Hong Kong Fund Management Sees Record Growth
Hong Kong's total fund-management business hit HKD9.63tn last year, a record
year-on-year rise of 56.5%, the Securities and Futures Commission says.
In its annual Fund Management Activities Survey published on Thursday, the commission
said the record growth reaffirmed Hong Kong's draw as a hub in the region's
fund-management industry. Overseas investors contributed HKD6.547tn, or 68.4%, to assets under management,
exclusive of real estate investment trusts. Asset management, historically the
largest segment in the combined fund-management business, expanded 57.5% to
HKD6.51tn. Assets managed in Hong Kong logged a new high of HKD4.07tn or 62.5% of HKD6.51tn
in the asset-management segment. The commission said Hong Kong was favoured as a hub for managing investments
in the Mainland and other Asian markets with 82.1% of the assets managed locally
invested in the region. Rapid accumulation of wealth in Asia boosted the fund advisory and private
banking business, which expanded 102.9% and 36.7% respectively between 2006
and 2007. Bolstering the industry were financial markets' strong performance, more diversified
sources of fund inflow and a wider selection of products, the survey said. The commission's Deputy Chief Executive Officer Alexa Lam said the impressive
growth reflects both industry participants' commitment to broaden their expertise
and range of asset-management services. The commission will devote more effort to develop Hong Kong as "the platform
of choice" for Mainland asset managers to implement the QDII scheme. "We welcome Mainland fund managers becoming a part of our asset-management
industry, they will bring new opportunities and growth," Mrs Lam said. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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