HSBC has merged its Jersey funds business with its Dublin life insurance business, to form a single company, HSBC Offshore Global Funds and Insurance.
The new company will continue to operate from both jurisdictions, with a plan to create a new integrated range of investment funds and insurance-linked income and investment solutions to HSBC's offshore customers. The combined unit will continue to employ 40 staff, a number which could increase as new product ranges are developed.
According to Darren Wilson, senior manager of offshore investments, the strategy behind the merger is to target non-UK clients with insurance wrapper investment products via HSBC's financial planners around the world, and third-party financial advisers. So far, the insurance product range in Dublin has concentrated mainly on the UK market, while the Jersey operation is more international, selling into 45 countries. Wilson identifies the Middle East and Asia, where HSBC has a substantial presence, as potentially strong growth markets for the new offshore product ranges.
Prior to the integration, HSBC Offshore in Jersey concentrated on the development and marketing of investment funds to the bank's offshore customers while HSBC Life (Europe) in Dublin offered life insurance-based investment solutions.
According to Martin Spurling, HSBC Offshore's head of global funds and insurance, the enlarged business will strengthen significantly HSBC's ability to respond to customers' individual needs. "By combining our distribution networks and other parts of the business, customers will experience the benefits of greater efficiency, improved service and a complete solution to their lifestyle needs," he said.
The banking division has launched a service called HSBC Premier, which will enable its customers to access a portable credit history. This will help internationally mobile customers integrate more easily abroad, easing the process of, for instance, obtaining credit or renting a property.
The new service will be offered in the UK, Canada, France, Hong Kong SAR, India, Jersey, USA and the United Arab Emirates.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till