Hong Kong Association of Banks Report Projects Mainland Chinese Share of Assets Under Management to Reach 68 Per Cent
A report published on Friday by Deloitte China and the Hong Kong Association of Banks (HKAB) indicates that mainland Chinese investors are poised to drive a wealth surge in Hong Kong, despite the introduction of new tax regulations. It is anticipated that the proportion of local assets under management from mainland China will increase from 59 percent to 68 percent in the next five years. HKAB emphasized that Hong Kong will remain a crucial link between mainland China and global capital. David Wu, the leader of Deloitte China's financial services sector in Hong Kong, noted that surveyed banks view wealth management as the primary catalyst for growth, with those offering integrated services in portfolio management and digital asset custody likely to benefit the most.
Key facts
- The report was released on Friday by the Hong Kong Association of Banks (HKAB) and Deloitte China.
- Mainland China's share of local assets under management was projected to reach 68 per cent from 59 per cent within five years.
- HKAB said Hong Kong will continue to serve as a vital platform linking mainland China with international capital.
- Surveyed banks considered wealth management to be the biggest growth driver.
- David Wu is Hong Kong financial services industry leader at Deloitte China.
- Banks integrating portfolio construction, family governance, succession planning and digital asset custody would be best positioned to capitalise on the growth.
- Mainland Chinese investors are expected to drive the Hong Kong wealth boom despite new tax rules.
- The report was covered by the South China Morning Post.
Entities
Artists
- David Wu
Institutions
- Hong Kong Association of Banks
- HKAB
- Deloitte China
- South China Morning Post
Locations
- Hong Kong
- Mainland China
- China