In case you doubted Hong Kong’s status as a player in the international fund management arena, here’s something to burst your bubble.
Hong Kong’s Securities and Futures Commission announced yesterday that the combined fund management business in the former colony grew at least 10% from 2013 to reach a record high of $2.2 trillion at the end of 2014.
$1.6 trillion of the total apparently came from international investors, another high according to the SFC, who also said that this phenomenon proves that Hong Kong still remains the preferred platform for foreign money.
Raking in the most from the boom were asset managers, who saw their piece of the pie grow to $1.6 trillion, while private bankers came in second after seeing their assets almost hit the $400 billion mark. Assets actually managed in region meanwhile also grew 18%, reaching another record of $880 billion.
This is the third-straight year of growth for the nation’s fund management industry, though compared to its earlier growth numbers – almost 40% in 2012, over 27% in 2013 – it does seem like it may be losing some momentum.
Photo credit: Khush N via Flickr