HSBC Private Bank has changed its UK leadership in a bid to bolster its offering to HNW and UHNW clients, and created a new role specifically to serve UK clients based in the UAE.
The bank’s appointment of Nick Wolf as head of UK expat for the UAE was made to reflect its assessment of the UK-UAE wealth corridor as ‘an important and growing’ one, HSBC said.
The bank has also appointed Philip Aleppo to lead its HNW and special segments teams, which it said were previously distinct teams with different heads, but would now be brought together under a single leadership structure.
[See also: Exclusive: HSBC and MIT Sloan launch programme for UHNW heirs]
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Several private banks have taken steps to prioritise wealthier individuals in recent months, such as raising minimum entry thresholds.
In April, the private bank Coutts increased the minimum amount required to open an account from £1 million to £3 million, making it the largest single jump in its entry threshold over its 333-year history.
Earlier this year, Paul Fairfoull, the head of UHNW at HSBC Private Bank UK, told Spear’s: ‘From our perspective, segmentation between HNW and UHNW does still make sense – although a hard and fast segmentation based only on a financial threshold less so.’
[See also: Mind the wealth gap: the secret entry points of private banking]
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In October, Spear’s exclusively reported on HSBC Private Bank’s launch of an education programme for heirs of UHNW clients.
Designed in collaboration with MIT Sloan School of Management, the six-week online course is open to next-gen inheritors aged 23 to 30 and includes modules on ‘family unity’, ‘managing difficult conversations’, and ‘developing a future pathway’.
Charles Boulton, HSBC Private Bank’s UK CEO, said today’s leadership changes were about bringing its specialist capabilities ‘closer together’.
‘By strengthening our coverage across the UK and key international corridors, we are able to deliver a connected service to clients as they protect, manage and grow their wealth,’ he added.
