Date
22 October 2017
Bruno Lee (center) says the outlook for the fund industry is positive despite concern over a weakening Chinese economy and a looming interest rate hike in the United States. Photo: HKEJ
Bruno Lee (center) says the outlook for the fund industry is positive despite concern over a weakening Chinese economy and a looming interest rate hike in the United States. Photo: HKEJ

Hong Kong funds in record US$77.7 bln haul

Hong Kong funds posted a 21.4 percent increase in net sales to a record US$12.52 billion last year, the Hong Kong Economic Journal reported Wednesday.

Gross sales were up 9.3 percent to US$77.7 billion, also a record.

The full-year haul came alongside a net outflow of US$1.1 billion in December, the report said, citing the Hong Kong Investment Funds Association.

Chairman Bruno Lee said the outlook for this year is positive despite concern over a weakening Chinese economy, a looming interest rate hike in the United States, volatility in crude and commodity prices and geopolitical risks.

European equity funds recorded the highest increase in volume, with growth nearly tripling to US$7.08 billion, a net increase of US$2.7 billion. 

Asia ex-Japan funds booked US$2.2 billion in net inflows.

However, single markets in Asia combined, except Japan, mainland China and Hong Kong, saw a net outflow of US$260 million.

Emerging markets had a net outflow of US$490 million for the year.

Translation by Vey Wong

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