HSBC: HSBC's Asia Inflows Dominate Wealth Unit

The pivot to Asia continues at HSBC as the region dominated asset inflows in the bank's wealth management business.Invested assets at HSBC's wealth business grew 7 percent year-on-year to over $1.3 trillion in the first quarter of 2025, according to a presentation of the bank's financial results.Asia featured prominently with the region growing its invested assets by $106 billion to $676 billion. The bank also registered $22 billion of net new invested assets in the first three months of the year with $16 billion from Asia. This was in no small part sourced from the 301,000 customers who were new to the bank in Hong Kong.Income GrowthAs a result, fee and other income also grew within the wealth management business by 23 percent to nearly $2.3 billion.«High levels of client activity in Asia, primarily Hong Kong, drove double-digit growth across Investment Distribution, Private Banking and Insurance,» the bank said in the presentation.