FSDC releases report on private wealth management industry in Hong Kong
17 Feb 2020
Hong Kong, 17 February 2020 - The Financial Services Development Council (FSDC) today released a paper, entitled “Hong Kong as the Regional Wealth Management Hub – Sector Survey Paper”, studying how Hong Kong can leverage its fundamentals to further develop its private wealth management (PWM) business, from the perspectives of industry practitioners as well as current and potential clients.
The Chairman of the FSDC, Mr Laurence Li SC, said, “Deeper pocket does not necessarily translate into easier PWM business, given that the evolving regulatory requirements, the rise of WealthTech and other factors are reshaping the overall sector landscape. Hong Kong is already well in the game but the question is how we can remain relevant amid the stiffer global competition for the share of wallet.”
Being the first-of-its-kind for the FSDC, this survey paper studies how Hong Kong can leverage its fundamentals to further expand the reach of its PWM market. Given Hong Kong’s transparent regulatory framework, technologyfriendly environment, availability of professional talents, as well as proximity to the Mainland and experience in serving its market, the city possesses much potential to preserve its premier position in the PWM market. Based on the findings of this survey paper, the FSDC will consider the feasibility and practicality of a follow-on study, looking into actions needed to cement Hong Kong’s role as the PWM hub.
The full version of the report can be downloaded from the FSDC website: www.fsdc.org.hk.