Offshore wealth helps bolster HSBC Private Bank’s results
Strong activity in the offshore centres of Switzerland and Monaco helped bolster HSBC Private Bank’s pre-tax profits in the first half of 2008 by 4% year-on-year to $822m.
The UK-based bank said a robust performance in Switzerland and Monaco offset lower revenues in Asia due to reduced client trading.
Net new money flows grew by $14.5bn in the first six months, down from $17bn a year ago. Total private banking client assets were $421bn at the end of the first half, up from $370bn at the end of 2007.
HSBC said that its high net worth clients continue to be attracted to alternative products, with total hedge funds under custody at the private bank growing to $57.9bn.
The bank added that its New Frontiers Fund and Asia-Pacific Equity Fund were “notable successes” in the first half.
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