The wealth management sales team designs structured products which the bank sells to its retail and private banking clients. The products can be in the form of structured notes, capital guaranteed funds, structured deposits and yield enhancement equity-linked notes. The team also specialises in tax, regulatory and compliance issues.
According to an HSBC spokesperson, wealth management sales is expanding and the bank is restructuring and adding new positions to strengthen this business in the Asia-Pacific region.
Hung has extensive experience in wealth management and structured products. In this newly created position he will be responsible for managing the intermediaries business for Greater China and Korea, and will focus particularly on expanding HSBCÆs franchise and third-party retail distribution channels.
Hung will be based in Hong Kong and will report to Ken Sue, managing director and head of wealth management sales, Asia-Pacific.
ôThe appointment of Gary demonstrates our dedication to building a leading platform for our wealth management business in the region. His expertise will be a tremendous asset for HSBC and will enhance our ability to deliver value-added solutions and products to our clients,ö says Sue in a written statement.