HSBC’s Private Bank Offers DPM on Mobile App in Asia

HSBC’s private banking arm has launched discretionary portfolio management services for its mobile app in Asia.

HSBC Private Banking customers in Asia will be able to sign up and reallocate their discretionary portfolios via the mobile app, according to the statement.

The DPM offering includes equity, fixed income and multi-asset strategies managed by HSBC Asset Management and third party managers with a minimum investment amount of $200,000.

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This group of discretionary mandates was launched in May 2021 and now makes up more than 10 per cent of HSBC Global Private Banking (GBP) DPM’s assets under management in Asia.

Wealthy, high-income class

The latest offering – available exclusively in Asia – is part of HSBC’s broader plan to expand its private banking capabilities to the ultra-wealthy and high-net-worth segment.

“Most discussions around DPM or portfolio creation today still rely heavily on face-to-face meetings, whether physical or virtual,” said HSBC GBP Asia Pacific Regional Head GBP Sterling. Seo Ming Tan. “The optional digital platform is built on our strategic vision of creating a broad product shelf and [chief investment office] Content made available digitally to our customers is outside the scope of UHNW. »

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HSBC GPB has also emphasized digitization as a strategic priority, investing $200m over four years in its core and digital banking platforms. Currently, two-thirds of HSBC GPB customers operate digitally with more than 35 percent of execution-only deals in Asia executed online.

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