little bit crazy: Metamorfosi. The most experimental Michelin-starred restaurant in Rome

New globetrotting boutique luxury yacht set for 2021 launch

The Westin Excelsior Rome unveils the largest suite in Europe

Grade I listed Hawkstone Hall & Gardens opens doors up to guests

The MB&F LM Split Escapement gets a titanium makeover

HSBC to add 50 retail wealth management jobs in Singapore to capture wealthy clients

Business / Editors Picks / Finance / Funding & Investments / Slider / World / 30/05/2019

Kevin Martin, Asia Pacific Head of Retail Banking and Wealth Management for HSBC discusses the ‘significant opportunity in Singapore’ for building Asia wealth.

HSBC’s retail wealth management segment in Singapore is expanding its team by 50 staff as part of a shift in its focus towards Asia’s affluent market, where a total of 300 jobs will be secured across the region. Along with the staff expansion, new digital offerings will be made as well, in a bid to capitalise on the growing wealth of the market.

“As we build Asia wealth … there is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore,” Martin said.

HSBC’s retail banking and wealth management branch focusses on clients with less than US$5m of investable assets, which looks to capture the raft of Singapore’s newly-minted affluent millionaires – with over 183,000 of them in Singapore alone, a growth of 11.2% from the previous year, with a steady increase predicted at 5.5% year on year.

Singapore is a popular regional banking hub for wealthy Asians, with over 1,000 ultra-high-net worth individuals, each holding more than US$50m in wealth, which is a 1.1% increase compared to records from a year ago. But it’s not just he locals HSBC are looking to target, as many foreigners are storing their wealth within Singapore. The regard Singapore as the most preferred offshore wealth management hub according to a survey by Asian Private Banker.

The growing number of emerging affluent individuals in the Far East is providing more wealth management opportunities not just for the larger banking corporations, but for boutique agencies and independent financial advisors.




Elizabeth Jenkins-Smalley
Editor In Chief at The Executive Magazine




Previous Post

Meet Aston Martin's brand new Bond-themed DBS Superleggera

Next Post

Metro Bank suspends commercial property lending following investigations launch




More Stories

Meet Aston Martin's brand new Bond-themed DBS Superleggera

George Lazenby's On Her Majesty’s Secret Service  is celebrating its 50th anniversary, so what better way to mark the occasion...

25/05/2019
Show Buttons
Hide Buttons