HSBC Private Banking: The one-stop solutions provider for Ultra High Net Worth individuals
Jackie Mau, HSBC Private Banking’s newly-minted Regional Head of UHNW for Asia Pacific, is undeniably uniquely positioned to spearhead the bank’s new agenda to court the wealthiest individuals across the region. After all, not only has the 16-year HSBC veteran been on the front lines of the bank’s Bangkok, China and Hong Kong offices, he most recently spent 18 months as Co- Head of Investment Services and Product Solutions (ISPS), where he was one of the driving forces behind building the capabilities of the Investment Counselling and Product Specialist teams.
Since his shift to Private Banking four years ago, Mau has been in charge of its investment business, managing some of the most complex asset portfolios for the region’s richest magnates. Through this experience, he has a solid understanding of the needs of UHNW individuals, and how they have transformed. “UHNW clients are no longer looking solely for traditional private banking offerings, nor are they targeting the cheapest, most competitive prices,” explains Mau, “It’s more about finding the right thought leadership and enabling them to deal with different stages of their wealth life cycle.”
These are challenges that he’s more than willing to tackle as he takes up his new role. “Ultra High Net Worth is a very exciting segment of private banking. UHNW wealth is expected to rise to US$43 trillion in the next five years globally, with Asia as one of the fastest growing regions. Having the opportunity to work for HSBC in different countries and lines of business, there are several focal strengths that I aspire to bring to these UHNW families.”
The Next Generation and Succession Planning
Given HSBC’s 154-year legacy of partnering with generations of the world’s most successful families, it boasts a distinct expertise in succession planning. “Succession planning is often a sensitive topic to discuss,” says Mau, “one that is layered with nuances and challenges. Depending on the situation, we not only provide solutions, but also partner with them to create an inheritance structure and a much more sustainable framework for their estate.”
“But it’s more than just about succession. There’s a growing trend for the next generation – usually overseas-educated and much more independent – to succeed and inherit family businesses at a much younger age. In these instances, not only do we offer a platform for them to learn what services we can provide them with, but we also create a forum to help them connect to other business leaders, entrepreneurs and start-ups should they wish to explore new avenues beyond their family business.”
Beyond the multi-needs services that HSBC Private Banking provides, it also emphasises thought leadership, providing clients with forward-thinking ideas and innovative means to fulfill their personal and family wealth ambitions, as well as making positive changes in the community that they serve.
“Thought leadership is important for our clients. For example, take sustainability. Recently, we just invited some clients to visit our long-running flagship Next Generation Sustainability Leadership Programme in Borneo. Bringing them for that hands-on experience in the rainforest to learn more about the impact of climate change and sustainable practices, and allowing them to come home full of actionable ideas on how they can integrate sustainability into their family business and everyday life has a much greater impact than just hosting seminars, talks and the like, and really galvanises them into action,” explains Mau.
Connectivity through a Universal Banking Model
Ultimately, Mau hopes to mobilise the different lines of business within HSBC as well as its connected international presence to woo the world’s successful families. “We pride ourselves on our global network. HSBC’s one-bank, universal banking model is unique in the market, one that can give you access to commercial banking, investment banking and retail banking to serve the needs beyond wealth management. Be it the case where your daughter is moving to the UK, or setting up a foundation for philanthropy in Asia, or acquiring a business in France, we will be there to help UHNW clients every step of the way,” he explains.
To meet the international multi – needs of UHNW families, HSBC Private Banking has created two new teams – UHNW Solutions and UHNW Segment Management – to help provide much more bespoke, customised solutions and grant institutional access for Private Banking clients, presenting an unparalleled all-in one solutions package.
“Our strength really lies in our connectivity. We cover clients with a very wide range of backgrounds, even in the entrepreneur stage, and in various sectors across different regions. Our job is to connect them. We can step up to be the bridge when they’re seeking something outside their sphere of influence. Somehow, somewhere, there will always be opportunities, and we will be there every step of the way to ensure their needs are met with the all resources at HSBC Private Banking’s disposal.”