HSBC announced today that it has started using BlackRock’s Aladdin Wealth platform to boost the wealth management services it offers to customers across the high net worth spectrum.
While Aladdin is well-established among asset managers and institutional investors, its use in private wealth management is more recent. With Aladdin, HSBC advisors can analyse customer portfolios more holistically, in the same way institutional investors do, and evaluate the potential impact of changes to a portfolio before customers make investment decisions.
The rollout has begun in the U.S. for Private Banking and in Hong Kong for Jade customers and will be followed by other locations, making HSBC the first bank to offer the benefits of Aladdin Wealth to high net worth customers around the world.
Over time, Aladdin Wealth will become available to HSBC’s relationship managers and advisors globally who service customers holding US$1 million or more with HSBC, either in its global private bank or its retail bank. HSBC holds US$758 billion of client assets under management across these two divisions.
António Simões, Chief Executive Officer, Global Private Banking at HSBC, comments:
“We are excited and proud to offer the benefits of Aladdin to our clients thanks to our strong partnership with BlackRock. We are building a better Private Bank and Aladdin will help us take our wealth management services to the next level. With Aladdin, we can assess risk in client portfolios in a much more accurate way, enabling better informed investment conversations and decisions.”
Charlie Nunn, Chief Executive Officer, Retail Banking & Wealth Management at HSBC, comments:
“The integration of Aladdin is the latest enhancement to our Jade service for high net worth customers, giving them access to advanced wealth management capabilities alongside the convenience of our everyday banking and global reach. This is part of our strategy to meet the increasingly sophisticated needs of growing wealth segments around the world, especially in Asia.”
Robert Goldstein, Global Chief Operating Officer and Head of BlackRock Solutions, comments:
“This is an exciting milestone for both organisations and for the broader wealth management industry. With HSBC’s scale and global reach, many more advisors will have access to capabilities previously only available to institutional investors. This will enable better financial outcomes for individual investors around the world.”
HSBC has been working very closely with BlackRock Solutions over the past 18 months to tailor the platform to the needs of its customers across the high net worth spectrum.