SFC - Securities and Futures Commission

07/22/2021 | Press release | Distributed by Public on 07/22/2021 02:40

Hong Kong’s asset and wealth management business maintained strong growth in 2020

Hong Kong's asset and wealth management business maintained strong growth in 2020

22 Jul 2021



A survey published today by the Securities and Futures Commission (SFC) found that the asset and wealth management business (Note 1) in Hong Kong recorded a 21% year-on-year increase in assets under management (AUM) to $34,931 billion (US$4,505 billion) (Note 2) as at the end of 2020. The AUM of the asset management and fund advisory business conducted by licensed corporations and registered institutions increased 20% to $24,038 billion and the AUM of the private banking and private wealth management business grew 25% to $11,316 billion.

'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,' said Ms Christina Choi, the SFC's Executive Director of Investment Products. '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.'

Other highlights of the survey (Note 3) include:

  • Net fund inflows of $2,035 billion (US$262 billion) were recorded for the asset and wealth management business during 2020, accounting for 33% of the year-on-year increase in AUM.
  • Assets held under trusts increased 17% to $4,480 billion (US$578 billion).
  • 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.

End

Notes:

  1. Asset and wealth management business comprises asset management, fund advisory, private banking and private wealth management, SFC-authorised real estate investment trusts and assets held under trusts. Highlights of the survey are included in the Appendix.
  2. Unless stated otherwise, values given are in Hong Kong dollars and all comparisons are made on a year-on-year basis (ie, 2019 versus 2020). Amounts shown in US dollars were converted at the prevailing exchange rate.
  3. This year, 942 firms took part in the SFC's annual Asset and Wealth Management Activities Survey, including SFC-licensed corporations engaging in asset management and fund advisory business, banks engaging in asset management, private banking and private wealth management business, non-SFC licensed insurance companies registered under the Insurance Ordinance and trustees.



Page last updated 22 Jul 2021