HSBC is looking to relocate Chris Meares, the global head of its private bank, from London to Hong Kong in order to take advantage of Asia Pacific’s growing wealth.
JP Morgan’s head of private banking, Douglas Wurth, successfully completed his move to the region this week and other financial institutions are now looking to follow the bank’s lead.
Wurth said: “The amount of wealth being created in China, India and south-east Asia is incredible.”
The latest data from Merrill Lynch and Capgemini shows there are more than 2.4m dollar millionaires in the region and that it is set to become the world’s largest pool of wealth by 2013, overtaking North America.
HSBC private bank currently has more than $400bn under management, compared to $450bn at JP Morgan Chase
A decision is expected shortly.