Hong Kong’s wealth assets breach 3 trillion dollars mark
Pasbanan- Kabul:
Total assets held by Hong Kong’s private banking and private wealth management businesses reached $1 trillion as at 31 December 2017. The study revealed 66% of funding for the sector coming from overseas investors.
The asset management and fund advisory operations carried out by licensed corporations and registered institutions were found to surge 23% to $2.2 trillion.
The number of Hong Kong-domiciled SFC-authorised funds stood at 755 as of 31 December 2017, up 7% from 2016. The net asset value of these funds soared 30% year-on-year to $159bn.
Over 50% of the asset management business was managed in Hong Kong in the past five years, the study unveiled.
SFC CEO Ashley Alder said: “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 center and a preferred place of fund domicile.”
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