Hong Kong’s wealth management market could expand by 30 percent in three to five years amid cross-border stock trading links and mutual recognition of funds, according to a senior UBS official.
Amy Lo, head of UBS Wealth Management for Greater China and head of UBS Hong Kong, said the wealth management market in the city is currently at about US$700 billion in terms of assets under management, the Hong Kong Economic Journal reported Monday.
Cross-border investment programs and deeper fund links with the mainland will have long-lasting effects, Lo was quoted as saying in an interview.
The market will get a boost as some family-owned companies in Europe and the United States are setting up offices in Hong Kong to tap into investments in China and Asia, she added.
However, the number of bankers specialized in private banking in the city may not be enough to meet the need, Lo said.
The talent pool needs to be expanded by around a thousand in the coming three years, according to the executive.
UBS Wealth Management expects double-digit growth every year in its business in Hong Kong.
It is eyeing a 15-percent market share, against the current 10-12 percent.
Translation by Vey Wong
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