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The combined fund management business in Hong Kong rose 36% to $6.15 trillion in 2006, the Securities & Futures Commission says.
According to the commission's latest fund management activities survey results, asset management, which accounted for the largest share of the combined fund management business, recorded impressive growth of 27.5% last year.
Advisory business and other private banking activities grew 67.1% and 54.5%, indicating a broadening in the range of fund management activities conducted in Hong Kong.
Of the total $6.1 trillion of non-REIT fund management business, 62.1% was sourced from non-Hong Kong investors.
A total of $4.13 trillion worth of assets were managed in Hong Kong, accounting for 56% of the asset management business in 2006, up from 53% in 2003.
New products
The commission's Executive Director of Intermediaries & Investment Products Alexa Lam said the results underscore the strength of Hong Kong's asset management business.
"We will continue our efforts to ensure that Hong Kong captures the growth opportunities in wealth management in the region. To this end, we will work in partnership with the industry to develop new platforms and introduce new products."
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