CEIS – HK's securities watchdog says fund management industry records
HK’s securities watchdog says fund management industry records
0 Comments | Xinhua News Agency – CEIS, Jul 27, 2010
HK’s securities watchdog says fund management industry records strong growth in 2009
HONG KONG, July 27 (Xinhua) — Hong Kong’s Securities and Futures Commission (SFC) said Tuesday the combined fund management business in Hong Kong rebounded strongly to 8,507 billion HK dollars (1,095 billion U.S. dollars) by the end of 2009, representing an increase of 45.4 percent from 2008.
In its annual Fund Management Activities Survey, the securities watchdog said the latest survey indicated that international investors continued to use Hong Kong as the platform for investing in the East Asia region.
Overseas investors contributed 5,388 billion HK dollars, or nearly 64 percent, to Hong Kong’s fund management business, excluding real estate investment trusts. Meanwhile, an increasing number of Chinese mainland-related firms gained exposure to global investment practices via Hong Kong as a springboard, according to the survey.
Licensed asset management and fund advisory houses continued to contribute the largest proportion of the combined asset management business, recording the biggest year-on-year increase of 50.3 percent in the value of their aggregate asset management and fund advisory businesses to 6,447 billion HK dollars in 2009.
Registered institutions recorded a 29.8 percent increase in their aggregate asset management and other private banking businesses to 1,811 billion HK dollars in 2009. Insurance companies reported a 44.6-percent increase in their assets under management to 175 billion HK dollars in 2009.
The survey highlighted the growth of the exchange-traded-fund ( ETFs) market in Hong Kong and the first-time cross-listing of ETFs in Hong Kong and Taiwan.
By the end of June this year, 62 ETFs were listed in Hong Kong. The trading volume of the ETFs increased by 12.5 percent year on year to an average daily turnover of 1.97 billion HK dollars in the first half this year.
The market capitalization, which excludes the gold ETF, rose 29. 7 percent to 180 billion HK dollars in the same period, making Hong Kong the second largest ETF market in Asia.
The survey also noted an increasing number of Chinese mainland- related financial institutions set up operations in Hong Kong
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