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

'As we build Asia wealth ... there is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore,' said Kevin Martin, Asia Pacific head of retail banking and wealth management.

HSBC bank Source: Bloomberg

London-headquartered HSBC is planning to add 50 more staff to its retail wealth management segment in Singapore by the end of this year, as part of the 300 staff to add into Asia, as Europe’s largest lender by assets shifts it focus towards Asia’s affluent.

In Singapore, other than the new wealth staff count, HSBC will be launching new digital offerings as well, Kevin Martin, Asia Pacific head of retail banking and wealth management told Reuters in an interview.

‘As we build Asia wealth ... there is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore,’ he said in the interview.

Although the bank did not reveal its current wealth management headcount in Singapore, it is understood that the bank’s wealth management presence in the country is smaller than in Hong Kong and China.

HSBC’s retail banking and wealth management arm attends to clients with less than US$5 million of investable assets. Clients that exceed that threshold are roped into the bank’s private banking unit.

Singapore’s wealthy, newly-minted affluent millionaires

According to the Credit Suisse Research Institute’s 2018 Global Wealth Report, there are 183,737 millionaires in Singapore, a growth of 11.2% from middle of 2017 to the time the research was conducted which was the middle of 2018.

Credit Suisse predicted that the number is slated to grow 5.5% every year to reach 239,640 people by the year 2030.

The country has around 1,000 ultra-high-net worth individuals, the report added, who are individuals who hold more than US$50 million (S$69 million) in wealth, a 1.1% increase compared to records from a year ago.

Singapore a regional banking hub for wealthy Asians

Beyond the pool of potential local clients, there are also opportunities to generate business from regional clients as many foreigners are storing their wealth with Singapore.

Based on a survey from Asian Private Banker in July 2018, 58% of respondents ranked Singapore as the most preferred offshore wealth management hub, followed by Hong Kong, Switzerland and London.

HSBC agrees on that point, as Mr Martin said in the interview that the bank is looking to target both onshore as well as offshore clients, with a large number of rich individuals in China, India and other Southeast Asian nations looking for wealth management services in Singapore.

The bank is not the only one who is looking at capturing higher income individuals in Singapore. In February, UOB launched its first high street wealth banking branch in the country, targeting "emerging affluent" individuals.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access

See opportunity on a stock?

Don’t miss your chance. Try a risk-free trade in your demo account, and find out whether your hunch could have paid off.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on a stock?

Don’t miss your chance. Upgrade to a live account to take advantage.

  • Trade a wide range of popular global stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform, when it matters

See opportunity on a stock?

Don’t miss your chance. Log in to take advantage while conditions prevail.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Bid
Offer
-
-
China 300
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.