HK 'is largest cross-boundary wealth management hub'

Financial Secretary Paul Chan on Thursday said Hong Kong’s wealth management sector is growing strongly and is well positioned to capture a fair share of business emanating from shifting global affluence. In a keynote speech at the Wealth Management Summit, he pointed to a survey in July by the Securities and Futures Commission that showed assets under management jumped 20 percent to more than HK$42 trillion. The city, Chan said, is now the largest cross-boundary wealth management centre in the world. A survey by summit organiser Private Wealth Management Association offered a similarly encouraging picture, as it found 77 percent of member firms reported stronger demand to open accounts or book client assets in Hong Kong and that 94 percent were moderately or highly optimistic about the city's prospects over the next five years. Chan said sentiment at this week’s Global Financial Leaders’ Investment Summit, which drew some 280 international leaders from the sector, including around 120 chairmen or chief executives, was "decidedly positive", with some planning to increase investment and headcount in the city. International capital was showing fresh confidence in Hong Kong, he said, with it being reinforced by policy measures to boost private wealth management. "Our tax concession for family-owned investment vehicles is...