Assets under management hit $34.9tn in HK

The asset and wealth management business in Hong Kong recorded a 21 percent year-on-year increase in assets under management to HK$$34.93 trillion as of the end of 2020, according to the Securities and Futures Commission.

The financial hub saw net fund inflows of over HK$2 trillion for the asset and wealth management business during 2020, a 33 percent year-on-year increase in AUM, it said.

The AUM of the asset management and fund advisory business conducted by licensed corporations and registered institutions increased 20 percent to HK$24.03 trillion and the AUM of the private banking and private wealth management business grew 25 percent to HK$11.31 trillion.

Non-local investors remained a major source of funding for the asset and wealth management business, accounting for 64 percent of AUM.

The total number of staff in the asset and wealth management business increased 6 percent to 48,006.