Wealth management companies recruit in Hong Kong

According to a report on the website of Singapore's Lianhe Zaobao on December 16, many wealth management companies around the world are recruiting in Hong Kong to welcome the inflow of funds from the mainland of China

Bloomberg reported on the 16th that these private banks include UBS Group and Baosheng Group from Switzerland, Standard Chartered Group from the UK, and Singapore Bank under OCBC Bank

UBS Group plans to double its asset size managed for wealthy clients in Greater China over the next three to five years through expansion of enrollment. Baosheng Group expanded its Hong Kong office area by 40% last year

Standard Chartered Group plans to double its investment in wealth management business in the coming years and hire more employees in Hong Kong and other cities. As of October this year, Singaporean banks have hired over 30% more Hong Kong employees and plan to continue expanding their workforce

The report points out that Hong Kong is reshaping its position as a financial center with strong support from the SAR government. The Hong Kong government has introduced preferential measures such as tax exemptions and residency programs to attract wealthy individuals from mainland China to set up family offices in Hong Kong

Bloomberg Industry Research predicts that the above measures will double the size of private wealth asset management in Hong Kong to $2.3 trillion by 2030

In addition to the super rich, clients with assets ranging from $5 million to $10 million have also become targets for wealth management companies. The Hong Kong Private Wealth Management Association predicts that the number of companies targeting the middle and lower affluent classes will record the largest increase in the next five years

According to guild statistics, the net inflow of private wealth management funds in Hong Kong doubled year-on-year last year to HKD 341 billion (1 Hong Kong dollar is approximately RMB 0.92); After two consecutive years of decline, the asset management scale rebounded by 0.6% last year to HKD 9 trillion

The recovery of wealth management business provides more employment opportunities for the financial industry in Hong Kong. Statistics show that the number of licensed financial professionals in Hong Kong reached a record high of nearly 42000 in October this year