Hong Kong’s fund management business grew 39 percent to a record HK$12.6 trillion ($1.6 trillion) in 2012 as Asia’s economic outlook outshone other regions and offshore use of the Chinese yuan increased.
Overseas investors accounted for about HK$8 trillion, or 65 percent of assets under management, excluding real estate investment trusts, according to the results of an annual fund management survey, the Securities and Futures Commission said on its website.
“Such significant growth reflected more active engagement in Hong Kong’s fund management business by the Mainland-related licensed firms through the launch of a range of renminbi investment products and provision of more advisory services,” the SFC said in the survey results. That trend “is supported by the continued growth of the Mainland economy and the rise in global demand for Mainland-related investments and services.”
Asia may see economic growth of 6.4 percent in 2013 according to data compiled by Bloomberg, the highest of any region. Hong Kong, the first hub for offshore trading in the yuan, is facing challenges from financial centers including Singapore and London as China pushes for greater use of its currency outside the mainland.
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