Private Banks

HSBC expands Wealth Portfolio Intelligence Service

HSBC has expanded the offering of its Wealth Portfolio Intelligence Service (WPIS), integrating tools similar to those used by institutional investors to assist HSBC Jade clients in gaining a deeper understanding of their portfolios.

The enhanced WPIS offering will allow Jade Directors to employ the new additions to generate risk analysis reports across a wider range of assets, including unit trusts, bonds, equities, currencies, cash and time deposits, according to an article by Finextra.

HSBC’s WPIS offering was launched in 2019 and is powered by BlackRock’s Aladdin Wealth technology; on launch, WPIS, only covered unit trusts. The ability for Directors to generate risk reports across all the major elements of a multi-asset wealth portfolio will allow them to discuss with clients the insights drawn from WPIS’ scenario analysis function.

The new enhanced offering creates the scope for Directors to capitalise on the technology to adjust portfolios to ensure they are both resilient and in-line with clients’ risk appetite and investment preferences.

According to the article, over 20,000 reports have been generated from the solution to facilitate the issuing of risk analysis for HSBC Jade clients on their unit trust exposure since the launch of the WPIS offering.

Greg Hingston, Regional Head of Wealth and Personal Banking, Asia Pacific, and Head of Wealth and Personal Banking, Hong Kong, HSBC, said “In a highly volatile investment market, knowledge is power. By expanding the analysis to cover most of the key liquid asset classes in our customers’ wealth portfolios, we are enabling greater understanding and control of their risk exposure. This will give them peace of mind that they have chosen the appropriate strategy based on their risk appetite and investment preferences.”

In response to increasing demand received by HSBC for wealth management services from high net worth clients, the Bank opened two additional Jade centres in Hong Kong, one in Kowloon Tong and one in Tsim Sha Tsui, to accommodate the influx.

Furthermore, HSBC Jade clients have the option to reach out to Jade Directors through video conference channels, should they wish to discuss their portfolios and investment plans remotely, an option which proves to be especially pertinent in amid the COVID-19 pandemic.

The enhanced offering should assist the Bank in addressing clients’ concerns surrounding risk exposure amidst the market uncertainty generated by the Coronavirus fallout; a HSBC survey revealed that 75% of customers with liquid assets equal to or exceeding HKD1 million are pessimistic about the outlook for the Hong Kong stock market in 2020; this may affect their risk appetite, in due course.

Brian Hui, Head of Customer Propositions and Marketing, Wealth and Personal Banking, Hong Kong, HSBC, said “At times of market uncertainty, we are committed to providing our Jade clients with this top-notch service, a combination of technology and professional expertise, to help manage their investment portfolios. Clients can now get access to the same sort of analytics that institutional investors use to structure their portfolio. The service will help them make better-informed investment decisions, which play an important role in fulfilling their financial ambitions, including building their wealth, preparing for retirement, and planning a prosperous future for their family.”