« HSK – U.S. investigates Afghanistan war leaks | Home | learn mandarin – Aviation industry merger in works »

learn mandarin – HK’s securities watchdog says fund management industry records strong growth in 2009

By mandarinbjcn | July 28, 2010

HONG KONG, July 27 (Xinhua) — Hong Kong’s Securities and Futures Commission (SFC) said Tuesday the combined fund management business in Hong Kong rebounded strongly to 8,507 billion HK dollars (1,095 billion U.S. dollars) by the end of 2009, representing an increase of 45.4 percent from 2008.

In its annual Fund Management Activities Survey, the securities watchdog said the latest survey indicated that international investors continued to use Hong Kong as the platform for investing in the East Asia region.

Overseas investors contributed 5,388 billion HK dollars, or nearly 64 percent, to Hong Kong’s fund management business, excluding real estate investment trusts. Meanwhile, an increasing number of Chinese mainland-related firms gained exposure to global investment practices via Hong Kong as a springboard, according to the survey.

Licensed asset management and fund advisory houses continued to contribute the largest proportion of the combined asset management business, recording the biggest year-on-year increase of 50.3 percent in the value of their aggregate asset management and fund advisory businesses to 6,447 billion HK dollars in 2009.

Registered institutions recorded a 29.8 percent increase in their aggregate asset management and other private banking businesses to 1,811 billion HK dollars in 2009. Insurance companies reported a 44.6-percent increase in their assets under management to 175 billion HK dollars in 2009.

The survey highlighted the growth of the exchange-traded-fund ( ETFs) market in Hong Kong and the first-time cross-listing of ETFs in Hong Kong and Taiwan.

By the end of June this year, 62 ETFs were listed in Hong Kong. The trading volume of the ETFs increased by 12.5 percent year on year to an average daily turnover of 1.97 billion HK dollars in the first half this year.

The market capitalization, which excludes the gold ETF, rose 29. 7 percent to 180 billion HK dollars in the same period, making Hong Kong the second largest ETF market in Asia.

The survey also noted an increasing number of Chinese mainland- related financial institutions set up operations in Hong Kong. The total asset management and fund advisory businesses of mainland- related companies that participated in the survey increased 70.1 percent in 2009 to 154.7 billion HK dollars.

SFC’s Deputy Chief Executive Officer Alexa Lam said the asset management industry in Hong Kong had proven its mettle in 2009.

“As other major markets around the world continue with their financial market reforms, we must work together with the industry to make sure that Hong Kong continues to be a quality market and a platform of choice,” she said.

Lam said the signing of the Supplementary Memorandum of Co- operation on the expansion of the renminbi trade settlement scheme on July 19 between the People’s Bank of China and the Hong Kong Monetary Authority would pave the way for the launch of RMB- denominated fund products.

“The SFC will continue to work closely with the industry with a view towards achieving breakthroughs in this area,” she said. “We also will develop deeper ties with the financial regulators and central government agencies on the Mainland to contribute to further financial co-operation between the Mainland and Hong Kong markets.”

The Fund Management Activities Survey has been conducted annually since 1999 to help the SFC assess the industry’s state of affairs for policy setting and operations planning.

This year, a total of 328 entities responded to the survey. They included 276 licensed asset management and fund advisory houses, 37 registered financial institutions and 15 insurance companies, said the SFC. (1 U.S. dollar equals to 7.766 HK dollars)

Learn Chinese, Learn mandarin, Learning Materials, Mandarin audio lessons, Chinese writing lessons, Chinese vocabulary lists, About Chinese characters, News in Chinese, Go to China, Travel to China, Study in China, Teach in China, Dictionaries, Learn Chinese Painting, Your name in Chinese, Chinese calligraphy, Chinese songs, Chinese proverbs, Chinese poetry, Chinese tattoo, HSK, HSK exam, Chinese Exam Preparation, China Business, China Travel, Mandarin Phrasebook, Chinese editor, Pinyin editor, China Travel, Travel to Beijing

Topics: Chinese Mandarin, Chinese Online Class, Chinese School, Chinese language, Learn Chinese Class, Study Chinese, learn Chinese, learn Chinese online, learn Mandarin online, learn mandarin | No Comments »

Comments

You must be logged in to post a comment.