HSBC plans to combine Hang Seng Bank’s asset management operation with its own fund business, according to sources. The proposal follows HSBC’s $13.6 billion deal to take the Hong Kong lender private.
HSBC Asset Management manages about £876 billion in investment assets, while Hang Seng Investment Management has £50 billion in assets.
A spokesperson for HSBC said the bank is committed to serving Hong Kong with two iconic brands, HSBC and Hang Seng, combining global reach and local depth. The objective is to build a leading asset management business with the scale, talent, and ambition to compete from Hong Kong at the very top of the global asset management industry. The bank is focused on collaboration across its teams to unlock future growth.
The planned combination would be the first integration of a business line since HSBC launched its take-private offer for Hang Seng in October 2025. Hang Seng had reported rising bad loans related to its exposure to Hong Kong and mainland Chinese property markets.
Hang Seng Bank would remain a separately licensed bank with its own governance, brand, and branch network.
In a separate development, HSBC is planning to cut roles in its UK wealth management business as part of an AI programme. About 50% of leadership and specialised positions could be removed, while the number of financial advisers may be reduced by nearly 70%.