HSBC Private Bank is closing its stockbroking business in the UK, and asking clients to leave by 1 October, according to an unconfirmed report on Citywire.

The report says that the organisation is shedding advisory clients with less that £1 million and discretionary clients with assets of less than £300,000 with the bank. Analysts suggest that the move is designed so that the private bank can focus on clients higher up the wealth scale.

In a letter to investors obtained by the newswire, the global private bank said: “Following a detailed review of our business and strategy, we have decided that we will no longer offer a stockbroking service within the private bank.

“I know that you have been a client of ours for a number of years, and I can assure you we have not taken this decision lightly. In the long run, however, I believe this move will be in the best interests of both you and the bank.”

HSBC has suggested to clients that they move their business to either Williams de Broe, Rensburg Sheppards, Rathbone Investment Management, Killik & Co or Brewin Dolphin.

The letter to investors offers them a “reasonable” time to transfer securities out of its stockbroking service but that if it has not received instructions by 1 October assets will be returned in certified form.