Hong Kong funds industry grows 55%

The SFC will announce new proposals to improve Reits and hedge funds this year to shore up strong industry growth.

Hong Kong's role as a fund management hub was cemented in 2003 with management, advisory and private banking activities totalling HK$2.9 trillion $378 billion, a steep rise over the past three years, which have been flat. In 2001 and 2002, the industry managed HK$1.6 trillion, and in 2000 it managed $1.4 trillion.

Last year's inflows reflect the strong performance of Asian - particularly North Asian - markets relative to Europe and North America. Hong Kong attracted HK$1.86 trillion, or 63% of the funds business, from overseas investors. Another HK$1.19 trillion of assets was managed in Hong Kong, of which 73% was invested in Asia, about half...

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