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Hong Kong Government Committed To Maintenance Of Cutting Edge Asset Management Industry

by Mary Swire, Tax-News.com, Hong Kong

13 December 2004


Secretary for Financial Services and the Treasury, Mr Frederick Ma, has stated that the government will spare no effort in maintaining Hong Kong’s competitiveness as an asset management centre.

Speaking at the opening session of the ‘Forum on Hong Kong as an International Asset Management Centre: Challenges and Opportunities’ last week, Mr Ma was keen to point out that Hong Kong was one of the most prominent asset management centres in Asia, with a significant presence of international fund houses.

"The Chief Executive in his Policy Address this year emphasised that Hong Kong was well placed to further develop as a world-class asset management centre,” Mr Ma told the 300 delegates who attended the forum.

“This forum provides a good opportunity for us to pool our wisdom on how we could further sharpen our edge and capture the opportunities ahead," he added.

According to a recent survey conducted by the Securities and Futures Commission, total assets under management by the fund industry in Hong Kong in 2003 amount to $2,947 billion, of which $1,860 billion or 63% originates from overseas investors.

However, speakers said that the territory must capitalise on its strengths, particularly given its strategic position as the gateway to China, and continue to invest in its human capital

"The world before us promises both challenges and opportunities,” observed Roger Luk, fellow speaker and chairman of the Advisory Committee on Human Resources Development in the Financial Services Sector (FinMan Committee).

“We must invest in our human resources to keep our financial service workforce dynamic, resilient and competent. I am confident that with our concerted efforts, Hong Kong will continue to grow and flourish in its development as a leading international asset management centre," he added.

A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, 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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