HSBC UK Private Banking has adopted Addepar’s wealth management software, becoming the first major UK bank to integrate the platform. The move builds on its earlier deployment within HSBC’s US Private Bank, with additional rollouts expected in the Channel Islands and Luxembourg later this year. HSBC UK Private Banking serves high and ultra-high-net-worth individuals as well as family offices, and the adoption of Addepar is aimed at improving the delivery of personalized investment insights. James Thomson, Head of Investment Counselling at HSBC UK Private Banking, said Addepar’s “advanced alternatives reporting capabilities” were a key factor in the decision, as more clients seek to allocate a portion of their portfolios to alternative assets.
The Addepar platform provides detailed investment performance data, allowing advisors and relationship managers to deliver customized and timely reports more easily. Commenting on the partnership, Addepar CEO Eric Poirier stated, “HSBC UK Private Banking’s adoption of our platform reflects exactly that kind of forward-thinking leadership—embracing a solution designed to empower investors, advisers and their clients with a complete and timely data-driven perspective to confidently navigate complexity with actionable insights.” The development comes as HSBC continues broader operational adjustments, including a recent round of analyst layoffs as part of an internal restructuring.
