Hong Kong Wealth Managers’ Gloom Spreads With Drop in Assets

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The total assets of Hong Kong’s private banking and private wealth management business were HK$8.97 trillion at the end of 2022, down 15% from the previous year. Photo: Bloomberg

(Bloomberg) — Hong Kong’s private wealth managers are growing more pessimistic after a sharp drop in assets under management as more clients seek to park their money elsewhere, a survey by the Private Wealth Management Association showed.

In a forecast, 15% of private wealth managers, up from 8% last year, predict growth in assets under management will be below 5% over the next five years, according to the Hong Kong Private Wealth Management report, jointly conducted with KPMG China. The share who anticipate assets will expand above 10% slid to 18% from 25%.