HSBC aims to become top 5 player in wealth
Big banks targeting mass affluent
Crowded strategy means not all will succeed, experts say

LONDON, Aug 23 Reuters HSBC aims to double the assets under management in its British wealth business to 100 billion pounds 131 billion in the next five years, the division39;s head told Reuters, joining rivals in targeting more fee income from the UK39;s 39;mass affluent39;.

The lender aims to become a top five player in Britain, its head of wealth and personal banking UK Jose Carvalho told Reuters, leaning on its global reach to attract customers who bank with it in more than one market or who are from overseas.

International connectivity is our competitive advantage and is driving growth, he said. The bank whose asset management business is worth 712 billion globally plans to hire more advisors as part of the push, Carvalho said, without giving numbers.

Britain39;s wealth management market is led by St James39;s Place, which had AUM of 168 billion pounds at the end of last year.

The biggest UK banks tracked by research firm Coalition Greenwich made 12 billion from wealth management in 2023, up 11 yearonyear, and St James39;s Place is projecting 7 future growth in the overall wealth market.

HSBC rivals Barclays and Lloyds have also this year unveiled plans to pursue more income from the 39;mass affluent39;, defined by Lloyds as customers with deposit balances of 75,000 pounds to 250,000 pounds.

The sector collectively holds…