Asset-management industry business receipts rose 52% in 2006 over a year earlier, the Census & Statistics Department says.

In a feature article published in the latest issue of the Hong Kong Monthly Digest of Statistics, the department said there were 190 companies in the industry in 2005, engaging about 3,600 people.

The industry generated $12.7 billion of business receipts and other income in 2005, up 22% over a year earlier. Of this, 85% were charges for rendering portfolio management and financial-advisory services, while the rest were mainly other service charges, dividends and interest income.

The trade's gross surplus rose from $3.5 billion in 2004 to $3.9 billion in 2005. In 2005, the asset-management business's value added amounted to $11.6 billion, contributing to 0.86% of GDP at factor cost.

The department believed the industry in Hong Kong will continue to flourish because the financial-services sector will be able to provide more asset-management services to the increasingly affluent Mainland residents and to the increasingly cash-rich Mainland enterprises.

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