The assets under management (AuM) of the asset and wealth management business in Hong Kong amounted HK$23.95 trillion ($3.06trn) as of December 31, 2018, according to a report released by the Securities and Futures Commission (SFC).
The report revealed that the adjusted AuM in Hong Kong's asset and wealth management sector was HK$23.04 trillion as of 31 December 2018.
The SFC evaluated 854 firms including 747 licensed corporations (LCs), 45 registered institutions (RIs), 35 insurance firms as well as 27 trustees.
The latest survey shows the underlying strengths of the asset and wealth management industry in a challenging global market environment in 2018"
"The latest survey shows the underlying strengths of the asset and wealth management industry in a challenging global market environment in 2018. We will continue to pursue initiatives to further develop Hong Kong as a premier global asset and wealth management centre," says Ashley Alder, the SFC's chief executive officer.
The employee headcount in the asset and wealth management business was 42,821, with a growing number of employees outside of sales and marketing operations.
In the private banking and private wealth management business, AUM dropped 2% to HK$7.62trn on a year-on-year basis.
Assets held under trusts amounted to HK$4.33trn.