Chinese wealth to make up 49pc of HK private assets, survey predictsBusiness | 12 Sep 2018 3:06 pm
China is the main driver of growth in the private wealth management industry, and that up to 49 percent of Hong Kong’s assets under management could come from mainland China by 2023, a survey by wealth managers has found.
The Hong Kong Private Wealth Management Report says this is the view of more than 80 perent respondents.
The report was jointly published today by Private Wealth Management Association and KPMG China.
Family offices and the next generation of clients are ranked as the second and third most important growth drivers for Hong Kong’s private wealth management industry.
More than 40 percent of respondents cited family offices as an increasingly important source of business, while attracting the next generation is identified as another growth area in the midst of generational shift and digital transformation.
Paul McSheaffrey, head of banking and capital markets, Hong Kong at KPMG China, said, the report shows that respondents expect the industry’s assets under management to double over the next 5 years.
The Hong Kong Private Wealth Management Report is largely based on an online survey – in which 37 of the 45 member organisations of the PWMA responded – as well as 29 interviews with industry executives, family offices, other industry associations, regulators across Hong Kong and KPMG professionals from other global wealth management hubs, the survey compilers said.