Hong Kong ranks number one in Asia by assets under management, which now stand at more than US$4 trillion, a 30% jump over the last five years in spite of having to steer through the challenges of Covid-19, according to Joseph Chan, the city’s under secretary for financial services and the treasury.
.jpeg)
He also pointed out that Hong Kong is number two globally in terms of cross-border wealth management.
Chan cited the figures underscoring Hong Kong’s strengths as a financial centre and asset management hub in a keynote speech last week at the ‘30 Years of Shaping Asset Management in HKSAR and Asia - The Way Forward’ event.
The event on April 11 was organised by Asia Asset Management to mark the publication’s 30th anniversary.
Chan, who congratulated AAM on the milestone, pointed to Hong Kong’s unique positioning in its ability to benefit from China’s ‘one country, two systems’ policy. He highlighted maintenance of a stable financial system and providing preferential access to the Mainland through programmes such as the stock, bond, and exchange-traded funds connect schemes.
On government initiatives to support further growth, he indicated future schemes such as open-ended fund companies and limited partnership funds for private equity, and review of tax concessions for funds and single family offices.
Chan emphasised Hong Kong’s commitment to ongoing development through initiatives designed to attract more family offices, expand cross-border wealth management capabilities, positioning the city as a bridge between East and West, and continuing to innovate and improve financial infrastructure.
He said the government will continue with efforts to improve the competitiveness of the asset management sector through tax concessions and regulatory changes.