Last year saw HSBC's Hong Kong wealth management business surge 28 per cent, to HK$4.6 billion, enhanced by the sales of unit trusts - both its own and those of its sister operation Hang Seng Bank. Operations, including insurance business, commissions on the sales of unit trust products and on securities transactions executed for personal customers, continued to be the principal driver of the growth, it said. More than HK$33.6 billion of funds launched by the group were included in last year's unit trust sales - up 32.7 per cent on year. The bank also sold more than HK$22.1 billion of the group's capital guaranteed funds. Total income from sales of unit trusts and from funds under management for personal customers amounted to HK$1.86 billion, against HK$1.32 billion previously, an increase of 41.2 per cent. Income from its insurance business grew sharply with continued strong expansion in individual life insurance premiums and revenues from Mandatory Provident Fund activities. The bank said income from the sale of insurance products rose 31.4 per cent to HK$508 million. By contrast, the income from retail securities transactions was down. The net fee income from personal financial services grew 15.1 per cent to account for 41.7 per cent of total net fees, against 39.4 per cent in 2001.
