In our PWMA Leadership Breakfast, our Chairman Amy Lo hosted a Fireside Chat with Laurence Li from the Financial Services Development Council and Winston Chan from the Financial Services and the Treasury Bureau. It was a full house of senior practitioners from the industry with lots of interaction from attendees which made for a lively and animated session. Among the many topics discussed, highlights included Hong Kong’s full suite of capabilities and distinct advantages which are difficult to replicate, key government initiatives around generating liquidity and connecting capital pools to support the wealth management industry such as Wealth Management Connect, REITConnect, Enhancing Market Issuance, and Hong Kong as a bridge, intermediary and super connector.

There were also some positive metrics shared around Hong Kong attracting more Family Offices and how Hong Kong’s bank deposits last year stood at some HK$16.2 trillion, more than 5% higher than the figure in 2022. In terms of the number of SFC-licensed firms, it grew by more than 4% to about 3 250 over the past three years. In particular, firms holding Type 4 (advisory) and Type 9 (asset management) licences both jumped more than 13%. An impressive 45% year-on-year growth was recorded for Hong Kong-domiciled funds which amounted to US$11.5 billion for the year ended March 2024.

As an industry organization in private wealth management, we were proud to facilitate this open discussion and exchange of views between industry players and policymakers. We have published a Hong Kong pitchbook which cover key trends, industry landscape and growth opportunities of the current private wealth management sector in Hong Kong. Read on: https://lnkd.in/gnRHhA2S