According to Sing Tao Daily, HSBC Holdings said its global private banking division decided to suspend independent asset management operations in Hong Kong and Singapore due to business strategy considerations. The bank will continue to provide wealth management services for single family and joint family finance office clients. HSBC said it will do its best to assist affected customers. People familiar with the matter said that due to risk considerations, HSBC will terminate cooperation with the Hong Kong family office.
港媒：汇丰暂停香港和新加坡的独立资管业务
Hong Kong media: HSBC suspends independent asset management business in Hong Kong and Singapore
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