HSBC 2005 Annual Report Download - page 55

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Europe
• In France, HSBC Private Bank’s subsidiary, Louvre
Gestion, was awarded second and fourth places for
overall performance over five and three years
respectively by La Tribune – Standard & Poor’s.
A number of HSBC’s individual funds also won
awards in the Lipper Fund Awards – France.
• Private Banking expanded its onshore business
through the launch of regional offices in the UK and
France, bringing HSBC closer to customers and
strengthening referrals with the retail bank. Regional
offices were also launched in Russia, and
preparations were made for further expansion in
2006.
• Client assets increased by 12 per cent, or 22 per cent
on an underlying basis, with net new money
reaching US$23.4 billion.
• Euromoney awarded HSBC ‘Best Private Bank … in
Monaco … for Ultra High Net Worth Clients’.
Asia
• Client assets increased by 17 per cent, or 19 per cent
on an underlying basis. Investment in Taiwan and
Japan continued and HSBC expanded its support of
clients from mainland China. Onshore operations
were launched in Dubai and India during the year,
and the expansion of the discretionary managed team
aided growth of 47 per cent in this asset class.
• HSBC won awards from Euromoney as ‘1st for
Inheritance and Succession Planning’, ‘1st for Tax
Guidance and Services’ and ‘1st for Trust Services’
in Asia.
North America
• HSBC extended its Private Banking capabilities
through front office recruitment in New York,
California and Florida, and expanded its Wealth and
Tax advisory business in Philadelphia through
recruitment and a small acquisition.
• The business was streamlined through restructuring,
delivering front office synergies with Corporate,
Investment Banking and Markets, cross-selling with
Commercial Banking was enhanced, and a single
management structure was put in place to cover the
Hispanic customer base.