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Published: 14:11, July 21, 2022 | Updated: 18:47, July 24, 2022
SFC: HK 2021 asset and wealth management business grew 2%
By Liu Yifan
Published:14:11, July 21, 2022 Updated:18:47, July 24, 2022 By Liu Yifan

Photo taken on July 8, 2021 shows a view of Tamar Park in south China's Hong Kong. (WU XIAOCHU / XINHUA)

Asset management and fund advisory businesses in Hong Kong recorded an 8 percent increase last year in AUM to about HK$25.9 trillion from a year earlier

Hong Kong’s asset and wealth management business continued to grow last year despite a complicated external environment, according to a survey released by the Securities and Futures Commission on Wednesday.

Assets under management of Hong Kong’s asset and wealth management business increased 2 percent year-on-year to around HK$35.5 trillion ($4.52 trillion) in 2021, data from the survey showed.

Net fund inflows topped HK$2.15 trillion last year, up 6 percent from 2020.

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Asset management and fund advisory businesses in Hong Kong recorded an 8 percent increase last year in AUM to about HK$25.9 trillion from a year earlier. Meanwhile, assets held under trusts rose 5 percent year-on-year to approximately HK$4.7 trillion as of the end of 2021.

“The survey findings underscore the core strengths of Hong Kong’s asset and wealth management industry in the fast-changing, challenging environment,” said Christina Choi, the SFC’s executive director of investment products.

The AUM of private banking and private wealth management business nevertheless decreased by 6 percent year-on-year to about HK$10.6 trillion as of the end of 2021, mainly due to changes in the values of underlying investments held by clients.

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Non-Hong Kong investors remained a major source of funding for the asset and wealth management business, as their assets amounted to HK$22.4 trillion last year, representing 65 percent of the total AUM. The number of employees engaged in asset and wealth management business rose to 54,003, up 12 percent from 2020.

Looking ahead, Choi said the SFC will continue to support the development of Hong Kong as a premier global asset and wealth management center and preferred fund domicile.


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