HSBC Holdings Plc has closed its independent asset management business in Hong Kong and Singapore, following a strategic review. This decision impacts the units established in 2020 in Singapore and 2022 in Hong Kong, which served family office clients through external managers. Despite these closures, HSBC remains committed to supporting single and multi-family offices and aims to be a top wealth manager in Asia. The change is not expected to affect the bank’s staff or other operations. This comes amid increased regulatory scrutiny in Singapore, and Hong Kong's efforts to become a family office hub, following recent financial scandals in the region.