HSBC shuns niche managers, turns to global
The bank has gone back to basics in client interaction. It wants to work with managers with broad capabilities to build sustainable relationships that can ride market cycles.
HSBC wealth management has been consolidating its relationships with external asset managers, ruling out working with specialist firms in favour of those with broader capabilities.
Vineet Vohra, Asia-Pacific head of wealth development, retail banking and wealth management (for clients with up to $5 million with HSBC), says the bank has retrenched in recognition of a need to service clients more effectively and not allow them to be driven by momentum.
“At this point we are not lo…
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