HSBC has launched a wealth management service into the UK aimed at non-domiciled investors with cros...
HSBC has launched a wealth management service into the UK aimed at non-domiciled investors with cross-border financial assets.
The service, branded HSBC International Financial Advisers, will offer clients access to all the life products from Prudential International, Norwich Union International and Zurich International. It has also established a preferred range of funds to offer clients and has negotiated fee reductions with the seven groups involved (see table).
HSBC's product range will also be available to clients, who will have access to the entire product range of these groups. This will include low risk cautious funds that could be used as retirement planning vehicles, equity, bond and hedge funds, as well as structured products.
There is no minimum investment for use of the service. Investors either have the option of paying a minimum fee of £2,500 or remunerating the intermediary through the commission on products they choose. At launch there are 13 financial advisers in the service.
Geoff Cook, head of personal financial services, at HSBC Bank International, said: "There is a growing expatriate and foreign national population both in the UK and globally. Whether they are working abroad, have retired abroad or because they have properties in more than one country, these individuals often have financial assets in more than one country."
Other services the intermediaries will offer include tax and retirement planning and protection advice. They can also cater for their banking needs through HSBC bank.
The London-based service will be similar to the Malta office, which opened earlier this year to provide a specialist international and offshore wealth management services to its customers based in the EU. The Malta office presently has five staff members.
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