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HSBC starts Philippine wealth management arm, investment products


THE HONGKONG and Shanghai Banking Corp. Ltd. (HSBC) is expanding its investment offerings in the country following the launch of HSBC Wealth, the bank’s new Philippine wealth management arm.

Incorporated as HSBC Investment and Insurance Brokerage Philippines Inc. or HIIB, HSBC Wealth was officially launched on Aug. 24 and is targeted mainly towards the country’s affluent citizens.

“This new brokerage business marks our continued investments in the Philippines with new capital, a wider suite of products and better customer experience through our enhanced digital capabilities,” HSBC Wealth Vice Chairman Peter Faulhaber said at a briefing on Wednesday.

“We’re trying to bring the best of HSBC wealth management globally to the Philippines,” he added.

HSBC Philippines President and Chief Executive Officer Sandeep Uppal said the bank’s latest wealth management offerings are in response to client demand.

“I am delighted with the launch of HSBC Wealth, as a milestone in our 147-year history in the Philippines,” Mr. Uppal said. “This demonstrates our confidence in the country, reaffirms our commitment in bridging customers with the rest of the world and supports HSBC’s ambition to be the leading international wealth manager in Asia.”

HSBC Wealth is now offering a range of unit investment trust funds (UITFs) that cover a range of asset classes and risk profiles, letting clients create a diversified portfolio. These will complement HSBC Wealth’s fixed-income investment and investment-linked insurance products.

These funds come in different currencies and are managed by the firm’s partners that are key players in the local and global asset management space.

HSBC Philippines will also continue to offer fixed-income products that provide capital protection with dividends through the main bank.

The international lender will also offer investment-linked insurance products available in both single pay or regular pay, giving clients both protection and an opportunity to grow their investments.

Asked about the firm’s targets in the next three years, Mr. Faulhaber said HSBC aims to double the number of its premier clients but did not provide specific figures.

“The Philippines has one of the most favorable demographics in the region,” HSBC Global Private Banking and Wealth Chief Investment Officer for Southeast Asia James Cheo said.

“With a rising and young population, the Philippine economy is in a strong position to reap the benefits of its demographic dividends in the coming years,” Mr. Cheo added.

HSBC has set up a client engagement hub in its Bonifacio Global City branch, with more expected to be rolled out in the near term. — Keisha B. Ta-asan

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