HSBC aims to double the assets under management (AUM) in its British wealth business to £100 billion (S$171.5 billion) in the next five years, the division’s head told Reuters, joining rivals in targeting more fee income from the UK’s ‘mass affluent’.

The lender aims to become a top five player in Britain, its head of wealth and personal banking UK Jose Carvalho told Reuters, leaning on its global reach to attract customers who bank with it in more than one market or who are from overseas.

“International connectivity is our competitive advantage and is driving growth,” he said. The bank – whose asset management business is worth US$712 billion globally – plans to hire more advisors as part of the push, Carvalho said, without giving numbers.

Source: REUTER