Phl now on investors’ radar for portfolio diversification — HSBC

Investors are looking at the Philippines as part of their diversification efforts amid continued market uncertainty, British banking giant Hong Kong and Shanghai Banking Corp. (HSBC) said.

Kevin Herbert, co-head for North Asia at HSBC Private Banking, said the expansion of the foreign bank’s Philippines team comes at a time where clients are looking to successfully negotiate a period of continued market uncertainty and their needs are becoming increasingly diversified.

”We‘re seeing more demand for alternatives, particularly in private equity and private credit, as well for managed solutions and international diversification,” Herbert said.

As part of plans to significantly grow its business in Asia, a focus on the Philippines has seen a number of new hires to service the fast growing wealth market.

The Philippines is expected to become one of the top 10 fastest-growing high net worth countries by the end of 2022.

With an onshore office in Manila that is able to work closely with the full service wealth management hubs in Hong Kong and Singapore, HSBC Private Banking is well placed to support this growing client segment.

Valerie See-hang and Janice Marie Laurel have joined HSBC Manila as relationship managers. Prior to joining the private bank, See-hang was a branch Head of HSBC Quezon City branch, while Laurel was a premier team leader of HSBC Ortigas branch.

Carmen Wong has joined in Hong Kong as relationship manager for the Philippines desk. A seasoned private banker, Wong joins HSBC after six years at JPMorgan as a relationship manager for the Philippines market, after other roles with Deutsche Bank and Citi.

”We are delighted to welcome new talent to our team to serve the increasing wealth needs of our Philippines’ clients. Not only do we have one of the largest private banking teams supporting the Philippines market, we believe our strong business heritage, global network, and experience working with families across generations, all give us a competitive edge,” Herbert said.

HSBC Philippines head of private banking Ailene Manzano- Litonjua said the bank’s extensive knowledge and experience of legacy planning and family governance is another key element of offering that is important to Philippines clients.

”In addition to helping them on the investment side, many of our entrepreneurial clients are on the cusp of inter-generational wealth and business transfer,” she said.

HSBC has had a presence in the Philippines for 143 years. It remains a I‹ey country for the group as part of its international network and for its place within the ASEAN bloc.

It currently has a 10-strong total branch network, including three branches of the locally incorporated HSBC Savings Bank, located in Metro Manila, Cebu and Davao.