HSBC sets up new family office service in Singapore and Hong Kong for Asian families

HSBC has launched a new institutional family office service in Hong Kong and Singapore that will cater to family offices in Asia.

With this, single-family office clients across Asia can access its team of investment banking specialists who will be able to offer a full array of financing solutions and product capabilities, including institutional market access, prime services and private deals, said the bank in a press statement on Wednesday.

The enhanced coverage model blends the family office and wealth planning strengths of HSBC Private Banking with the expertise of HSBC Global Banking and Markets, added the bank. It aims to enable Asian families to explore new ways to invest sustainably with HSBC's investment bank as demand for sustainable investment solutions grows.

Said Siew Meng Tan, regional head of HSBC Private Banking, Asia-Pacific: "We are seeing greater interest from Asian clients who are setting up and expanding family offices, to adopt institutional approaches to build continuity, diversification and resilience in their investment portfolios."

Singapore continues to shine as a wealth centre, said a top executive from Swiss bank UBS on Wednesday, citing the rise of new South-east Asian companies and increasing number of family offices being set up in the region.