Having seen success in the US, HSBC UK Private Banking, the principal private banking business of the HSBC Group in the UK, has now extended its partnership with Addepar, the global technology and data company that helps investment professionals, to provide clients with a new reporting experience.
HSBC UK Private Banking serves domestic and international ultra and high-net-worth clients, as well as family offices. Its US counterpart has already experienced the benefits of Addepar, with the tech firm aggregating performance for clients who hold investments with other wealth managers, meaning clients can see a full picture of their entire investment portfolio.
Charles Boulton, head of private banking, HSBC UK, said: “We’re delighted to be adopting Addepar’s wealth management software platform. Providing real-time, tailored client reporting across all asset types is essential to our clients.
“Addepar’s platform will mean that our clients have the best possible insights at their fingertips to manage an increasingly complex financial landscape. Being able to present a client’s entire portfolio to them so they have a holistic view of their wealth across multiple currencies and multiple wealth managers will be a big step forward for us.”
James Thomson, head of investment counselling, HSBC UK Private Banking, said: “As a leader in the alternatives space, with more and more private banking clients wanting to have a proportion of their portfolio in this asset class, Addepar’s advanced alternatives reporting capabilities was an important selling point.
“Our new reporting capabilities will mean our investment advisors can deliver deeper insights and greater transparency to our clients in a more efficient way, meaning they can spend more time on what matters most: providing our clients with high-quality advice supported by robust analytics.”
HSBC is optimistic about further extending its partnership with Addepar too, as plans to roll out the platform in the Channel Islands and Luxembourg later this year are already underway.
Why Addepar?
The Addepar platform provides an enhanced client reporting experience, with complex aspects such as alternatives and account aggregation. Relationship managers and investment advisers can provide clients with bespoke, comprehensive performance data and insights on their investments with just a few clicks.
Eric Poirier, CEO of Addepar, said: “Addepar exists to bring greater transparency, connectivity, and intelligence to the global investment ecosystem. HSBC UK Private Banking’s adoption of our platform reflects exactly that kind of forward-thinking leadership—embracing a solution designed to empower investors, advisers and their clients with a complete and timely data-driven perspective to confidently navigate complexity with actionable insights.
“As our first major UK bank partner, HSBC is redefining what it means to lead with data and deliver truly differentiated client experiences.”
