HSBC regional asset management expands footprint across Asia amid wealth strategy shift

Overview:

• Expanded regional presence from a Singapore-focused office to a full ASEAN manufacturing center covering Thailand, Indonesia, Malaysia, and the Philippines.
  
• Achieved significant revenue growth, making the unit a notable contributor to the Asia book of business.
  
• Aligned strategy with the bank’s wealth client focus, complementing its growth and aspirations.
  
• Futureproofed the business by building a resilient and diversified backbook across high-potential markets.
  
• Roadmap includes curating relevant products, leveraging corridors like ASEAN, Middle East, and China, and exploring Islamic investing initiatives.

The asset management unit of a leading bank has transformed from a Singapore-centric operation into a regional powerhouse, marking significant growth in revenue and market presence across Asia.

Regional Expansion and Revenue Surge

In just two years, the team has evolved into a full-fledged ASEAN manufacturing center operating out of Singapore and extending into Thailand, Indonesia, Malaysia, and the Philippines. “A year ago, we were probably in just Singapore and Malaysia,” noted Pang Qi Lim, Chief Executive Officer for Southeast Asia and Singapore at HSBC Asset Management.

This expansion has fueled a sharp rise in revenue, positioning the unit as a notable contributor to the bank’s Asia book of business. The growth reflects a deliberate strategy to align with the bank’s focus on serving wealthy clients and capturing flows across key corridors.

Strategic Alignment and Futureproofing

The roadmap began with a principle of futureproofing the business and building sustainability through diversification. “We’ve aligned ourselves to the bank and more importantly, we’re now thinking in terms of where the money is flowing and where we best place to catch them as well,” Lim added.

The strategy includes tapping into high-potential markets and creating a resilient backbook of business to ensure consistent growth year after year.

Next Steps: Corridors and Islamic Investing

Looking ahead, the unit plans to curate products relevant to emerging corridors such as ASEAN, the Middle East, and China. Singapore’s position as a financial hub also opens opportunities for Islamic investing initiatives, which could have implications across global Islamic states.

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About the speaker:

Pang Qi Lim
Chief Executive Officer for Southeast Asia and Singapore at HSBC Asset Management
HSBC

Pang Qi Lim, Chief Executive Officer for Southeast Asia and Singapore at HSBC Asset Management, also serves as Head of Strategic Partnerships for the region. Based in Singapore, he leads the firm’s strategic growth ambitions across Southeast Asia, focusing on expanding the client base, strengthening partnerships, and driving sales and distribution strategies.

He brings over two decades of experience in asset management and banking, having previously held senior roles at Fidelity International, where he spearheaded business development and strategic initiatives across Asia Pacific. Earlier in his career, Pang Qi worked with Standard Chartered Bank and Fortis Private Bank, building expertise in wealth and investment solutions. [about.hsbc.com.sg]

FAQs:

What progress has been made in the region?

We have expanded from being a Singapore-focused office to becoming a full Azan manufacturing center, covering markets like Thailand, Indonesia, Malaysia, and the Philippines.

How has revenue growth changed over the past two years?

Revenue has grown significantly, and we are now a notable contributor to the Asia book of business compared to previous years.

What role does the asset management unit play in the bank’s strategy?

We complement the bank’s growth by aligning with its focus on wealthy clients and building strategies that support their aspirations.

What was the starting principle for building this presence?

We began with the principle of futureproofing the business, ensuring sustainable growth through resilience and diversification.

How did you diversify the business?

By adding high-potential markets and creating a diversified backbook, we ensured consistent growth regardless of market fluctuations.

What are the key corridors you are focusing on?

We are focusing on the Azan corridor, the Middle Eastern corridor, and the Chinese corridor to capture money flows effectively.

What is the roadmap for the next two years?

Our roadmap includes curating relevant products, strengthening corridor strategies, and exploring Islamic investing initiatives.

Why is Singapore important for future initiatives?

Singapore serves as a convenient hub for launching initiatives like Islamic investing, which have global implications for Islamic states.

How do you plan to stay relevant in the market?

By curating products that align with client needs and leveraging strategic corridors to meet evolving wealth aspirations.

What does futureproofing mean for your business?

It means building a resilient, diversified portfolio that ensures sustainable growth and adaptability to market changes.

5W1H summary:

Transcript of the interview:

We made huge progress in the region. We’re now less of just a Singapore office but an ASEAN office.

Our numbers in terms of revenue has grown by quite a margin. And lastly, we’ve become a lot more integrated with how the bank’s direction is going in terms of thinking about the wealthy client and how as an asset management unit we complement that the growth in the bank as well.

And what specifically are you have you brought?

Back to the first point, if you think about the ASEAN progress, we’re now a full-fledged ASEAN manufacturing center run out of Singapore and across markets like Thailand, Indonesia, Malaysia, and last but not least, Philippines as well. A year ago, we were we’re probably in just Singapore and Malaysia.

That that’s like growth in the in terms of footprint.

In terms of revenue, as I mentioned, these markets have all kicked in, started going for us. We’re seeing now our growth in we’re now a notable part of the Asia book of business as compared to where we were a couple of years back.

And then thirdly as we think about how the bank how the bank has been talking about wealth clients and how they’re growing to meet wealthy clients aspirations. We’ve gone to to build our growth and strategy around that as well.

Thinking about the AAN region that we’ve built along with how we’re thinking about the corridors specifically the ASEAN corridor, the Middle Eastern corridor and if I may even the Chinese corridor.

Cool. And obviously it’s not just a year since we saw each other but you’ve been in the job now for almost exactly two years. That’s right.

What what actually have you had to put into place in order to build up the presence in this way?

We start off with a principle around futureproofing the business and making sure that we build sustainably. If we think about where we have headed towards it’s around building a more resilient a more diversified backbook of business as we call it.

That really means that in any given year I would be extremely confident about where we’ve grown, how we’ve grown, and how we’re going to continue growing. That’s where we’ve added these markets where there’s great potential.

We’ve aligned ourselves to the bank and more importantly, we’ve now thinking in terms of where the money is flowing and where we best place to catch them as well.

Mhm. And so, what is the next two years going to bring? What’s the road map?

A lot of it has got to do with how we play a part as asset management to the bank and to external clients as well. We want to be in a position where we curate the right products.

We want to be relevant in terms of how we think about these corridors. We want to think about Islamic investing for instance.

Singapore being a convenient place for us to potentially think about such initiatives that have got repercussions in all Islamic states in the world. With that the Middle East again the ASEAN corridor in some markets like Malaysia, Indonesia, Asia.

These will all fit in the broader product curation strategy that we have.

What	1. Expanded Azan manufacturing center footprint. 2. Significant revenue growth in Asia book. 3. Strategy aligned to wealth clients.
How	1. Futureproofed through resilient diversification. 2. Added high-potential ASEAN markets. 3. Curated corridor-relevant products.
Why	1. Capture regional money flows. 2. Complement bank’s growth priorities. 3. Ensure sustainable year-on-year growth.
Who	1. Asset management unit leadership. 2. Bank serving wealthy clients. 3. External clients across ASEAN.
Where	1. Singapore hub, ASEAN expansion. 2. Malaysia, Thailand, Indonesia, Philippines. 3. Middle East and China corridors.
When	1. Two-year transformation to date. 2. Major footprint growth last year. 3. Next two-year roadmap planned.