HSBC Private Bank plans to grow its foothold on the West Coast with plans to launch a new office in Los Angeles by the end of the first quarter. Additionally, it has tapped Richard Slinn, previously a managing director and portfolio manager at Deutsche Bank Private Wealth Management, as head of investments for the West Coast based in San Francisco, said Edmond Carton, head of the West Coast region.
The launch of the L.A. locale was the next step for HSBC, which has been servicing its high-net-worth clients from Seattle to San Diego out of its two offices in Beverly Hills Valley and San Francisco. The bank will also continue to add an unspecified number of West Coast bankers over the next two to three years, Carton said, based on the substantial wealth in the area. A head for the L.A. locale has not yet been selected.
Slinn works closely with all relationship managers in San Francisco and Beverly Hills and serves as a liaison between clients and firm professionals. The bank wanted a senior expert on the ground with understanding of investments, needs and risk-return profiles of HNW clients, Carton said. Slinn reports dually to Carton, who is also based in San Francisco, and New York-based Nancy Dupier, head of the private bank investment group for the Americas. Calls to Deutsche Bank regarding Slinn’s replacement were not returned by press time.
HSBC, catering to individuals with a net worth in excess of $20-$25 million, targets West Coast wealth segments particularly derived from real estate, venture capital and technology, the entertainment and media sectors, as well as smaller industries such as wine and agricultural.