Photo by Pixabay from Pexels

Trust industry to remain stable amidst market headwinds

The report found that regulatory developments are increasing confidence.

Hong Kong's trust industry is poised for growth as Asia's growing private wealth sector and industry credibility are underpinning a positive outlook for the market, according to a Hong Kong Trustees' Association and KPMG survey.

The report found that regulatory developments are increasing confidence and enhancing investor protection with 64% of respondents saying the regulatory regime is conducive to business, compared with 51% in 2021.

However, new regulations are also proving to be challenging to implement. Almost two-thirds (64%) reported that compliance costs had increased by 5% to 15% over the past 12 months.

Moreover, attracting talent was also seen as a significant industry headwind, with legal and compliance roles and trust administration as the two most critical functions.

Further, 24% identified Chinese Mainland and Greater Bay Area connectivity initiatives, such as Wealth Management Connect as the most significant growth engines over the next few years.

Additionally, 18% selected the Capital Investment Entrant Scheme, and similar initiatives focused on family offices and philanthropy.
 

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Hong Kong CEOs wary of extinction risk decline: survey
Meanwhile, 38% expect revenue growth within the next 12 months, matching the global average.
HR & Education
Sunac China expects loss of up to $27.9b
The company said it is mainly due to the significant reduction in recognised revenue.