Hong Kong SFC Asset & Wealth Management Report 2021: $4.55 trillion AUM, Private Banking & Private Wealth AUM $1.35 trillion, 54,003 Headcount

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Hong Kong SFC Asset & Wealth Management Report 2021: $4.55 trillion AUM, Private Banking & Private Wealth AUM $1.35 trillion, 54,003 Headcount

23rd July 2022 | Hong Kong

The Hong Kong Securities & Futures Commission (SFC) has released the Hong Kong Asset & Wealth Management Report 2021 titled “Asset & Wealth Management Activities Survey 2021”, providing on overview on Asset Management, Wealth Management, Private Banking, Trust, and Hong Kong as an Offshore Renminbi Centre in 2021.  Key findings include total Asset & Wealth Management AUM in 2021 at $4.55 trillion (+2% YOY), Private Banking & Private Wealth AUM at $1.35 trillion (-6% YOY), Asset Mgmt & Fund Advisory AUM at $3.32 trillion (+8% YOY) and a total headcount of 54,003 in 2021 with 62% of headcount in Sales & Marketing roles.  65% of assets are from non-Hong Kong investors while 35% are from Hong Kong investors.  For Asset Management & Fund Advisory business, the largest client segment (45%) are Corporations / financial institutions / funds and the 2nd largest (12%) are Governments / sovereign wealth / central banks.  For Private Banking & Private Wealth Management business, the largest client segment (45%) are Corporations / financial institutions / funds, the 2nd largest are individuals (25%) and the 3rd largest are family offices & private trust (17%).  More info below including profile of investors and investors asset allocation. View Full Report: HK SFC

“ $4.55 trillion AUM, Private Banking & Private Wealth AUM $1.35 trillion, 54,003 Headcount “

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Hong Kong SFC Asset & Wealth Management Report 2021

2021 Key Findings:

• Asset & Wealth Mgmt AUM: $4.55 trillion (HKD 35.5 trillion), +2% (YOY)
• Private Banking & Private Wealth AUM: $1.35 trillion (HKD 10.5 trillion), -6%*
• Asset Mgmt & Fund Advisory AUM: $3.32 trillion (HKD 25.8 trillion), +8% (YOY)
• Assets held under Trust: $605 billion (HKD 4.71 trillion)
• Asset & Wealth Mgmt Net inflow: $277 billion (HKD 2.15 trillion)
• Assets from non-Hong Kong investors: 65%
• Assets from Hong Kong investors: 35%
• Headcount in Asset & Wealth Mgmt: 54,003, +12% (YOY)
• HK Domiciled SFC Authorised Funds: 865, +7% (YOY)
• HK Domiciled SFC Authorised Funds AUM: $192 billion (HKD 1.49 trillion), +5% (YOY)
• Licensed Corporations Type 9 Regulated Activity (Asset Mgmt): 1,979, +5% (YOY)
• Mainland-related licensed corporations & registered institutions: 407, +3% (YOY)
• Registered open-ended fund companies: +500% (YOY)
• Asset & Wealth Management Business Staff Profile: 62% (Sales & Marketing function)

*(YOY, Mainly due to decrease in investment value)

1) Private Banking & Private Wealth Management

Overview:

• Private Banking & Private Wealth AUM: $1.35 trillion (HKD 10.5 trillion), -6%*
• Decrease was mainly due to changes in the values of listed equities and bonds held by clients
• Net fund inflows amounted to $638 billion in 2021 (2020: $656 billion)
• 50 licensed corporations and 42 registered institutions reported that they had conducted private banking or private wealth management business during the survey period.
• Total number of staff engaged in the private banking and private wealth management business increased by 4% to 8,406, of which 2,909 were Private Wealth Management Relevant Practitioners
• 52% of the total AUM by the private banking and private wealth management business were sourced from non-Hong Kong investors, most of which were from the Asia-Pacific region.

A) Private Banking & Private Wealth Management – by Investor Base

• Hong Kong: 48%
• Mainland China: 16%
• Rest of Asia-Pacific: 15%
• Europe: 5%
• North America: 5%
• Others: 11%

B) Private Banking and Private Wealth Management Business  – by Client Type

• Corporations / financial institutions / funds: 45%
• Individuals: 27%
• Family offices & private trust: 17%
• Institutional & corporate / others: 6%
• Charities: 1%

C) Private Banking and Private Wealth Management – by Asset and Product Type

• Listed equities: 47%
• Bonds: 6%
• Public funds: 8%
• Private funds:13%
• Managed accounts: 3%
• Cash & deposits: 15%
• Others: 8%

2) Asset & Wealth Mgmt

A) HK Asset & Wealth Mgmt by Investor Base:

• Hong Kong: 35%
• Mainland China: 9%
• Rest of Asia-Pacific: 13%
• Europe: 10%
• North America: 23%
• Others: 10%

B) Asset & Wealth Management Business Staff Profile – by Job Function:

• Sales & Marketing: 62%
• Supporting units: 9%
• Asset management: 8%
• Fund administration: 6%
• Risk management / legal & compliance: 5%
• Research / analysis: 4%
• Dealing / trading: 3%
• Corporate planning and business management: 3%

3) Asset Management and Fund Advisory

A) Asset Management and Fund Advisory – by Market Player 

• Asset Mgmt & Fund Advisory AUM: $3.32 trillion (HKD 25.8 trillion), +8% (YOY)
• Asset Mgmt (LCs): 79% (HKD 20.6 trillion)
• Fund Advisory (LCs): 9% (HKD 2.21 trillion)
• Asset Mgmt (RIs): 6% (HKD 1.53 trillion)
• Asset Mgmt (Insurance Companies): 5% (HKD 1.3 trillion)
• REITs (LCs): 1% (HKD 232 billion)

LCs ~ Licensed Corporations, RIs ~ Registered Institution

B) Asset Management & Fund Advisory – by Client Type 

• Professional Investors: 69%
• Non-Professional Investors: 31%

C) Asset Management & Fund Advisory Business – by Client Type 

• Corporations / financial institutions / funds: 45%
• Governments / sovereign wealth / central banks: 12%
• Institutional & corporate / others: 6%
• Individuals: 3%
  Family offices & private trust: 2%
• Charities: 1%

D) Asset Management and Fund Advisory Business – by Product Type

• Public funds: 37%
• Managed account: 31%
• Private funds: 17% (Hedge Funds 6%, PE & VC: 5%)
• Pension fund (includes HK MPF, ORSO): 7%
• Others: 8%

E) Asset Management Business – by Location of Management 

• Managed in Hong Kong without further delegation: 56% of AUM
• Managed with delegation / outside Hong Kong: 44% of AUM*

*Sub-contracted or delegated to other offices or third parties overseas for management 

F) Assets Managed in Hong Kong – by Geographical Investments, (2021: HKD 13 trillion)

• APAC: 63%
• Hong Kong: 23%
• Mainland China: 21%
• North America: 16%
• Europe: 13%
• Rest of Asia-Pacific: 15%
• Japan: 4%
• Others: 8%

G) Assets Managed in Hong Kong –  by Asset Class 

• Equities: 49%
• Bonds: 29%
• Collective investment schemes: 10%
• Cash and money markets: 8%
• Others: 4%

4) Recent Developments & Market Outlook

• Greater Bay Area Wealth Management Connect 
• ETF Connect 
• ETFs and leveraged and inverse products 
• Mutual recognition of funds 
• Grant scheme for OFCs (open-ended fund companies) and REITs 
• Open-ended fund companies 
• Tax concessions for single family offices 
• Investment-linked assurance schemes 
• Depositaries of SFC-authorised funds 
• Pooled retirement funds 
• Asset managers 
• ESG funds 
• Surveillance and monitoring 
• New unauthorised CIS alert list 

The Hong Kong Securities & Futures Commission (SFC) has released the Hong Kong Asset & Wealth Management Report 2021 titled “Asset & Wealth Management Activities Survey 2021”, providing on overview on Asset Management, Wealth Management, Private Banking, Trust, and Hong Kong as an Offshore Renminbi Centre in 2021. View Full Report: HK SFC

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