HSBC opens second UK 'wealth centre' in Leeds aimed at Yorkshire's high net-worth individuals
HSBC has opened its second national “wealth centre” in Leeds to serve high-income clients in Yorkshire.
The bank opened the doors of its first UK wealth centre in London in July as it looks to replicate the success of a model it already uses in Asia and other locations.
The service is aimed at private banking clients, with more than £1.5m in savings and investments, as well as “Premier” clients with an annual income of more than £100,000 or an equivalent amount of savings.
Charles Boulton, Head of Private Banking for HSBC UK, said Leeds is an ideal location for the new offering, which is based on Park Row.
“We’re delighted to open our second UK Wealth Centre as we continue to drive the expansion of our wealth and private banking business in the UK,” he said.
“HSBC has an established presence in Yorkshire and across the regions and is known as the private bank of choice for business owners seeking to exit or transition their business.”
Rebecca Boardman, UK HNW North & Midlands Regional Head, said: “Yorkshire is a thriving hub for entrepreneurs, high-net worth individuals and families looking for bespoke financial solutions.
“Opening a new office in Leeds allows us to be even more accessible and geographically closer to our clients.
“Sustained success over the years has confirmed the continued need for personalised wealth management, investment advice and estate planning solutions.
“With the regions continuing to be a fast-growing area of the UK private banking business, I’m delighted to strengthen our presence in the UK market.”
An HSBC spokesperson added: “The investment in the Leeds wealth centre follows multiple years of record growth for its regional business, which covers the Midlands and the North of England and serves over 350 clients holding between $5-50m of assets.
“Over the past five years, the UK Private Bank’s regional business has grown revenues by over 300 per cent.
“The centre is the latest in a range of investments HSBC UK has made into its offering in the Wealth and Private Banking space, as it pursues its goal of becoming a top five wealth manager and seeks to grow assets under management to $100bn.
“The regional business is an important part of the Private Bank’s strategy. The new wealth centre has opened at the same time as the regional team expands with three new hires.
“Gareth Morgans joins from UBS as an Investment Advisor, Marcus Himsworth also joins from UBS as a Relationship Manager and Stephen Wright, joins from the Corporate Banking business as a Business Development Manager.
“All bring a wealth of knowledge and experience and will further bolster what is already a highly experienced team of advisors based across the Midlands and the North.”
As well as opening the wealth centres, HSBC UK is opening dedicated Premier lounges in 50 of its branches this year.