The Financial Secretary, Paul Chan, said the Security and Futures Commission (SFC) will release its report on last year's Asset and Wealth Management Activities Survey this month. He said Hong Kong's asset and wealth management business showed strong resilience amid multiple pressures last year, with the size of assets under management in Hong Kong standing firmly at over HK$31 trillion, a modest growth of about 2.1 percent, with about two-thirds of the assets coming from investors outside Hong Kong, which is similar to that in the past.
The size of private equity funds under management also grew steadily last year to more than HK$1,700 billion, and Hong Kong continues to be the second largest private equity fund management center in Asia, behind the huge Mainland market, he said.
Chan said on his blog that the net capital inflow recorded last year was more than 3.4 times that of 2022, at nearly HK$390 billion, thanks to the strong performance of private banking and private wealth management businesses. Net capital inflow into Hong Kong-domiciled funds also continued to grow, with a net inflow of over HK$87 billion last year, representing a significant year-on-year increase of more than 90 percent. He pointed out that the relevant figures have fully illustrated that some previous worries about capital outflow from Hong Kong are unwarranted.
Chan added that with the successive introduction of measures by the Central Government to support and benefit Hong Kong, the deepening and enrichment of the development of the Guangdong-Hong Kong-Macao Greater Bay Area, as well as Hong Kong's own efforts, the government is confident that Hong Kong's wealth and asset management business will be in a leading position in the world.
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