Private banking: Who to focus on?
Which type of client will be the highest growth area in 2007?
Chris Meares, CEO, HSBC Group Private Banking
Entrepreneurs continue to be our main source of new clients. More specifically, wealth creators who are busy, internationally mobile people who live and operate in multiple jurisdictions. We continue to attract the ultra-high-net-worth individuals who look for a very strong, trustworthy custodian down through the wealth pyramid to those with $2 million in investable assets.
Our focus is on new wealth creation rather than on legacy wealth transfer. We want to be the bank for entrepreneurs, real estate investors, and financial sponsors like private equity investors, venture capital and hedge fund managers.
Our goal is to provide the best service to each client. To do that most effectively, we segment clients by assets. In the United States, clients with more than $10 million in assets are served by private wealth advisors in our Private Banking and Investment Group (PBIG).