Hong Kong on track to exceed target of 200 family offices by year-end, says Hui

Speaking at a launch ceremony, Hui outlined three core pillars of the city’s strategy to develop its asset and wealth management industry, including scaling up asset management, enhancing integration with mainland China and the Greater Bay Area, and boosting competitiveness through policy and project innovation.

Hui noted that Hong Kong has already made progress in cross-border financial services, citing the development of remote account opening and the cross-boundary Wealth Management Connect scheme.

Hong Kong’s private equity capital under management surged to over US$237.4 billion (HK$1.85 trillion) as of June, ranking second in Asia after mainland China, he said. Meanwhile, the total assets under management in the city’s asset and wealth management sector exceeded HK$35 trillion at the end of 2024, up 13 percent from a year earlier. Net fund inflows jumped 81 percent year-on-year.

STAFF REPORTER