The Hong Kong Investment Funds Association announced yesterday that over 70 per cent of fund management companies are overweight on equities whereas only 20 per cent are overweight on bonds.
Retail fund sales rose to a record last year, with fund managers saying the strong performance would continue in 2013 because of the low interest rate environment.
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The Hong Kong government is working with the mainland securities regulator to seek mutual recognition of fund products sold in both markets to boost the local asset management industry.
Hong Kong and Asia fund managers can celebrate as the US Treasury and Internal Revenue Service last week agreed to postpone a new US tax law from January next year to January 2014.
Any assessment of how well MPF funds have performed this year comes with a couple of caveats. Recent advances may compensate only in part for the declines of previous years.
Carlson Tong Ka-shing, KPMG's former chairman for China and the Asia-Pacific, is set to be appointed the next chairman of the Securities and Futures Commission.
With bank deposit rates near zero, total sales of investment funds in Hong Kong are on course to hit a record high this year as investors rush to buy higher-yielding fixed-income products.
The sale of funds in Hong Kong continued to rise last year, despite volatile equity markets and a depressed investment climate.
The mutual fund sector has been hard hit by the market turmoil of the third and fourth quarters this year, and this shows in the performance of the fund industry in Hong Kong.
Stock markets have been volatile globally and the fund industry, especially those connected to the Mandatory Provident Fund in Hong Kong, has suffered badly as a result.