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HSBC opens its investment bank to super rich Asian clients

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LONDON: HSBC Holdings Plc is offering its ultra-rich clients in Asia direct access to its investment bankers as the lender targets becoming a leader in managing wealth in an increasingly affluent region.

The London-based bank, which makes the bulk of its profits in Asia, has opened a new institutional family office in Hong Kong and Singapore, which will give access to a full spate of financing and investment products, deal making and institutional market access, the lender said in a statement yesterday.

Like other banks, it has struggled with low interest rates over the past years and is seeking out more fee-based income to boost profitability. In the next decade, about US$1.9 trillion of wealth in Asia will be passed on to the next generation, HSBC said.

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