Annabel Spring, head of HSBC Holdings’ private banking, is spearheading a new recruitment initiative aimed at reclaiming the title of Asia’s top wealth manager from UBS Group. Spring plans to enhance HSBC’s presence in Asia by hiring additional staff and has already recruited advisors from Deutsche Bank, UBS, and Credit Suisse. At the end of 2023, HSBC managed USD549bn assets in Asia, marking a 17% increase from the previous year. This recruitment drive is part of HSBC’s broader strategy to capitalise on the growing wealth in Asia, which has included returning to markets like India and acquiring asset-management operations in India, Singapore, and China. Recent strategic hires aim to bolster HSBC’s capabilities in serving ultra-high-net-worth individuals across the region.