HSBC 2004 Annual Report Download - page 58

HSBC HOLDINGS PLC
Financial Review (continued)
56
• Client interest in equity investment
opportunities increased as markets continued
their late-2003 recovery, and HSBC benefited
from this through the launch of new products.
Several new funds were introduced during the
year, including a global Islamic fund.
• HSBC also continued to develop alternative
investment products. Total client investment in
hedge funds reached US$23 billion, following
the launch of several new funds, reflecting
growth of 40 per cent.
• The Strategic Investment Solutions product was
launched in the Americas and Channel Islands
in March and May respectively, following its
success in Geneva and Asia. Global assets under
management invested in this product grew by
US$0.7 billion to US$1.0 billion.
• The lending book grew strongly, as clients
sought to leverage their investments in the low
interest environments in North America, Europe
and Asia. In the UK, lending book growth was
buoyed by strong growth in mortgages.
Europe
• HSBC’ s French mutual funds portfolio won four
awards for its performance in La Tribune and
Standard & Poor’ s ‘Victoires des Sicav 2004’ .
• HSBC was ranked the largest foreign bank in
Switzerland by the Association of Foreign
Banks in Switzerland by net profit,
shareholders’ equity and balance sheet.
• Internet transaction banking for clients was
launched in the UK’ s private banking website in
December.
North America
• The alignment of HSBC’ s international and
domestic private banking segments continued,
bringing operational cost savings and a more
coherent infrastructure. The integration of
Wealth and Tax Advisory Services (‘WTAS’ ),
acquired in the second half of 2002, and Bank of
Bermuda, acquired in February 2004, including
the cross-referral of clients, continued to make
progress.
• Private Banking and Corporate, Investment
Banking and Markets structured products
activities were integrated to share expertise and
ensure a common approach.
Asia
• In Asia, HSBC won awards from Euromoney as
‘1st for Family Office Services in Asia’ , ‘1st for
Inheritance and Succession Planning in Asia’ ,
‘1st for Trust Services in Asia’ , ‘1st in Hong
Kong offshore’ and ‘1st in China Offshore’ .