HSBC Philippines rolls out new brokerage business

HSBC Philippines on Wednesday unveiled its brokerage business under HSBC Wealth, where the company seeks to roll out an expanded list of products and services.

Incorporated as HSBC Investment and Insurance Brokerage Philippines Inc. or HIIB, HSBC Wealth was officially launched on August 24, catering mainly to the country’s affluent citizens.

According to HSBC Wealth Vice Chairman Peter Faulhaber, the offering will have a minimum investment of P3 million, with more products in the pipeline.

“We have ambitions to expand our coverage. We know that’s gonna take time and more products. We’ve got a strong pipeline of products and initiatives,” he told reporters in Taguig City.

“We’re trying to bring the best of HSBC Wealth management globally to the Philippines,” he added.

Faulhaber said the firm targets to double the number of clients it has, but did not provide specific figures on the current levels.

The new business will provide a range of Unit Investment Trust Funds (UITFs) covering a range of asset classes and risk profiles, which will be tailored to clients following a full financial review.

It will cover global equity, global fixed income, global multi-asset, Asian equity, European equity, and specialty or thematic sectors.

It will also provide wealth insurance, along with complete life insurance through Credit Secure.

HSBC has put up a dedicated hub for client engagement alongside the firm’s Bonifacio Global City branch, with more planned to be set up where HSBC has a presence.

Moving forward, the product range is targeted to cover dividend-paying funds and feeder funds, on top of the fixed income products that provide capital protection with dividends through its main bank.

It also provides investment-linked insurance products which it offers in single pay or regular pay.

HSBC Philippines President and Chief Executive Officer Sandeep Uppal said the latest offering is in response to client demand, following the company’s engagement with customers.

“This demonstrates our confidence in the country, reaffirms our commitment in bridging customers with the rest of the world and supports HSBC’s ambition to be the leading international wealth manager in Asia,” HSBC Philippines President and Chief Executive Officer Sandeep Uppal said. —KBK, GMA News