Read Larry Connors' blog – Short Term Trading Strategies
HSBC Holdings Plcis on track to meet its goals for "HSBC Premier", the retail business it rolled out earlier this year to target Japanese with at least 10 million yen ($99,000) in liquid assets, Stuart Milne, country manager for Japan, told Reuters.
The sharp downturn in global markets may be eroding investor appetite for risk, but Milne reckons that over the long term Japanese investors will continue to seek higher returns than those commonly available in their home market.
"HSBC is typically seen as a safe haven in tough times," he said in an interview.
"In Japan we continue to see satisfactory growth in customer numbers and assets under management. And while our brand isn't as well known in Japan as it is in some other markets, we're very happy with the progress made."
Milne said the bank was "well on the way" to meeting its internal targets for HSBC Premier, although he declined to give numbers. The bank has said globally it is looking for about 6 million customers, up from about 2.2 million now.
LIQUID ASSETS
London-based HSBC is one of several large financial groups lining up to do business with Japan's millions of wealthy individuals.
The bank estimates there are about 6.3 million people in the Tokyo and Osaka areas with liquid financial assets of 10 million yen or more.
U.S. bank Citigroup as well as big Japanese banks such as Mitsubishi UFJ Financial Group and Mizuho Financial Group are also scrambling for a piece of Japan's estimated $13 trillion in household assets.
So far HSBC has opened six branches in Japan and will open a seventh by the end of the month. Milne said that while the bank has no immediate plans for further openings, the market could support as many as 30 outlets.
Although its history in Japan stretches back more than 140 years, HSBC has so far been in a niche player in the country.
While it has businesses in Japan include wholesale banking, securities and private banking for ultra-wealthy clients, HSBC may be best known as the country's largest manager of funds related to emerging markets.
Given the market turmoil, affluent retail customers are looking for lower-risk investments such as fixed-income products, Milne said.
Still, he said the trend of Japanese investors looking overseas would not be coming to an end any time soon.
"The long-term trend of Japanese investors diversifying their portfolios is well established and will continue," he said.
(Reporting by David Dolan and Emi Emoto; Editing by David Holmes) ($1=101.22 Yen) Keywords: HSBC/JAPAN tf.TFN-Europe_newsdesk@thomson.com ra
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
MMMM
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
