HK Remains Leading Fund Management Center in Asia

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Last updated at: (Beijing Time) Tuesday, July 29, 2003

HK Remains Leading Fund Management Center in Asia

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Hong Kong remains a major fund management center in the Asia-Pacific region for attracting overseas funds for management, according to the result of a survey announced Monday by the Securities and Futures Commission (SFC) of Hong Kong.

The survey, covering 192 fund management companies, aimed to collect information on fund management activities in Hong Kong to enable a better understanding of the local fund management industry and to identify possible trends.

The survey shows that total assets under management by the respondents amounted to 1.49 trillion Hong Kong dollars (about 191billion US dollars), representing a slight growth of 0.4 percent. Of these, 63 percent of assets were sourced from overseas investors.

Out of the total 192 respondents this year, 44 were first time respondents to the survey. In addition, the number of firms that reported Hong Kong as its Asian headquarters has increased to 36.

Data from the survey reveal continuous growth in Hong Kong's own market in 2002. The importance of Hong Kong's role as a fund management center has increased in 2002. This is evidenced by the increase in portfolio management activities that are directly attributable to growth in Hong Kong as at the end of 2002 compared with the previous year.

In particular, assets management in Hong Kong have demonstrated a three-year growth trend, rising from 42.2 percent of total assets under management in 2000 to 49.6 percent in 2002.

Alexa Lam, SFC Executive Director of Intermediaries and Investment Products, said the results of the survey suggest that Hong Kong has maintained its position as a major fund management center in Asia, attracting overseas funds for management as well as increasing the amount of assets sourced from, managed out of, advised in, and invested in Hong Kong.

He said the SFC is committed to further enhancing Hong Kong's advantage as the preferred location for fund management business in Asia.

As competition intensifies around the world, it is of paramount importance that the SFC maintains its transparent approach to the regulation of the fund management industry, and to ensure that Hong Kong stays at the forefront of international best practice, said Lam.

The fund management industry is an integral part of the financial services sector. Development of local fund management expertise and growth of the industry in Hong Kong will stimulate growth in auxiliary services, such as fund administration, trustee service, global custody, brokerage and banking.

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