No fears of ‘exodus’ as Hong Kong handles HK$31 trillion in assets in 2023: Paul Chan
- Finance chief cites Securities and Futures Commission report, saying geopolitical tensions won’t affect private wealth management sector
Hong Kong managed more than HK$31 trillion (US$4 trillion) worth of assets in 2023, a 2.1 per cent year-on-year growth, helping to secure its reputation as Asia’s second-largest private equity management centre after mainland China.
Citing a Securities and Futures Commission (SFC) report to be published later this month, Chan maintained Hong Kong’s asset and wealth management business remained resilient in 2023.
Total assets handled in the asset and wealth management sector stood above HK$31 trillion last year, or a modest growth of 2.1 per cent, according to Chan.
Investors outside the city remained a major source of funding for the business, accounting for about two-thirds of the assets under management, “more or less the same as in the past”, he added.
Hong Kong was also the second-largest private equity centre in Asia after the mainland, in terms of capital under management by private equity funds and excluding real estate funds.