Media365
The wealth management businesses of Chinese investment banks in Hong Kong are growing faster than those of international rivals, as a buoyant initial public offering (IPO) market and rising cross-border flows strengthen their competitive edge.
“Hong Kong is a key centre for Chinese residents’ global asset allocation,” said Wang, who chairs the private wealth management committee at Huatai Securities. “Its wealth management market is increasingly entering a state of intensified competition.”
Regulators’ data is backing up this assessment. A survey published in July by the Securities and Futures Commission (SFC) showed that assets under management of mainland-related firms in Hong Kong grew 15 per cent to HK$3.09 trillion (US$448 billion) in 2024, outperforming the industry average for a fifth consecutive year.
Their net fund inflows jumped 68 per cent to HK$256 billion in 2024, while headcount rose 5 per cent year on year, the survey said.
Meanwhile, some foreign private banks have been retreating from Hong Kong. Banque Internationale a Luxembourg, the Grand Duchy’s oldest bank, shut its Hong Kong wealth management office in early 2025, while Liechtenstein’s VP Bank closed its Hong Kong office in 2024 after 18 years.
