The Task Force on Promoting the Development of Asset & Wealth Management, chaired by Secretary for Financial Services & the Treasury Christopher Hui, was established and convened its first meeting today.

The 2024 Policy Address has set out the need to further enhance Hong Kong's status as an international asset and wealth management (WAM) centre. The Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds, single-family offices, etc. At its first meeting, the task force had a focused discussion on the proposed enhancements.

As of end-2023, assets under management in Hong Kong reached over HK$31 trillion, and net fund inflows of close to HK$390 billion were registered, representing a year-on-year increase of over 3.4 times.

Mr Hui pointed out that funding sourced from non-Hong Kong investors has consistently accounted for a high percentage, reflecting the confidence of international investors in Hong Kong's WAM industry.

Market research also estimates that Hong Kong is home to about 2,700 single-family offices, with over half of them set up by ultra-high-net-worth-individuals with a wealth of US$50 million or above.

In view of the development trends in global finance, Hong Kong will continue to consolidate and enhance its competitive advantages and pursue continuous reforms.

With the task force bringing together industry leaders and professionals, Mr Hui added that he believed their valuable advice would help propel the long-term development of the WAM industry.