HSBC looks to boost growth of Asian wealth division

HSBC Holdings is looking to boost growth at its Asian wealth division and is building its business of financing hedge funds and family offices as part of the efforts to achieve its goal. According to a Bloomberg report, the London-based bank seeks to grow links between its Western and Asian clients through the prime broking unit. As part of the build-out, HSBC is reportedly hiring more prime broking staff and investing in technology to enable it to compete with more established rivals. The bank earlier identified managing an increased share of the swelling fortunes of Asia's wealthy as one of its strategic priorities, according to the report. London, Hong Kong, and New York act as the main hubs for HSBC's prime finance operation, and Paris to a lesser extent.