HSBC Global Asset Management has grown its funds under management by 13.4 per cent year on year as the largest European bank doubles its pre-tax profit for the period.
In its full year results published today, the lender reported total group funds under management of $943bn (£675.6bn) at 31 Dec 2017, up from $831bn in the same period for 2016.
Total revenue for the asset management business was at $281m for the fourth quarter of 2017, up from $252m year on year.
Full-year profit before tax rose to $17.2bn (£12.3bn ) in 2017, up from $7.1bn in 2016, but the figure was below analysts expectations of $20bn.
The bank also says it will look to raise between $5 to $7bn next year to bolster its capital base.
The results are the final set for chief executive Stuart Gulliver as he is set to step down this year after 37 years’ service, including seven at the bank’s helm.
According to the accounts, he has earned an annual bonus of £2.1m in 2017 on top of £3.9m in salary.
Globally, total staff bonuses were up 8.8 per cent to $3.3bn.
Gulliver says: “These good results demonstrate the strength and potential of HSBC. All our global businesses grew adjusted profits and we concluded the transformation programme that we started in 2015. HSBC is simpler, stronger, and more secure than it was in 2011.
His replacement, chief designate John Flint, says: “The fundamentals of HSBC will remain the same as they always have – strong funding and liquidity, strong capital, and a conservative approach to credit.”