HSBC has launched a new institutional family office service in Hong Kong and Singapore, which will allow single-family office clients across Asia to access the bank’s team of investment banking specialists.

The enhanced coverage model combines the family office and wealth planning strengths of HSBC Private Banking with the expertise and reach of HSBC Global Banking and Markets, enabling the bank to better serve the growing needs and levels of sophistication of family offices.

With increased demand for sustainable investment solutions, Asian families can also explore new and innovative ways to invest sustainably in partnership with HSBC’s investment bank.

In February 2021, HSBC announced its plans to invest over US$3.5 billion in the next five years to accelerate the growth of its wealth and personal banking business in Asia and drive its ambition to become the leading wealth bank in the region.

Siew Meng Tan, regional head of HSBC private banking in Asia-Pacific, says: “We are seeing greater interest from Asian clients who are setting up and expanding family offices, to adopt institutional approaches to build continuity, diversification and resilience in their investment portfolios.

“As wealthy individuals and businesses professionalize the management of their family wealth, we will deliver the full strength of advisory and structuring capabilities in our private banking and investment banking teams to meet our clients’ increasingly sophisticated investment and family needs.”

The number of ultra-high net worth families in Asia is expected to continue to increase in the coming years, and this growth will coincide with a massive intergenerational wealth transfer. In the next decade alone, around US$1.9 trillion of wealth in the region will be passed on to the next generation.