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09 Sep

Hong Kong’s Asset & Wealth Management Business Reports Strong Growth

Last month the Securities and Futures Commission (SFC) published their latest Asset and Wealth Management Activities Survey. This report presented strong growth in Hong Kong’s asset and wealth management business in 2019, it found that the Assets Under Management (AUM) of the asset and wealth management business in Hong Kong increased by 20% year-on-year, to $28,769 billion (US $3,694 billion) as at 31st December 2019.

Other positive results included:

  • 22% year-on-year value growth in asset management and fund advisory businesses.
  • 19% year-on-year value growth in private banking and private wealth management business.
  • 11% year-on-year value growth in assets held under trusts.

It was also reported that this growth has had a positive impact on the total number of staff in the asset and management business, as at 31st December 2019 it was 45,1327, with an increasing proportion directly engaged in asset management and other support functions, thus representing a 2% overall increase in personnel.

Despite the uncertain and challenging global market situation due to the COVID-19 outbreak and increasing geopolitical tensions between the US and China, Hong Kong’s financial market has remained buoyant so far in 2020.

“The performance of Hong Kong’s financial markets in the first half of 2020 showed that they remain resilient.” – Mr Ashley Alder, the SFC’s Chief Executive Officer.

The SFC has committed to initiatives to facilitate the development of Hong Kong as a competitive full-service asset and wealth management centre and preferred fund home. The success of this is likely to lead to an increase in demand for skilled Compliance and Risk talent.

The last couple of years have seen the introduction of the SFC’s Manager in Charge regime and the Fund Manager’s Code of Conduct, which have driven the need to upskill Compliance and Risk Management talent. As firms build regional trading desks and increasing look to the China market for expansion the need for experienced senior level Corporate Governance professionals in Hong Kong only increases.

It is without doubt that the recruitment market in Hong Kong has suffered a tough 12 months, however, there are encouraging signs that AUM in the region will continue to grow, and the need for Compliance and Risk Management talent by both international and local financial institutions remains key, overall it looks like the future is very positive and recruitment opportunities will increase.

As a leading supplier of Compliance and Risk Management talent to the Hong Kong and global Financial Services market, we are extremely well-placed to find you the best candidates.

Please contact me to discuss any current or upcoming hiring, or to ask any questions about the current market.

  • Author

    Mark Moorby

    Lead Partner, Head of Asia Pacific

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