 Awards for Excellence 2010 |
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| Best Global wealth manager: HSBC Private Bank | |
| Also nominated: JPMorgan Private Bank and Credit Suisse Private Bank |
Perhaps the hardest challenge for wealthy clients since April 2009 has been where to invest their money. Nervous of volatility in the equity markets and uninspired by returns on cash, the wealthy have been seeking new ideas. HSBC Private Bank wins this year’s award for best global wealth manager because it has helped them find opportunities. The bank has strived to offer clients alternative means of investing in real estate, distressed assets and hedge funds, and returns have not disappointed. Net inflows are positive for the year also, as wealthy individuals have turned to HSBC for its lending capabilities and access to alternative investments.
Says Chris Meares, chief executive for the group’s private banking business: "We are in an unusual environment. Low interest rates, but volatility and risk aversion puts clients in a unique position. It’s not a straightforward investment scenario where you come off the back of a recession and expect to make returns from the recovery. Clients are being discerning, so we have to provide lots of tactical advice and innovative investment opportunities."