Hong Kong wealth, fund assets hit HK$35.1 trillion as inflows surge
Net fund inflows jumped 81 per cent to HK$705 billion across the industry in 2024, according to a survey conducted by the Securities and Futures Commission. In particular, inflows for the asset management and fund advisory business soared 571 per cent to HK$321 billion.
Assets for private banking and wealth rose 15 per cent to HK$10.4 trillion, boosted by net inflows of HK$384 billion. For the city, it is a stark reversal from the Covid period, when Hong Kong was grappling with an exodus of people and mainland money was moving to Singapore.
Hong Kong has been stepping up efforts to attract wealthy with tax concessions and residency plans. The city's equity benchmark is trading near its highest level in over three years, boosted by increased optimism towards technology stocks and strong demand from mainland investors.
'Hong Kong is gaining more clout than ever as a leading international hub for asset and wealth management, propelled by strong fund inflows, financial innovation and a growing talent pool,' said Christina Choi, the SFC's Executive Director of Investment Products.
Hong Kong-domiciled funds authorised by the SFC recorded net fund inflows of HK$163 billion in 2024, followed by HK$237 billion in the first five months of 2025.
This year, 1,237 firms took part in the SFC's annual survey, including asset managers, private banks and insurance companies. BLOOMBERG
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
International Business Times
2 hours ago
- International Business Times
Asian Stocks Decline on Growing Trade Deal Concerns, Oil Prices RIse
Asian stock markets dropped on Tuesday as investors grew concerned about the effects of a new U.S.-EU trade agreement. Although the deal averted harsher tariffs, Europe now faces a 15% levy—much higher than the previous 1–2%. Leaders in Germany and France cautioned that such measures could slow growth, pulling stocks and bond yields down across the region. freepik The MSCI Asia-Pacific index lost 0.8%. Japan's Nikkei fell 0.9%, while China's CSI 300 was flat. In Europe, stocks tried to rebound slightly after Monday's losses. Futures swapped hands with the EUROSTOXX 50, FTSE, and DAX, each 0.2% higher. Euro Struggles as Dollar Gains Strength The euro was little changed, at $1.1587, after declining 1.3% on Wednesday, its largest one-day decrease in two months. The dollar index climbed to 98.675, supported by investors unwinding short-dollar bets. The dollar was at 148.27 against the yen, slightly off the recent high. In the meantime, Wall Street held steady, boosted by optimism about earnings from large tech companies such as Apple, Meta, Microsoft, and Amazon. Futures on the Nasdaq gained 0.2%, and those for the S&P 500 ticked up 0.1%. The Nasdaq added 0.3% on Monday to reach a record high, and the S&P 500 ended with its sixth straight record close. Fed Rate Decision and Economic Data in Focus Investors are also keeping a close eye on the U.S. Federal Reserve meeting next week. The Fed is widely expected to leave rates steady at 4.25%–4.5%, with markets pricing a 97% probability of no change. Even so, some members of the Fed may press for a rate cut, particularly if there is a deterioration in economic data. GDP data due later in the week should show a 2.4% rebound for the second quarter after a 0.5% drop earlier this year. (too many job openings) on Tuesday and Friday's payroll report are critical in molding rate expectations. Oil Prices Rise, Gold Steady Oil prices rose slightly after President Trump gave Russia 10 to 12 days to make headway toward ending the war in Ukraine or suffer more severe oil-related sanctions. Brent crude was up 2.3 percent on Monday and traded at $69.90 a barrel on Tuesday, while U.S. crude closed at $66.60. The price of gold was unchanged at $3,315 an ounce.
Business Times
2 hours ago
- Business Times
Temasek to buy 5% stake in Ermenegildo Zegna
[SINGAPORE] Temasek has signed a share-purchase agreement with Ermenegildo Zegna to purchase a 5 per cent stake in the Italian luxury group at US$8.90 a share, for a total of US$126.4 million on Tuesday (Jul 29). The shares will come from Temasek's treasury shares, and, combined with its share purchases on the open market, will bring the Singapore investment company's stake to 10 per cent after the transaction is completed on Jul 30. The cash consideration will add to Ermenegildo Zegna's balance sheet and enable the company to seize selected opportunities for organic growth of its brand portfolio. Ermenegildo 'Gildo' Zegna, chairman and chief executive officer of the group, said: 'This investment is a strong endorsement of our vision and long-term growth potential, while firmly recognising the global significance of the Italian luxury sector.' Nagi Hamiyeh, head of Europe, Middle East and Africa for Temasek, is expected to join Ermenegildo Zegna's board of directors in June 2026. The company's customer base comprises high-net-worth individuals (HNWI) who have been more resilient in their spending. A BCG report noted that this segment spends more than 50,000 euros (S$74,380) a year on luxury brands; the wealthiest top-tier clients comprise just 1 per cent of the personal luxury goods market, but generate 22 per cent of the value. Aspiration consumers, which make up 60 per cent of the market, have faltered in recent years, but the big spenders have consistently grown their expenditure. The segment is set to grow from about 940,000 HNWIs, holding about 68 trillion euros in wealth in 2024, to about 1.4 million HNWIs in 2030, with about 100 trillion euros in wealth. This group is also growing in confidence. Half of them say they expect to increase spending by between 5 and 25 per cent over the next 18 months. Temasek will bring its experience in the luxury sector and knowledge of the Asian market to Ermenegildo Zegna under this deal. The investor will also support expansion in key geographies where the company's presence is underdeveloped. Hamiyeh added: 'Our investment in them underscores our ongoing commitment to support leading European businesses with strong track records and global potential.'
Business Times
3 hours ago
- Business Times
Temasek to buy a 5% stake in Italian luxury group Ermenegildo Zegna
[SINGAPORE] Temasek has signed a share-purchase agreement with Ermenegildo Zegna to purchase a 5 per cent stake in the Italian luxury group at US$8.9 a share, for a total of US$126.4 million on Tuesday (Jul 29). The shares will come from the company's treasury shares, and, combined with Temasek's share purchases on the open market, will bring Temasek's stake to 10 per cent after the transaction is completed on Jul 30. The cash consideration will add to Ermenegildo Zegna's balance sheet and enable the company to seize selected opportunities for organic growth of its brand portfolio. Ermenegildo 'Gildo' Zegna, chairman and chief executive officer of the luxury fashion brand, said: 'This investment is a strong endorsement of our vision and long-term growth potential, while firmly recognising the global significance of the Italian luxury sector.' Nagi Hamiyeh, head of Europe, Middle East and Africa for Temasek, is expected to join Ermenegildo Zegna's board of directors in June 2026. The customer base of the fashion house comprises high-net-worth individuals (HNWI) who have been more resilient in their spending. A BCG report noted that this segment spends more than 50,000 euros (S$74,380) a year on luxury brands; the wealthiest top-tier clients comprise just 1 per cent of the personal luxury goods market, but generate 22 per cent of the value. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Aspiration consumers, which make up 60 per cent of the market, have faltered in recent years, but the big spenders have consistently grown their expenditure. The segment is set to grow from about 940,000 HNWIs, holding about 68 trillion in wealth in 2024, to about 1.4 million HNWIs in 2030, with about 100 trillion in wealth. This group is also growing in confidence. Half of them say they expect to increase spending by between 5 and 25 per cent over the next 18 months. Temasek will bring its experience in the luxury sector and knowledge of the Asian market to Ermenegildo Zegna under this deal. The state investor will also support expansion in key geographies where the company's presence is underdeveloped. Hamiyeh said: 'Our investment in them underscores our ongoing commitment to support leading European businesses with strong track records and global potential.'
