HSBC Private Bank in Hong Kong has made another senior hire into the team that serves super-wealthy customers.
Former CICC banker Yahong Wu joined HSBC as a director of ultra-high net worth (UHNW) solutions earlier this month, according to his public profile.
Wu’s move comes as HSBC aims to offer more investment banking services to UHNW clients, those with more than $50m to invest, in Asia. Last month, HSBC recruited Ken Tsang from Credit Suisse as Asian head of global solutions, the unit that advises UHNW clients on investment banking business.
HSBC announced plans in June to grow its wealth revenues to $6bn by 2020 from $5.1bn in 2017, with a large share of this growth expected to come from increasing UHNW market share in China, via its offices in Hong Kong and Singapore.
Large banks such as UBS, Credit Suisse and HSBC are all trying to win more IB mandates from entrepreneurial Asian private clients whose businesses are listing, making acquisitions or raising new capital. This is opening up opportunities for people with IB backgrounds to move into private banking roles.
Wu, who is experienced in fixed-income structuring (including rates, credit and FX) and structured finance, is a case in point. He previously worked for just over a year as an executive director in fixed-income structured financing at CICC in Hong Kong. Wu was at Credit Suisse between 2006 and March 2017, latterly as a VP in cross-asset structuring, and he holds a Master of Financial Engineering from the University of California, Berkeley.
Expertise in structuring complex financial products is in demand as private banks build up their UHNW product and investment advisory teams.
While many firms use Singapore as their chief Asian wealth management hub, Wu has joined HSBC Private Bank’s main office in Asia. HSBC’s global private banking division made a profit of $177m for the first half of 2018 in Hong Kong (up from $129m a year ago), but only mustered $22m in Singapore during the same period.
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