Wealth management assets in Hong Kong reach $1trn
The total wealth management business in Hong Kong amounted to over $1trn last year, according to new figures by the special administrative region’s regulator.
The largest source of funding for the industry continued to come from overseas investors. Of the total value of the asset and wealth management industry in Hong Kong, 66% of funding came from overseas investors, the SFC found.
“The survey findings illustrate the sustained growth of Hong Kong’s asset and wealth management industry. This is fully in line with our determination to further develop Hong Kong as a full-service global asset management centre and a preferred place of fund domicile,” said Ashley Alder, the SFC’s head.
The number of firms domiciled in its jurisdiction also increased. At the end of 2016, exactly 705 firms were domiciled in Hong Kong and authorised to operate by the SFC. In 2017, the regulator added another 50 firms to its books, increasing on 2017 by 7% to 755 firms.
The asset management and fund advisory business conducted by licensed corporations and registered institutions grew by 23% to $2.2trn.
More than 50% of the asset management business was managed in Hong Kong over the past five years, the SFC reported.
This year’s report surveyed 572 firms in total, including 508 asset managers and fund advisory corporations, as well as 20 insurance companies.