HSBC, the world’s biggest bank, will roll out its wholesale funds onto Australian financial planning platforms to coincide with its new local wholesale wealth management business.
HSBC officially launched the business yesterday, which is headed by former Barclays Global Investors head of sales and consulting relationships Charles Genocchio.
His job is to distribute HSBC’s global funds and alternative investment products into Australia.
While these products are only initially available to institutional clients, financial planners will be able to access the products on platforms and wraps within six months, a HSBC spokesperson told InvestorDaily.
HSBC, with a market capitalisation of nearly $190 billion, owns specialist investment businesses including Halbis, an active portfolio management specialist and Sinopia, a quantitative investment manager.
It also runs a fund-of-hedge-funds product and creates custom portfolios for institutional investors.
“This [move] is strategically important for the HSBC Group because Australia is a net exporter of wealth,” HSBC Australia chief executive Stuart Davis said.
“Australia’s total superannuation market sector is projected to reach $3.3 trillion by 2017 and we expect the demand for international assets to increase significantly.”
HSBC, short for Hong Kong and Shanghai Banking Corporation, has $413 billion of assets under management worldwide.
Last month the company launched a structured product for the financial planning market that gave investors exposure to emerging economies.
