An overwhelming majority of asset and wealth managers in Hong Kong have given their backing to the Wealth Management Connect (WMC) project which is designed to allow residents in Hong Kong, Macao and the Greater Bay Area of mainland China to invest in each other’s wealth management products.
A survey from Hong Kong’s Family Office Association found that 96% of the surveyed managers believe the WMC will give Hong Kong a comparative advantage in growing its private wealth management and family officer sector.
A further 63% of respondents said that the WMC would positively impact their business and 20% of those respondents expect their business to grow between 10 and 20% as a result of the initiative.
“The family office industry in Hong Kong has been thriving and will continue to flourish with further impetus and immense opportunities presented by the soon-to-be launched scheme,” said Chi Wan, chairman of the FOAHK. “It is our mission to ensure the industry is aware of and able to capture all the opportunities emerging from the latest pertinent developments as well as to work closely with the government to steer the city towards becoming a global family office hub.”
The project, which was launched in June 2020, is still on hold due to the pandemic and the restrictions on cross-border travel.
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