From Investing.com: 2024-11-20 04:09:47

HSBC is relaunching its “Premier” wealth management brand in the UK, targeting affluent individuals with assets from £100,000 to £2 million. The goal is to double UK wealth assets to £100 billion in 5 years, with a plan to expand globally. There are 16.5 million potential affluent customers in the UK, expected to grow to 18 million in 2-3 years.

The relaunch includes a flagship wealth center in London’s Mayfair district next year. HSBC aims to recoup costs over time as customers adopt more products. Competitors like Barclays and Lloyds are also enhancing wealth management services, reflecting a trend in the industry to grow fee-based income amid declining loan revenue.

HSBC will not charge a fee for its Premier product, hiring hundreds of relationship managers to support the relaunch. This move aligns with HSBC’s focus on internationally-focused clients who value around-the-clock service and premium perks. The initiative coincides with the restructuring led by new CEO Georges Elhedery, who is implementing a geographical split between East and West markets and expected reductions in middle management positions.



Read more at Investing.com: HSBC relaunches ‘Premier’ wealth in UK