#London #United Kingdom #Wealth Management #Addepar #HSBC UK

HSBC UK Private Banking Partners with Addepar

HSBC UK Private Banking has taken a significant step in wealth management by becoming the first major bank in the UK to adopt Addepar’s cutting-edge software platform designed specifically for wealth managers. Following its successful implementation in the US version of the bank, the migration to Addepar’s platform will soon extend to the Channel Islands and Luxembourg later this year.

This strategic move aims to enhance the client experience for both domestic and international ultra-high-net-worth customers, as well as family offices, by leveraging state-of-the-art digital solutions.

Enhanced Client Reporting Experience

The Addepar platform offers a revolutionary client reporting experience, particularly beneficial for the intricate needs of wealth management. It encompasses crucial functionalities such as performance aggregation across multiple accounts, including those held with other wealth managers. This means clients can attain a holistic view of their investment portfolio with relative ease, presenting a complete understanding of their financial status.

Charles Boulton, the Head of Private Banking at HSBC UK, expressed his enthusiasm regarding this partnership, stating, "We’re delighted to adopt 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 empower our clients with the invaluable insights needed to navigate an increasingly intricate financial landscape."

Features Beneficial to Clients

The advanced reporting features on Addepar’s software significantly enhance the insights provided to clients, enabling relationship managers and investment advisors to deliver comprehensive performance data and strategic insights with just a few clicks. This capability is especially pivotal given the rising interest in alternative investments among private banking clients.

James Thomson, Head of Investment Counselling at HSBC UK Private Banking, noted the advantages of the platform’s alternatives reporting, stating that it was a critical selling point. He emphasized how the new functionalities would allow advisors to offer deeper insights and greater transparency, ultimately freeing them to focus on delivering high-quality advice backed by robust analytics.

Eric Poirier, CEO of Addepar, affirmed the broader vision of the partnership, saying, "Addepar exists to bring greater transparency, connectivity, and intelligence to the global investment ecosystem. HSBC UK Private Banking's adoption of our platform epitomizes the proactive leadership needed to empower investors and advisors. With comprehensive and timely data, they can navigate complexity with actionable insights."

About HSBC UK

HSBC UK caters to over 15 million active customers within the UK, backed by a workforce of 23,900 employees. The bank offers a wide variety of financial services including retail banking and wealth management for personal and private banking customers, as well as commercial banking tailored to small and medium businesses alongside large corporations.

As a wholly-owned subsidiary of HSBC Holdings plc, HSBC UK is pivotal in shaping the banking landscape, adhering to robust operational structures to safeguard customer assets and interests. With assets totaling $3,017 billion as of December 31, 2024, HSBC remains a formidable player in the global financial services arena.

About Addepar

Addepar is a global leader in technology and data integration for investment professionals, enabling them to provide highly informed guidance to their clients. Their platform is a trusted resource utilized by hundreds of thousands of users across more than 50 countries, managing over $7 trillion in assets. By integrating seamlessly with over 100 software and data services, Addepar is shaping the future of investment management and advisory services.

In conclusion, the partnership between HSBC UK Private Banking and Addepar brings forward significant innovations in wealth management reporting and analytics, directly responding to the evolving demands and expectations of clients in today's complex financial environment. The implications of this alliance are profound, suggesting a more informed, efficient, and client-centric approach to wealth management.