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Hong Kong Continues To Grow Its Fund Management Business

Friday, July 22, 2011

The Securities and Futures Commission (SFC), in its annual survey of fund management activities, confirmed that such business in Hong Kong reached over HKD10 trillion (USD1.3 trillion) last year, up 18.6% compared to 2009.

The increase outperformed the previous annual record of USD9.6bn achieved in 2007, and suggested a return of investor confidence in global financial markets and continuing inflows of investment capital into the Asia Pacific region. It also found that Hong Kong continued to be a preferred location for international investments.

Overseas investors contributed HKD6.6 trillion (or 66%) of Hong Kong’s total fund management business, excluding real estate investment trusts (REITs). The number of intermediaries engaging in asset management business also grew in 2010 by about 10% from 2009.

Licensed asset management and fund advisory houses continued to contribute the largest proportion of total asset management business in Hong Kong. Their aggregate business amounted to HKD7.3bn in 2010, recording a year-on-year increase of 13.3% from 2009.

Some other highlights of the survey include that, for non-REIT asset management business, almost HKD4.2bn of assets were managed in Hong Kong and 79.7% of these assets were invested in Asia; other private banking business grew more than 32% to HKD2.2bn; and the market capitalisation of SFC-authorized REITs recorded a growth of approximately 39% to HKD103bn, in 2010.

The report also highlighted the three key aspects that the SFC has been focusing on to enhance the status of Hong Kong as a leading asset management centre - strengthening the regulatory framework for public offers of investment products; contributing to the process of renminbi internationalisation and fostering closer ties with the Mainland market; and developing exchange-traded-fund (ETF) market and implementing new measures to enhance transparency of synthetic ETFs.

The SFC’s Acting Chief Executive Officer Alexa Lam said: "Hong Kong will strive to fortify its position as an international asset-management centre and an offshore renminbi centre. The SFC will continue to work with all to capitalise on our robust regulatory framework and local asset-management expertise to attract international investors to select Hong Kong as an investment platform.”

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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