Beyond cash and property: HSBC joins fight for Australia’s ultra-rich
HSBC is relocating private bankers from Singapore to Australia as Wall Street returns in force to try to bank more of the country’s ultra-high net worth individuals and secretive family offices.
The shake-up comes as the nation’s family office ranks swell, while a shrinking ASX, higher interest rates and a weaker Australian dollar have prompted wealthy individuals to look beyond domestic investment ideas.
Private bankers are providing asset-backed loans to finance luxury items such as super yachts.
Adam Seward, one of HSBC’s top private bankers covering Australian clients, will relocate to Sydney from Singapore next year, people familiar with the matter say. At least two more relationship advisers are headed to Australia.
“Our booking centre and specialists support, including investments and credit, will continue to be based in Singapore,” Jessica Power, HSBC’s head of wealth and personal banking for Australia, told AFR Weekend.
In response to questions about the reallocation of advisers to Australia, Sydney-based Ms Power said HSBC “regularly” reviewed resources, which included internal relocations.
Australia’s wealth management space has undergone significant changes this year, with global investment banks altering their approach to managing the money of the country’s wealthiest people.
Credit Suisse’s shotgun wedding with former rival UBS has meant the Swiss institution will return to the local wealth management scene after it departed in 2015 through a management buyout.
LGT Crestone – the result of the aforementioned buyout – is also expanding. It hired seven executives from rival private wealth management firm Escala Partners, Street Talk first reported in September.
Industry sources said Crestone was in a better
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