HSBC UK Private Banking has partnered with Addepar to adopt its software platform designed for wealth managers.

This follows adoption of the software platform in its US Private Bank, with rollout in the Channel Islands and Luxembourg expected later this year.

The Addepar platform looks to provide an enhanced client reporting experience, with complex aspects such as alternatives and account aggregation.

It enables relationship managers and investment advisers to provide clients with bespoke and comprehensive performance data and insights on their investments.

Furthermore, the platform can aggregate performance for clients who hold investments with other wealth managers, allowing them to see a full picture of their investment portfolio.

“As a leader in the alternatives space, with more and more private banking clients wanting to have a proportion of their portfolio in this asset class, Addepar’s advanced alternatives reporting capabilities was an important selling point,” commented HSBC UK Private Banking head of investment counselling, James Thomson.

“Our new reporting capabilities will mean our investment advisers can deliver deeper insights and greater transparency to our clients in a more efficient way, meaning they can spend more time on what matters most: providing our clients with high quality advice supported by robust analytics.”

Addepar CEO, Eric Poirier, added: “Addepar exists to bring greater transparency, connectivity, and intelligence to the global investment ecosystem.

“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.”

HSBC UK Private Banking serves domestic and international ultra and high net worth clients, and family offices, and is the first major UK bank to adopt Addepar’s software platform.

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