Low-risk products in initial stage of Wealth ConnectBusiness | 8 Jun 2021 12:46 pm
The first batch of southbound Wealth Management Connect will include simple and low-risk financial products, an advisory firm said.
Grant Thornton Hong Kong, advisory senior manager Angie Yim, said the Wealth Connect will allow mainland investors in the Greater Bay Area to invest directly in Hong Kong.
“Given the Wealth Management Connect would be launched anytime once the pandemic is stabilized, it is imperative for asset and wealth management industry to get themselves prepared to embrace the new opportunities, including developing suitable products, beefing up professional talents and setting up a robust internal control environment with defined policies and procedures,” advisory director Mian Wong said.
Deputy managing partner, Eugene Ha, projects that the growing number of external asset managers and family offices will benefit the industry by attracting ultra-high net worth individuals from mainland China to set up family offices in Hong Kong.
But smaller external asset managers are not expected to generate profitable business by themselves, while bigger players may expand and transform themselves, Ha said.