<\/p>\n
The bank is pressing on with expansion plans even as the nation faces a surge in the number of wealthy individuals leaving due to tax hikes.<\/p>\n
HSBC Holdings is ramping up growth plans for its UK wealth management operations as Europe\u2019s largest bank seeks to double the assets it oversees for well-heeled individuals in its home nation.<\/p>\n
The London-based lender is undertaking a recruitment drive for bankers to cater to affluent, high-income and super-rich individuals, according to a statement and interview. The bank is also opening 50 dedicated spaces this year to bolster its wealth services in flagship branches across Britain.<\/p>\n
Building on similar efforts in Asia, HSBC launched its first UK wealth centre this week in London\u2019s St James\u2019s district to boost services for ultra-wealthy individuals at its private banking division and affluent clients in the so-called \u201cPremier\u201d unit, which is hiring about 200 staff this year.<\/p>\n
\u201cWe are going all out,\u201d Christopher Dean, managing director of HSBC UK\u2019s premier, wealth and personal banking divisions, said in an interview at the new wealth centre, where relationship managers can meet clients in art-walled rooms named after London\u2019s royal parks. \u201cIn the kind of markets that we\u2019re just talking about, there\u2019s a massive opportunity,\u201d he added.<\/p>\n
The moves form a key part of HSBC UK\u2019s ambitions announced last year to double the assets it oversees to \u00a3100 billion by 2028. The bank is pressing on with expansion plans even as the nation faces a surge in the number of wealthy individuals leaving due to tax hikes.<\/p>\n
One of the most controversial moves from Keir Starmer\u2019s Labour government was scrapping a regime for so-called \u201cnon-doms\u201d, with Labour going further than measures outlined last year from the then-ruling Conservative Party by exposing rich foreigners\u2019 overseas assets to UK inheritance tax.<\/p>\n
The UK government is betting that its changes to the system, which allowed international investors and entrepreneurs to avoid levies on earnings from outside the UK, will bring about \u00a333 billion in extra taxes in the coming years. A wave of think tanks are contesting those figures, however, warning of the threat to jobs and economic growth, while billionaires such as Checkout.com founder Guillaume Pousaz and Egypt\u2019s richest man, Nassef Sawiris have recently exited the UK.<\/p>\n
HSBC is seeing disruption among clients due to the non-dom reforms but it\u2019s still bullish on Britain\u2019s population of ultra-wealthy individuals and plans to hire staff targeting that group as well, HSBC UK head of private banking Charles Boulton said. The UK has about 2.6 million US dollar-millionaires, the sixth-most worldwide, according to research published this year from UBS Group.<\/p>\n
\u201cThe number of people moving here has dropped,\u201d Boulton said in an interview at the wealth hub, which neighbours the five-star Ritz Hotel. But \u201cthe UK remains a centre for clients to come for professional services\u201d, and \u201cwe are convinced that therefore the opportunity remains\u201d.<\/p>\n
HSBC has joined Wall Street giants such as Goldman Sachs in focusing more on wealth management during recent years to help provide more stable profits, and chief executive officer Georges Elhedery has sought to build on that shift since taking charge in September.<\/p>\n
HSBC has already completed refurbishing lounges for Premier customers in other parts of London, Leeds and Leicester, while the bank also plans to host private functions at its St James\u2019s premises, after opening similar hubs in Asian territories including China and Hong Kong.<\/p>\n
\u201cThis is something that we are taking seriously,\u201d Boulton said on HSBC\u2019s wealth-management services. Establishing the new building \u201chas been part of that story\u201d.<\/p>\n
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