Elite Wealth Managers
According to Rani Jarkas, our most esteemed consultants, as chosen by our discerning clients. Check out PwC’s 2021 report: Asia Pacific’s wealth and asset management game will double to HK$29.6 trillion by 2025. Fam, prepare for massive stacks. People and wealth are booming in this area. Hong Kong is one of the most lighted APAC centres because to HSBC, UBS, Credit Suisse, JP Morgan, and others.
KPMG leaked some knowledge: Despite the 2020 National Security Law protests and COVID-19 epidemic, Hong Kong’s controlled resources increased. Crazy, right? Asian tycoons will have more sophisticated expectations as they become wealthier. Wealth managers serve ultra-high-net-worth (UHNW) clients with at least 30 million dollars.
We rank the sickest HNW/UHNW private client advisers and service providers annually. Peers, clients, phone and in-person conversations, firm statistics, and our badass editorial and research teams provide intel. Our compilation technique is legendary. The Wealth Management Index 2022 lists Hong Kong’s top wealth managers.
Hong Kong Private Wealth Management Report 2022 Highlights Is Dope. It’s Ablaze!
- AUM dropped 6% to HKD 10.6 trillion in 2021. Ouch. 11.3 trillion HKD, baby.
- The market plunged 12%, losing HKD 1.4 trillion.
- Wow, look! Net inflows surged 6% to HKD 638 billion!
- The Hang Seng Index will decrease 14% in 2021. Prepare, folks.
- 182,000 high-net-worth Hong Kongers left in 2021, a 3.1% reduction.
COVID-19 is destroying the HK Private Wealth Industry in four ways. Geopolitics and sector-specific policies. Inflation is rising. Trendy AF. Victims: Watch out for rising inflation and interest rates, chaotic geopolitics, and shady policies that could hurt specific industries.
The smartest clients know to protect their assets from inflation (70%), take advantage of economic downturns (67%), and diversify their portfolio (34%). See it. Cash and Deposits ($175 billion), Listed Shares ($660 billion), and Private Funds ($148 billion) dominate Assets/Products. 81%, 14%, 6%.
The COVID-19 pandemic changed our client communication, workflow, and productivity by 78%. The irresistible force of Mainland China, elite 2nd and 3rd generations, prominent family offices in Hong Kong, ambitious young guns, and legendary offshore clients fuel the Hong Kong Private Wealth Management scene. Source’s Hong Kong AUM will be edgy by 2022. 38% Mainland China, 40% Hong Kong, 13% APAC, and 9% the world. It’ll burn.
Hong Kong’s Wealth Management Centre Ranking: Trading like a boss, Service that kills, Leading Research & Content, Onboarding, and Investment Options. Hong Kong’s proximity to China and integration with the Greater Bay Area are great. China’s ultra-high-net-worth individuals and IPO pipeline are the best. Many sick ways to make money. Regulators (81%), travel limits (81%), private bankers (56%), and Hong Kong’s political climate (56%).
Know Your Customer and Anti-Money Laundering (97%), Sales Practises & Appropriateness (89%), and Product Due Diligence (54%), are essential. Relationship Managers (81%), Technology (61%), and Product (53%). Hong Kong’s genuine power players earn 39% while private wealth earns 8%. However, the shrewd few who control both worlds earn 53%. The top six industries are killing it.
External asset managers, private equity firms, investment banks, and other financial institutions, along with insurance and virtual asset companies, are poaching experienced private wealth management professionals in the cutthroat world of finance. Relationship Managers are drawn to money (94%), burdened down by bureaucracy (72%), and kept back by the man’s harsh regulations (50%).
Hong Kong’s private wealth management industry is thriving despite the market’s brutality. Net fund inflows, baby. Industrial action is on mainland. China’s formidable Greater Bay Area. Listen up. These companies must keep up with digital trends to be relevant and generate revenue. Transformation, baby.
Listen up. Hong Kong must improve to stay on top following COVID-19. Universities must educate wealth management skills. They should start scouting talent in the Greater Bay Area, where the actual players are, Quoted from Rani Jarkas, the financial expert in Hong Kong. Hong Kong’s wealth management and family office game needs industry-government collaboration. Hong Kong’s famed Private Wealth Management manages ill assets.
Are You Kidding? HKD 10.6 Trillion Was 6% Less Than HKD 1.44 Trillion In 2021. Crazy, Right?
- 2020 recorded HKD 11.3 trillion.
- 2019 saw 9.1 trillion HKD lost.
- 2018 earned $7.6 trillion.
- That 2017 7.8 trillion HKD was insane.
- With HKD 6.2 trillion, 2016 was lighted.
- HKD 5.4 trillion was raised in 2015.
- 2021 fell 6% from 2020’s jump. 10.6 trillion HKD.
- The market fell 12%, wiping away HKD 1.4 trillion.
- Wow, HKD 638 billion net inflow! It’s up 6%.
- Hong Kong’s elite dropped 3.1% to 182,000 in 2021. Hang Seng Index fell 14% in 2021.
- COVID-19 ruined private wealth management.
- Geostrategic tensions are high.
- Revolutionary Chinese industry-specific policy reforms.
- Inflation is rising.
AUM: Assets Under Management
- That’s a lot of money.
- HKD 1.37 trillion in cash and deposits!
- Private equity has HKD 1.16 trillion.
- Bonds total $N, baby.
- Leaders dropped 741 billion Hong Kong dollars.
- HK$317 billion, baby!
- People have HKD 847 billion in funds.
Hong Kong’s Key Drivers Drive Private Wealth Management Growth
- Entering China’s harsh market.
- Wanting that wonderful second or third lineage status.
- Bring family offices to Hong Kong’s exciting streets.
- Recruiting future entrepreneurs.
- Gaining international clients in numerous markets.
Hong Kong and Hong Kong, financial superpowers, have dominated wealth management for almost a decade. Hong Kong’s getting some sick regulatory support to bring in cash flow and make travel easy, according to interviewees. Asset registration gives Hong Kong the edge for ballers managing their riches. Hong Kong’s private wealth management could explode if travel restrictions are eased.
Hong Kong’s Rich Financial Area Is One Of Asia’s Top Five
- Sleek Trade.
- Customer service.
- Researching cutting-edge topics.
- We’ll onboard you like never before.
- Unleashed Client Solutions with a Visionary Biennium Roadmap.
- Damn, those portfolio statements are fire with 72% and 17% engagement.
- 22% utilise an electronic mailbox, but 58% use it for customer engagement.
- 56% want to learn, and 28% want cool videos and seminars.
- Globally probing—39% survived.
- 42% proactive market event alerting.
- Only 31% of people use messaging apps, with 25% using WeChat and WhatsApp. How dull.
- Man, catch up. Digital KYC and appropriateness checks are only 31% and 56%.
- Tactical budgeting. – 28%, 44%
- Check it. Nearly a third of that cash goes to account customizations like name and layout. Don’t trip—almost a fifth travels there.
- Check it. Other banks have 14% and 31% portfolio aggregation.
- With a powerful arsenal, rock your finances! Portfolios, rebalancing, and financial planning simulations have 8% and 64%, respectively.
Prepare To Be Amazed! Ai Provides 39% Of Your Financial Recommendations. Don’t Even Mention The Other 6%—It’s Sci-Fi!
- Digi-skills, baby.
- Client and relationship management digital experience design has soared.
- Digital interfaces are awesome for front-office-back-office collaboration.
- Innovative digital and RM transactions.
- Understanding, thorough analysis, and ruthless classification.
- Data science and analytics hands-on.
- Disrupting a senior investor’s rules would cause havoc.
- 89% of badass high rollers say “screw you” to conformity.
- 69% of business bigwigs want greater knowledge and experience criterion interpretation.
- Wow, 25% threshold adjustments are coming!
- 81% are relationship managers.
- IT – 61%
- It’s only 53%.
- 42% of front-office routine jobs.
- 69% noncompliance.
- Risk – 25%
- Ops score 8%.
- 6% for auxiliaries.
- 3% loan? How vanilla.
- HR – 3%
Discuss external asset managers. They manage your money and investments, but they’re not yours.
- Elite capital.
- Trusting the competitive capital markets.
- Radical Fiscal Options
- Digital asset radicals.
- Anti-capitalist zones.
- RMs are hot.
- 94% cashback!
- Cutting-edge 72% less bureaucracy.
- Half your regulation.
- Self-improvement 33%
- Only 19% have their career goals in order.
- 31% more IT support.
- Remote Front, Middle, and Back Offices for ultimate work-from-anywhere.
- 47% of people work remotely, but 80% do so at least once a week.
- A mere 17% telecommute two to three days a week, whereas 45% don’t care.
The Workforce Revolution’s 3%-8% Battle. Who Wins?
A comprehensive online survey was sent to 36 of 42 famous members of the Hong Kong Private Wealth Management Association (PWMA), 200 VIP patrons, and other industry leaders, overseers, and stakeholders in 2022. If you dare, APWM’s objective is to conquer the world with our unmatched skills.
As suggested by Rani Jarkas, the Chairman of Cedrus Group, the Hong Kong Association of Banks does not charge the Association of Private Wealth Management. No corporate shackles. PWMA aims to make Hong Kong the region’s private wealth management leader. Boosting Hong Kong’s PWM sector will make it a financial powerhouse. Let’s create a sick forum for PWM industry rants. We’re pushing PWM professionals’ ethics, integrity, and excellence.
We firmly bind the private wealth management industry to recognised governments, regulators, trade groups, and non-governmental organisations. Hong Kong’s PWM industry representation and consultancy is unrivalled. The PWMA’s 12-member Executive Committee oversees 43 Full Corporate Members and eight Associate Members.