Asset and wealth management business grows 21% to US$4.5t
The growth was attributed to the strong net fund inflows in 2020.
The asset and wealth management business in Hong Kong saw a 21% year-on-year (YoY) increase in assets under management (AUM) to $34.93t, or approximately US$34.5t, in 2020.
In a survey, published by the Securities and Futures Commission, it was found that the AUM of asset management and fund advisory business climbed 20% to $24t; whilst the AUM of private banking and private wealth management business grew 25% to $11.31t.
“Hong Kong experienced strong growth in asset management, fund advisory, private banking, and private wealth management business which was supported by strong net fund inflows in 2020,” SFC’s Executive Director of Investment Products Christina Choi said.
“Strengthening Hong Kong’s competitiveness as a leading asset and wealth management centre will remain one of the SFC’s top priorities in the coming year.”
Net fund inflows for asset and wealth management business in 2020 amounted to $2.03t (US$262b), accounting for 33% of the YoY increase in AUM.
Moreover, assets held under trusts increased 17% to $4.48t (US$578b).
Non-Hong Kong investors remained a major source of funding for the asset and wealth management business, accounting for 64% of AUM.
The total number of staff in the asset and wealth management business increased 6% to 48,006.
