HIGH-NET-WORTH individuals have been removing some, if not all, of their assets from private banks tarnished by their investment banking associations or misconduct. HSBC Private Bank has been a beneficiary, attracting almost $30 billion in net new assets up to the end of the third quarter of 2008. Regarded as one of the few safe havens during a troubled year, the private bank solidified its position in the global wealth management arena. Respondents to Euromoney’s private banking survey ranked HSBC as second globally for private banking services, up from third position in 2008. The private bank also leapt to the top globally for services to the super-affluent.
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