Everbright Sun Hung Kai launches new account to compete head-on with private banks
Asset Power Account will allow existing or new customers with assets worth a minimum of HK$8 million (just more than US$1 million) to invest across a range of services
Everbright Sun Hung Kai, one of Hong Kong’s largest and most-established brokers and financial firms, launched a new wealth management account on Tuesday specifically to compete with private banks for high net worth individuals.
Revealing details of its new Asset Power Account, the company’s deputy chief executive Kevin Tai Yiu-kuen said it will allow existing or new customers with assets worth a minimum of HK$8 million (just more than US$1 million) to invest across a range of services, including stock and fund investments, margin financing, bonds, and structured products, such as equity linked notes.
He claimed account holders will be offered better rates of interest than many similar products on the market.
Tai said Everbright Sun Hung Kai is looking to expand its wealth management services due to the increasing investment sophistication of many of its customers.
“The [number of] existing clients with HK$8 million worth of investments assets rose 20 per cent year on year during the first quarter.
The [number of] existing clients with HK$8 million worth of investments assets rose 20 per cent year on year during the first quarter
“Total assets under management held by the company also rose 40 per cent year on year to HK140 billion (US$17.84 billion), at the end of the same quarter,” Tai said.