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HSBC U.S. Private Banking Enhances Wealth Management Solutions with Addepar
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Rhea-AI Summary
HSBC U.S. Private Banking has partnered with Addepar to enhance its portfolio performance reporting platform for high net worth and ultra high net worth clients, managing $65 billion in assets. This collaboration aims to optimize client experience by providing comprehensive portfolio views, analytics, and multi-currency capabilities. HSBC emphasizes its commitment to digital transformation in wealth management, while Addepar's proven platform serves over 800 leading financial institutions globally. This partnership is set to improve investment reporting and support sophisticated client needs.
Positive
Partnership with Addepar enhances reporting and analytics capabilities for U.S. Private Banking.
Addepar's platform supports over 800 global financial institutions, showcasing its reliability.
Focus on digital transformation may attract more high net worth clients.
Negative
None.
Professional wealth management software enhances portfolio performance reporting for domestic and international clients of U.S. Private Banking.
NEW YORK--(BUSINESS WIRE)--
HSBC U.S. Private Banking, part of the bank’s Wealth and Personal Banking business, announced today that it has selected Addepar, a leading technology platform purpose built for investments, as its consolidated client performance reporting platform. HSBC’s U.S. Private Banking serves domestic and international high net worth and ultra high net worth clients, as well as family offices, with $65 billion in assets under management.
As one of the largest banking and financial services organizations in the world, HSBC is committed to building the bank of the future by implementing transformative digital solutions for clients. Addepar’s innovative software and data platform for wealth and investment managers is a proven leader in the space, with a client base that includes more than 800 of the world’s top family offices, registered investment advisors, private banks and large financial institutions across more than 30 countries.
Addepar will provide HSBC U.S. Private Banking with critical tools, such as comprehensive portfolio views and in-depth analytics, which will optimize the client experience. The platform will also improve reporting on private and alternative investments, leverage multi-currency capabilities, and provide tailored reporting for sophisticated needs of internationally-minded high net worth and ultra high net worth clients, as well as family offices.
“This new partnership with Addepar combines best-in-class technology with advanced analytics that will help us best serve our clients based around the world,” said Jessie Zhu, Head of Investments and Wealth Solutions, WPB US and Americas, HSBC. “We look forward to working with Addepar to manage, grow and preserve clients’ wealth for generations to come.”
“Investment professionals are facing constantly shifting environments and markets as they navigate the current financial landscape, with a need for technology and quality data being more acute than ever. We are thrilled to partner with the forward-thinking team at HSBC to bring Addepar’s category-defining platform to their U.S. Private Banking business,” said Eric Poirier, CEO, Addepar. “The scalability, flexibility and security of our platform unlocks the ability for us to serve the fast-changing needs of the largest banks around the globe, and in turn, for them to provide exemplary service to their clients. We look forward to continuing to grow with HSBC in the years ahead.”
HSBC USA Inc.("HUSI") is a Maryland corporation and its principal business is to act as a holding company for its subsidiaries including HSBC Bank USA, N.A. Through HSBC Bank USA, N.A. and its subsidiaries, HUSI offers a full range of traditional banking products and services to individuals, including high net worth individuals, small businesses, corporations, institutions and governments. HSBC USA Inc. is a wholly-owned subsidiary of HSBC North America Holdings Inc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,992bn at 30 September 2022, HSBC is one of the world’s largest banking and financial services organisations.
About Addepar
Addeparis a software and data platform that is purpose-built for professional wealth, investment and asset management firms to deliver outstanding results for their clients. More than 800 leading firms trust Addepar to unlock the power and possibility of more informed, data-driven investing and advice. With client presence in more than 30 countries, Addepar’s platform aggregates portfolio, market and client data for over $4 trillion in assets. Firms can also use Marketplace, a digital experience offered through Acervus Securities (member FINRA), to access and transact in a range of investment products with a focus on alternative and private market investments. Addepar’s open platform integrates with more than 100 software, data and services partners to deliver a complete solution for a wide range of firms and use cases. Addepar embraces a global flexible workforce model with offices in Silicon Valley, New York City, Salt Lake City, Chicago, London and Edinburgh, Scotland.
What is the partnership between HSBC and Addepar about?
HSBC U.S. Private Banking has selected Addepar as its consolidated client performance reporting platform to enhance portfolio performance for high net worth clients.
How much assets does HSBC U.S. Private Banking manage?
HSBC U.S. Private Banking manages $65 billion in assets.
How will the Addepar platform benefit HSBC's clients?
The Addepar platform will provide comprehensive portfolio views, advanced analytics, and improve reporting on private and alternative investments.
What is the significance of HSBC's partnership with Addepar?
This partnership signifies HSBC's commitment to enhancing client service through innovative technology in wealth management.
When was the partnership between HSBC and Addepar announced?
The partnership was announced in a press release on October 31, 2022.
