HSBC Drives Forward Wealth Management Business
Monday, July 11, 2011

HSBC, which is targeting USD4bn in revenues over the medium-term by focusing on key emerging and mature markets, has stated its intention to drive forward its wealth management business with the appointment of a new Group Head of Wealth Management on July 11.

Based in Hong Kong, former Citigroup banker Simon Williams will be responsible for leading the development of retail wealth management business capabilities in key markets for the HSBC Group.

Williams joins HSBC from Camelot Financial Capital Management LLC which he founded in 2007. Prior to this, Williams played a key role in the development of Citigroup's consumer banking business, heading up their retail and wealth franchise outside of North America. He also led the repositioning of their business in Asia and Latin America, and served as a member of the Citigroup Management Committee.

Paul Thurston, Chief Executive, Retail Banking and Wealth Management commented: "HSBC has a significant opportunity to build on our established retail banking capabilities in many of the markets in which we have sizeable presences and to become the chosen provider of wealth management services to our retail customers. Simon brings to HSBC a breadth of business and international experience, in both emerging and developed markets, which will help us build on our existing strengths, and deliver world-class wealth management solutions for our customers."

Commenting on his appointment, Williams said: "I am delighted to be joining HSBC which has tremendous growth potential in wealth management. HSBC's positioning in important markets and the strength of its brand is a powerful combination, and I look forward to playing my part in realising the potential this represents."

HSBC's Group strategy, presented to investors in May 2011, highlighted the development of retail wealth management capabilities as a key strategic action for the Group. The Group says that it has the potential to capture USD4bn in additional revenues over the medium-term by focusing on markets such as mainland China, India and Brazil where wealth has shown compound annual growth rates of around 20% or more over the last 10 years, as well as the more traditional mature markets.