HSBC has made a senior appointment to its private bank in Hong Kong as part of ambitious plans to increase headcount across the division in Asia. Edith Ho has just joined HSBC Private Banking at director level, following a stint of more than five years at Standard Chartered, according to her online profile.
Ho has moved to HSBC at a time of growth. The bank announced in September that it wants to add more than 1,300 jobs in Asian wealth management – mainly positions based in Hong Kong and Singapore – by 2022, with about half of these in private banking and the rest in retail. This longer-term headcount goal is in addition to HSBC’s plans, revealed in August, to boost its global private banking headcount by 240 by spring 2019, with most of the new hires based in Asia.
HSBC is already the fourth largest private bank by assets under management in Asia, but until now it has not been recruiting aggressively. Its Asian workforce of relationship managers increased by only 20 (from 450 to 470) between 2012 and 2017, according to Asian Private Banker.
CEO John Flint and new head of global private banking Antonio Simoes are now trying to change HSBC’s “conservative” approach to hiring in Asian wealth, says former HSBC private banker Rahul Sen, now a partner at search firm Boyden.
If you want to join Ho at HSBC’s private bank, you had better enjoy working with people in other divisions. The bank’s third quarter earnings report stressed that 60% of net new money inflows in its global private banking division were from “collaboration” with the bank’s other global businesses. UBS and Credit Suisse have a similar cross-selling strategy. HSBC’s report also reconfirmed HSBC’s commitment to recruiting in Asian private banking: “We continue to invest in our Asian franchise and are maintaining the hiring and investment plans.”
Prior to Stan Chart, Ho worked for Deutsche Bank from 2007 to 2013, latterly as a director.
Other recent recruits to HSBC Private Banking in Asia include Roy Teo, who joined as head of FX advisory in Singapore late last year. He was previously an executive director at LGT.
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