HSBC Private Bank Appoints Jackie Mau as Head of Global Private Banking for China, Target 5 Million HNWIs in China
2nd July 2021 | Hong Kong
HSBC Private Bank has appointed Jackie Mau as the Head of Global Private Banking for Mainland China to grow HSBC Private Banking in China. Jackie Mau who is the current HSBC Private Bank Regional Head of Ultra High Net Worth, will be taking on his new role with effect from 1st August 2021. China is key to HSBC’s goal to be the leading wealth manager in Asia by 2025, with one-third of planned investments earmarked for expansion of HSBC onshore private banking in mainland China, and extending its presence from Shanghai, Beijing and Guangzhou to 10 cities in China. HSBC projects HNWIs in mainland China to grow from the current 2 million to 5 million by 2025. (HNWIs ~ High net worth individuals)
“ HSBC Private Bank Appoints Jackie Mau as Head of Global Private Banking for Mainland China, Target 5 Million HNWIs in China “
Jackie Mau, HSBC Head of Global Private Banking Mainland China
Jackie Mau, who is currently HSBC Private Bank Regional Head of Ultra High Net Worth, has more than 20 years of financial industry experience. In his early career at HSBC, he held numerous frontline and management roles in Global Banking and Markets in HSBC Hong Kong, Southern China and Thailand.
Jackie had joined HSBC after Citibank, and had numerous roles over 10 years at HSBC. In 2013, he joined Standard Chartered Bank. In 2016, Jackie rejoined HSBC as the Co-Head of Investment Products Group for HSBC Private Banking in Asia and thereafter, became HSBC Private Bank Regional Head of Ultra High Net Worth.
Based in Shanghai, Jackie Mau as the Head of Global Private Banking for Mainland China will focus on building products, platforms and service capabilities, growing HSBC Private Bank market share and expanding presence in mainland China to serve the increasingly sophisticated HNW/UHNW clients in the world’s 2nd biggest wealth market.
Jackie will report to Richard Li, Executive Vice President and Head of Wealth and Personal Banking of China and functionally report to Siew Meng Tan, who is the Regional Head of Global Private Banking in Asia.
Siew Meng Tan, Regional Head of HSBC Private Banking, Asia-Pacific:
“Jackie’s substantial experience in client coverage and a rich background in products and markets will prove invaluable in this role. There are incredible opportunities for us to grow our business in mainland China, where HSBC is the leading international bank with a long history, deep heritage and a broad range of financial services capabilities.
With Jackie’s leadership, we aim to build a differentiated onshore Private Banking business in mainland China, serving the personal and corporate banking needs of internationally-minded HNW and UHNW clients, while leveraging the global connectivity of HSBC.”
HSBC Private Banking
In September 2020, HSBC appointed Annabel Spring as the new Chief Executive of HSBC Global Private Banking, one of the largest international private bank with more than $353 billion Assets under Management (AUM). Charlie Nunn is the current CEO of HSBC Wealth and Personal Banking.
HSBC Wealth and Personal Banking division was created earlier in 2020, when HSBC combined its retail banking and wealth management, asset management, insurance and private banking business units, to become one of the world’s largest global wealth managers with over $1.4 trillion (Q2 2020).
HSBC Private Banking is part of HSBC Group, one of the world’s largest banking and financial services organisations with $2.95 trillion assets as of 31st March 2021. HSBC Private Banking seeks to be the leading international private bank for business owners and their families.
Global Private Banking, operate as a distinct business unit and brand, growing client assets in 1st half of 2020 to $353 billion and net new money (inflow) of $5.3 billion.
- HSBC Private Bank: $353 billion
- HSBC Retail Wealth: $357 billion
- HSBC Premier & Jade: $445 billion
- HSBC Asset Management: $263 billion
- Total: $1.4 trillion
HSBC Growth Plans in Asia
In February 2021, HSBC announced its plans to invest over $3.5 billion in the next five years and 5,000 new hires to accelerate the growth of its Wealth and Personal Banking (WPB) business in Asia and drive its ambition to become the leading wealth bank in the region.
Related:
- HSBC Appoints Annabel Spring as Chief Executive of Global Private Banking
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
- 2020 List of International Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
HSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
HSBC wealth business in Asia is also growing fast with almost $800 billion or half of HSBC’s global $1.6 trillion wealth assets is in Asia. In 2021, HSBC in Asia is also on track to hire over 1,000 client-facing wealth management roles as part of HSBC’s strategy to become the leading wealth manager in Asia by 2025.
In Q1 2021, HSBC set up a new onshore private banking business in Thailand and launched a dedicated Independent Asset Managers’ desk in Singapore to meet the needs of family offices and independent advisors managing wealth on behalf of their clients.
In May 2021, HSBC launched a new institutional family office service in Hong Kong and Singapore, providing family offices access to HSBC Investment Banking specialists, products and services.
In Mainland China, HSBC expanded their new mobile personal wealth planning service, HSBC Pinnacle, to 4 cities – Guangzhou, Hangzhou, Shanghai and Shenzhen, with 4 new products by HSBC Life China, including a market-first GBA unit-linked fund.
HSBC’s Global Markets also continues to build wealth solutions, increasingly on digital platforms for FX, Equities, Bonds, structured products and private placements for clients in Hong Kong, Mainland China, Malaysia and Singapore. HSBC Global Markets is also a leading provider of sustainable investments across asset classes, including Asia’s first RMB green certificates of deposit for retail investors in Hong Kong in Q1 2021.
- Asia contributed $1.2 billion to global profits, representing 2/3 of global WPB profits
- Wealth revenue grow to $1.5 billion
- Wealth balances in Asia grew to nearly half half of global $1.6 trillion wealth balances
- 80% of retail wealth sales in Asia-Pacific are conducted through digital channels
- HSBC Private Banking in Asia attracted $6.6 billion net new money (NNM)
- HSBC Asset Management in Asia attracted $3.3 billion net new money (NNM)
- HSBC Life generated Premium of $676 million
HSBC:
- HSBC Private Bank Launches Online Trading Platform to 10 Markets, 20 Hours Support, $2 Million Per Trade and $10 Million Daily
- HSBC Private Bank Expands in Asia, Appoints Chris Harwood as New Market Head of ASEAN and Australia
- HSBC Appoints David Liao & Surendra Rosha as New APAC Co-CEOs, Peter Wong Retires
- HSBC & Nielsen Survey: 82% of China GBA Mainland Investors to Invest in Wealth Management Connect
- HSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- HSBC, Citi and Standard Chartered to Add 6,600 Wealth & Private Banking Jobs in Asia
- HSBC Appoints Annabel Spring as Chief Executive of Global Private Banking
Related:
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
- 2020 List of International Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
About HSBC
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,959 billion at 31 March 2021, HSBC is one of the world’s largest banking and financial services organisations.
HSBC Private Banking
As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Private Banking seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Private Banking is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group.
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