Total assets under management in Hong Kong grew by 13% in 2024, totalling HK$35trn (£3.4trn) by year end, according to the latest Asset and Wealth Management Activities Survey released by the Securities and Futures Commission.
The private banking and private wealth management sector’s performance was a key contributor to growth, with AUM increasing by 15% and net fund inflows totalling HK$384bn (£36.8bn), driven by demand from high-net-worth individuals.
The number of banks engaged in private banking or private wealth management business has steadily increased in recent years, reaching 46 in 2024, while over the past two years, several major private banks have grown their workforce by almost 400 employees, an increase of almost 12%.
Eddie Yue, chief executive of the Hong Kong Monetary Authority, said he is “optimistic” about the prospects of Hong Kong’s asset and wealth management market, based on market information and conversations in the industry.
“The Mainland’s economic growth and wealth accumulation, along with enhancements and expansions to various Connect Schemes, will further broaden the client base for Hong Kong’s wealth management industry,” he said.
Noting that Asia received US$91.5bn in net inflows from investment funds, with approximately US$44.3bn directed towards the China market between April and July this year, according to EPFR data, Yue added:
“Uncertainties are prompting international investors to adopt more proactive diversification strategies to better manage risks. Notably, China-related and renminbi assets are gaining an increasing share of their asset allocation.”
