Key Points
HONG KONG, Nov 20 (Reuters) - HSBC (HSBA.L) is on track to meet a target of expanding its China wealth business headcount to 3,000 by 2025, despite the country's current economic headwinds, as it bets on a steadily rising number of the extremely affluent, a senior executive said...
The Asia-focused bank has recruited around 1,500 wealth managers in the world's second-largest economy since 2011, Trista Sun, HSBC China head of wealth and personal banking, told Reuters...
The expansion of the China wealth advisory team serves HSBC's digital-focused "Pinnacle" strategy, part of a pivot towards Asia with $3.5 billion worth of investments committed to the region in 2021...
The bank estimates that China's household wealth will increase by around 8.5% a year over a five-year period starting 2022, outpacing Beijing's around-5% annual target for 2023 economic growth which many fear will be a struggle to reach...
A weaker Chinese yuan has bolstered demand for offshore investment options, with Sun pointing to the quota-based Qualified Domestic Institutional Investors programme (QDII) and Wealth Management Connect scheme covering China's wealthy Greater Bay Area as investors seek "exposure to the international market"...
