Expanded HSBC Unit Relocates to Newport
Britain’s HSBC Holdings PLC has moved its Orange County operation from Irvine to a larger Newport Beach office after acquiring an Arthur Andersen LLP unit last year.
HSBC Bank USA last week held a grand opening for its office at 23 Corporate Plaza in Newport Center, where it’s taken 7,100 square feet with an option for more space.
The move comes after HSBC last year picked up Wealth and Tax Advisory Services Inc., a former Arthur Andersen arm offering accounting and tax and estate planning for wealthy clients. HSBC got 14 people, some 100 clients and $3 million in revenue with the OC operation.
The Newport Center office is focusing on clients with a net worth of more than $10 million, managing director Katherine Szem said.
Wealth and Tax Services has 18 professionals and three support workers in Newport Center. Thirteen handle tax, and four are in accounting. Four more professionals from HSBC’s private client group are set to join the office. Szem said that she expects to hire a couple of more people in the next few months.
The office competes for business with a host of firms targeting rich OCers, including Northern Trust Corp. and Citigroup Inc. For accounting work, HSBC squares off with the big four accounting firms and local boutiques.
Szem, who heads the OC office, formerly was the managing tax partner at Arthur Andersen’s Irvine office.
,Rajiv Vyas
