Fund-management companies based in Hong Kong controlled assets totalling HK$3,501.4 billion as of the end of last year, a Securities and Futures Commission survey has shown. The survey, the first of its kind, provides the most comprehensive picture yet of Hong Kong's role as an international fund-management hub. Only 21.8 per cent of the assets were managed in Hong Kong, the survey showed, the rest being sub-contracted to overseas companies. The survey covered all 142 fund management companies registered with the SFC plus eight 'exempted dealers'. Institutional funds dominate the market, with funds of HK$2,231 billion, or 64 per cent of total fund assets, managed by 89 SAR fund-management companies. Pension funds ranked second, representing 15 per cent of all fund assets managed by Hong Kong fund-management firms. Retail public funds ranked third, with a 13 per cent market share. Private client funds accounted for 1 per cent, with other types of funds accounting for 7 per cent. Of the HK$2,231 billion of institutional funds under management, only HK$287.9 billion, or 12.9 per cent, was managed locally. In contrast, 90.6 per cent of the HK$42 billion worth of private-client funds were managed in Hong Kong. Non-pooled funds accounted for 76.7 per cent, or HK$401 billion, of pension funds managed locally, and 85 per cent, or HK$1,897.3 billion, of institutional funds managed in Hong Kong.