November 26, 2025 • 8 mins
A new HSBC report launched in collaboration with Know Your Value called "The Giving Shift: Global Living, Local Giving," shows a powerful transformation in how women across the US are building wealth and giving back. Moving away from performative, prestige-driven philanthropy, this new generation of women is ushering in a personal, grounded approach to giving—one rooted in
community, family, and tangible impact.
Racquel Oden, HSBC's US Head of International Wealth and Private Banking, discusses the report's findings as well as the recent shift in sentiment among some private market investors. Racquel speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:08):
You're listening to Bloomberg BusinessWeek with Carol Masser and Tim
Stenovek on Bloomberg Radio. Well.
Speaker 1 (00:14):
Alternative asset managers have been snapping up insurers in recent years,
gaining access to a stable source of long term capital
to fuel their investments. Apollo we pioneered the model with
its insurance arm Athene Investing in financial products tim created
by its asset management division.
Speaker 2 (00:30):
Recently, though, the close ties between private equity and insurers
have drawn scrutiny, as the latter had traditionally put their
money in the most liquid parts of the market, such
as high grade bonds and stocks. The recent blow ups
of auto parts from First Brands Group and subprime auto
lender Tricolor Holdings have exacerbated fears about credit losses across
the financial industry.
Speaker 1 (00:50):
Yeah, this is a worry. It really fits into I
feel like the broader conversation we've been having about private
markets credit credit. It's a lot going on. So we
just wanted to throw that out because that's a story
that is certainly on the Bloomberg today and we want
to talk about it a little bit with our next
guest let's get to our weekly segment, Women, Money and Power.
We explore all the economic implications of how women are
poised to control more money than ever before us the
(01:11):
biggest beneficiaries of the great wealth transfer. So with more
on all of that, we welcome Raquel Odin. She is
head of International Wealth and Private Banking at HSBC, joining
us in studio, and we wanted to do that because
part of wealth and when we talk to wealth managers
private bankers, is that we know investors, clients, consumers of yours.
(01:34):
They're interested in, certainly the private markets and it's a
big part sometimes of their portfolios or they want it
to be a part of their portfolios. And we're going
to talk about your report on the giving shift in
just a moment, the credit concerns or private credit markets,
private market worries. What are you hearing from your clients
about that? What is the discussion you guys are all
having with your team.
Speaker 3 (01:54):
Yeah, so I think, as you said, this is one
it starts with diversification, right, So it's not the primary
part of the portfolio, but there's clearly a need and
there's an interest for a sleeve of your portfolio be
part of.
Speaker 1 (02:05):
This how much is like usually in a client's portfolio
that you work with. Then I know everybody does it
a little and what's the range typically?
Speaker 3 (02:12):
I think on this, you're you're talking like ten percent,
five percent of the portfolio. These are things you're going
to look at. And by the way, this is if
it makes sense for the client, if they have interest
in it. I think as you think about the private
private equity markets, you think about AI, you think about well,
the FED made cuts. These are all the interesting questions
we get from our clients today, specifically of how do
(02:33):
I respond to that and make sure that I'm still
focused on my long term goals with all of these
different aspects happening, as well as the regulation with all
of this too, what is this going to look like?
And how do we manage these private equity markets? That's
something that is certainly also being looked at.
Speaker 2 (02:48):
But in that ten percent slice, you know, it's not
ten percent private credit. It's there's some venture capital in there,
there's some private equity in there. I mean, some people
may ask for exposure to crypto in that alternative. So
I don't know, is that is that kind of how
you see it? Like a very small portion of it,
this typical portfolio would be private credit private credit.
Speaker 3 (03:07):
But at the same time, exposure to crypto is something
you have to decide if that's specific to you. I
can't say that's something that big banks are getting behind.
But again it comes down to the individual what they're
looking for and how do you balance the risks and
all this that we're talking about, and also making sure
this isn't becoming your primary way of attaining retirement is
(03:28):
key to that.
Speaker 1 (03:28):
Yeah, because it's just been interesting. You know, we are
trying and talking to smart voices like yourself and just
trying to get an idea of what people are hearing, thinking, saying.
Because we know that Jamie Diamond made the comment about
more cockroaches out there. We've been looking at there have
been some trouble, certainly in some of the subprime auto
lending area. And we had the Apollo CEO Mark Rowan
(03:51):
speaking as part of a presentation of the firm's retirement
services business, and he rejected the idea that private assets
introduced risk to retirement and insurance portfolios. He said, quote,
people have really just lost their minds, and the headlines
get more and more hysterical and have almost nothing to
do with the substance. Having said that, one last question
and then we want to get to your report.
Speaker 3 (04:10):
But keeping yourse oither is your risk tolerance? Right, so
it is a basic factor of how much risk are
you willing to take on? And I think to the
point of what you're hearing there is whether it's crypto.
And you've heard from other industry leaders like I said,
this should not be your retirement plan, right. This is
where you have the ability to take risk, but it's
not needed for your livelihood or everyday living.
Speaker 1 (04:32):
Well, So your client base, like I'm assuming you know,
these are folks with high net wealth, and I'm just wondering,
are they clamoring to do more and more in private markets?
Do they want to see this open up more or
are they pretty comfortable or they're like, you know what,
we see the concerns. We're a little concerned too. All
of the above, okay, right, check check check check chack.
Speaker 3 (04:53):
No, genuinely all of the above. But still there should
be some level of openness to the exposure to it.
And I think that's the part you are saying from
this client base.
Speaker 1 (05:01):
Now, I always think about this and Tim and I
talk about it. Men and women are different, and I
always think about risk tolerance, but talk to us. You know,
you've got to report out the giving shift, global living,
local giving, how affluent women are defining wealth and philanthropially
philanthropy close to home. Touch us a little bit about
this report, and I am always curious how it differs
maybe perhaps what men from what men might do.
Speaker 3 (05:22):
Yeah, so I think it's between men, women and the generations,
which I think is great about the report. And so
we surveyed over a thousand affluent clients and really from
the standpoint of what matters to them most. And I
think there's three key factors that came out of this.
The first one being sixty percent of affluent women said
giving financially is extremely important or very important to them.
(05:45):
So if you think about that as a factor in itself.
So you just talked about the transfer of wealth going
to women, right, they're saying it's a top priority for
them to give financial wealth, which I think is a
very different factor between men and women. That's the first one.
Speaker 1 (05:59):
Does that mean?
Speaker 3 (06:00):
So what they're basically saying is as I create my wealth,
I want to make sure that I can give financially
to giving charity. Philanthropy is sixty percent of a priority
to me, so it's a very high number. So it
wasn't like I want more accumulation wealth. I want to
make sure that I have the ability to give financially
or give away my wealth in some shape form or fashion.
(06:22):
And so what you've seen from the big billionaires that
are out there historically it has been they want to
give a big check with a big name and put
their name on a building or you know, into the theater.
What's different here is what you're seeing in women and
their giving. It really is they want to give close
to home. They want to give to local charities or
local things that they can see immediate impact, less about
(06:43):
having their name on a building.
Speaker 2 (06:44):
How much about the giving is giving while living versus
promising assets or promising money.
Speaker 3 (06:50):
In that way, it's both right, so giving while living,
so as they're accumulating their wealth, they're focused on how
can I give while I'm living, But more importantly, how
do I make sure my wealth lives on? So their
passing on is just as important to them. Critically, Now,
giving while living tells you at different stages of where
they are, whether you're a gen Z versus a obviously
(07:11):
baby boomer, there's a big difference and where your psyche
is and what you're focused on. What's important about that, though,
is we also have to figure out the confidence of
women on their investing and their wealth, knowing that if
it's a priority for them to give philanthropically, they want
to make sure they're able to accumulate wealth. What we
did see in the report that was very dramatically different
(07:32):
is when you take a look at women and investing
in their confidence, because we do know that's a huge
factor in a lot of this. When it came to
Z's sixty one percent confidence, if you look at baby boomers,
they're closer than the forty percent. There's a very dramatic
difference between the generations of their confidence and wealth. And
then we did it based on race, and we saw
(07:53):
a dramatic difference there as well. African American women came
in at sixty nine percent feeling confidence at they would
be able to attain their wealth. Hispanic women were sixty percent.
White women were forty seven percent, which is very interesting.
So the attaining of wealth or the confidence that they
can attain their wealth looked very different for African American
(08:14):
and Hispanic women, but generationally gen Z's have the most
confidence in the standpoint that they feel good about their
wealth and what they can do and more.
Speaker 1 (08:23):
I love that people continue to do research and find
out more and more in understanding, especially because there's more
wealth coming into the hands of women. Rachael Odin, she
is head of International Wealth and Private Banking at HSBC.
Thank you so much. Thank you for also talking about
the news of the day.
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:08):
You're listening to Bloomberg BusinessWeek with Carol Masser and Tim
Stenovek on Bloomberg Radio. Well.
Speaker 1 (00:14):
Alternative asset managers have been snapping up insurers in recent years,
gaining access to a stable source of long term capital
to fuel their investments. Apollo we pioneered the model with
its insurance arm Athene Investing in financial products tim created
by its asset management division.
Speaker 2 (00:30):
Recently, though, the close ties between private equity and insurers
have drawn scrutiny, as the latter had traditionally put their
money in the most liquid parts of the market, such
as high grade bonds and stocks. The recent blow ups
of auto parts from First Brands Group and subprime auto
lender Tricolor Holdings have exacerbated fears about credit losses across
the financial industry.
Speaker 1 (00:50):
Yeah, this is a worry. It really fits into I
feel like the broader conversation we've been having about private
markets credit credit. It's a lot going on. So we
just wanted to throw that out because that's a story
that is certainly on the Bloomberg today and we want
to talk about it a little bit with our next
guest let's get to our weekly segment, Women, Money and Power.
We explore all the economic implications of how women are
poised to control more money than ever before us the
(01:11):
biggest beneficiaries of the great wealth transfer. So with more
on all of that, we welcome Raquel Odin. She is
head of International Wealth and Private Banking at HSBC, joining
us in studio, and we wanted to do that because
part of wealth and when we talk to wealth managers
private bankers, is that we know investors, clients, consumers of yours.
(01:34):
They're interested in, certainly the private markets and it's a
big part sometimes of their portfolios or they want it
to be a part of their portfolios. And we're going
to talk about your report on the giving shift in
just a moment, the credit concerns or private credit markets,
private market worries. What are you hearing from your clients
about that? What is the discussion you guys are all
having with your team.
Speaker 3 (01:54):
Yeah, so I think, as you said, this is one
it starts with diversification, right, So it's not the primary
part of the portfolio, but there's clearly a need and
there's an interest for a sleeve of your portfolio be
part of.
Speaker 1 (02:05):
This how much is like usually in a client's portfolio
that you work with. Then I know everybody does it
a little and what's the range typically?
Speaker 3 (02:12):
I think on this, you're you're talking like ten percent,
five percent of the portfolio. These are things you're going
to look at. And by the way, this is if
it makes sense for the client, if they have interest
in it. I think as you think about the private
private equity markets, you think about AI, you think about well,
the FED made cuts. These are all the interesting questions
we get from our clients today, specifically of how do
(02:33):
I respond to that and make sure that I'm still
focused on my long term goals with all of these
different aspects happening, as well as the regulation with all
of this too, what is this going to look like?
And how do we manage these private equity markets? That's
something that is certainly also being looked at.
Speaker 2 (02:48):
But in that ten percent slice, you know, it's not
ten percent private credit. It's there's some venture capital in there,
there's some private equity in there. I mean, some people
may ask for exposure to crypto in that alternative. So
I don't know, is that is that kind of how
you see it? Like a very small portion of it,
this typical portfolio would be private credit private credit.
Speaker 3 (03:07):
But at the same time, exposure to crypto is something
you have to decide if that's specific to you. I
can't say that's something that big banks are getting behind.
But again it comes down to the individual what they're
looking for and how do you balance the risks and
all this that we're talking about, and also making sure
this isn't becoming your primary way of attaining retirement is
(03:28):
key to that.
Speaker 1 (03:28):
Yeah, because it's just been interesting. You know, we are
trying and talking to smart voices like yourself and just
trying to get an idea of what people are hearing, thinking, saying.
Because we know that Jamie Diamond made the comment about
more cockroaches out there. We've been looking at there have
been some trouble, certainly in some of the subprime auto
lending area. And we had the Apollo CEO Mark Rowan
(03:51):
speaking as part of a presentation of the firm's retirement
services business, and he rejected the idea that private assets
introduced risk to retirement and insurance portfolios. He said, quote,
people have really just lost their minds, and the headlines
get more and more hysterical and have almost nothing to
do with the substance. Having said that, one last question
and then we want to get to your report.
Speaker 3 (04:10):
But keeping yourse oither is your risk tolerance? Right, so
it is a basic factor of how much risk are
you willing to take on? And I think to the
point of what you're hearing there is whether it's crypto.
And you've heard from other industry leaders like I said,
this should not be your retirement plan, right. This is
where you have the ability to take risk, but it's
not needed for your livelihood or everyday living.
Speaker 1 (04:32):
Well, So your client base, like I'm assuming you know,
these are folks with high net wealth, and I'm just wondering,
are they clamoring to do more and more in private markets?
Do they want to see this open up more or
are they pretty comfortable or they're like, you know what,
we see the concerns. We're a little concerned too. All
of the above, okay, right, check check check check chack.
Speaker 3 (04:53):
No, genuinely all of the above. But still there should
be some level of openness to the exposure to it.
And I think that's the part you are saying from
this client base.
Speaker 1 (05:01):
Now, I always think about this and Tim and I
talk about it. Men and women are different, and I
always think about risk tolerance, but talk to us. You know,
you've got to report out the giving shift, global living,
local giving, how affluent women are defining wealth and philanthropially
philanthropy close to home. Touch us a little bit about
this report, and I am always curious how it differs
maybe perhaps what men from what men might do.
Speaker 3 (05:22):
Yeah, so I think it's between men, women and the generations,
which I think is great about the report. And so
we surveyed over a thousand affluent clients and really from
the standpoint of what matters to them most. And I
think there's three key factors that came out of this.
The first one being sixty percent of affluent women said
giving financially is extremely important or very important to them.
(05:45):
So if you think about that as a factor in itself.
So you just talked about the transfer of wealth going
to women, right, they're saying it's a top priority for
them to give financial wealth, which I think is a
very different factor between men and women. That's the first one.
Speaker 1 (05:59):
Does that mean?
Speaker 3 (06:00):
So what they're basically saying is as I create my wealth,
I want to make sure that I can give financially
to giving charity. Philanthropy is sixty percent of a priority
to me, so it's a very high number. So it
wasn't like I want more accumulation wealth. I want to
make sure that I have the ability to give financially
or give away my wealth in some shape form or fashion.
(06:22):
And so what you've seen from the big billionaires that
are out there historically it has been they want to
give a big check with a big name and put
their name on a building or you know, into the theater.
What's different here is what you're seeing in women and
their giving. It really is they want to give close
to home. They want to give to local charities or
local things that they can see immediate impact, less about
(06:43):
having their name on a building.
Speaker 2 (06:44):
How much about the giving is giving while living versus
promising assets or promising money.
Speaker 3 (06:50):
In that way, it's both right, so giving while living,
so as they're accumulating their wealth, they're focused on how
can I give while I'm living, But more importantly, how
do I make sure my wealth lives on? So their
passing on is just as important to them. Critically, Now,
giving while living tells you at different stages of where
they are, whether you're a gen Z versus a obviously
(07:11):
baby boomer, there's a big difference and where your psyche
is and what you're focused on. What's important about that, though,
is we also have to figure out the confidence of
women on their investing and their wealth, knowing that if
it's a priority for them to give philanthropically, they want
to make sure they're able to accumulate wealth. What we
did see in the report that was very dramatically different
(07:32):
is when you take a look at women and investing
in their confidence, because we do know that's a huge
factor in a lot of this. When it came to
Z's sixty one percent confidence, if you look at baby boomers,
they're closer than the forty percent. There's a very dramatic
difference between the generations of their confidence and wealth. And
then we did it based on race, and we saw
(07:53):
a dramatic difference there as well. African American women came
in at sixty nine percent feeling confidence at they would
be able to attain their wealth. Hispanic women were sixty percent.
White women were forty seven percent, which is very interesting.
So the attaining of wealth or the confidence that they
can attain their wealth looked very different for African American
(08:14):
and Hispanic women, but generationally gen Z's have the most
confidence in the standpoint that they feel good about their
wealth and what they can do and more.
Speaker 1 (08:23):
I love that people continue to do research and find
out more and more in understanding, especially because there's more
wealth coming into the hands of women. Rachael Odin, she
is head of International Wealth and Private Banking at HSBC.
Thank you so much. Thank you for also talking about
the news of the day.
Hosts And Creators
Tim Stenovec
Carol Massar
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