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Matthias Knab, Opalesque:

Hong Kong's Securities and Futures Commission (SFC) released the findings of its annual Asset and Wealth Management Activities Survey, previously known as the Fund Management Activities Survey, which shows that the asset and wealth management business in Hong Kong amounted to $24,270 billion (US$ 3,108 billion) as at 31 December 2017.

To provide a more comprehensive overview this year, the scope of the survey has been extended to cover private banking and private wealth management clients' accounts.

"The survey findings illustrate the sustained growth of Hong Kong's asset and wealth management industry. This is fully in line with our determination to further develop Hong Kong as a full-service global asset management centre and a preferred place of fund domicile," said Mr Ashley Alder, the SFC's Chief Executive Officer.

Major findings of the survey include the following:

• Overseas investors remained a major source of funding for the asset and wealth management business, accounting for 66%.
• The asset management and fund advisory business conducted by licensed corporations and registered institutions grew by 23% to $17,511 billion (US$2,242 billion).
• The total assets under management of the private banking and private wealth management business amounted to $7,812 billion (US$1,000 billion), of which 52% was invested in mainland China and Hong Kong.
• The number of Hong Kong-domiciled SFC-authorised funds increa......................

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