News
SFC Survey - Asset and Wealth Management Activities Survey 2022
07 Aug 2023To: Members of the Hong Kong Trustees' Association
The HKTA has been providing support to the SFC for the annual AWMA survey as the trust sector is an important stakeholder in the financial services industry. Thank you for the participation of your organisation in completing the survey. For the 2022 report, we have received the following message from Ms. Christina Choi, Executive Director, Investment Products of the SFC.
Asset and Wealth Management Activities Survey 2022
I would like to thank you for your support in the past year. A copy of the Asset and Wealth Management Activities Survey (AWMAS) for the year ended 2022can be found on the SFC’s website at: https://www.sfc.hk/-/media/EN/files/COM/Reports-and-surveys/AWMAS-2022_E.pdf.
The survey recorded assets under management (AUM) of $30,541 billion (US$3,912 billion) and net fund inflows of $88 billion (US$11 billion) in 2022.
These findings reflect the challenges faced by the global asset and wealth management industry. The AUM decline of 14% year-on-year was similar to the 15% drop for the AUM of worldwide regulated funds and slightly outran major market indices, while many other major fund markets saw net fund outflows.
Hong Kong has shown signs of turning a corner since late 2022. The AUM of Hong Kong-domiciled funds rebounded 15% from the third quarter of 2022 to $1,335 billion (US$171 billion) as at end-June 2023. Net fund inflows of $69 billion (US$8.9 billion) were recorded during the fourth quarter of 2022 and the first half of 2023, representing over 300% increase from the net fund inflows of $17 billion (US$2.2 billion) for the first three quarters of 2022.
Overall, the AUM of Hong Kong’s asset and wealth management business recorded long-term healthy growth of 143% over the last 10 years.
Other highlights of the survey include:
- The private banking and private wealth management business alone registered net fund inflows of $121 billion (US$15 billion).
- Mainland-related firms outperformed the industry average with net fund inflows of $132 billion (US$17 billion) and growth for their asset and wealth management business.
- SFC-authorised environmental, social and governance (ESG) funds saw year-on-year growth of 8% in AUM and 86% in number.
- The number of firms licensed to carry out asset management in Hong Kong increased 5% year-on-year and the total number of staff in the asset and wealth management business remained steady at 54,322.
- Non-Hong Kong investors remained a major source of funding for the asset and wealth management business, accounting for 64% of AUM
We will continue to support the development of Hong Kong as a full-service international asset and wealth management centre and a preferred fund domicile.
Executive Committee
Hong Kong Trustees' Association