Growth in wealth management, including structured products activity, alongside a solid Hong Kong performance, boosted HSBC’s revenue mix in Q1, even as broader group profitability came under pressure.
HSBC has posted a 13% year-on-year jump in wealth fees to US$1.9 billion in the first quarter of the year for its international wealth and premier banking (IWPB) division, buoyed by structured products’ sales. IWPB’s investment distribution fee rose by 29%, or US$0.1 billion to US$0.43 billion during the three months ended March on a constant currency basis, the UK bank’s latest earnings said, attributing the growth to ‘higher sales of mutual funds and structured product