Assets under management (AUM) in the asset and wealth management industry in Hong Kong were HK$23.95 trillion ($3.06 trillion) at the end of December 2018, with HK$783bn in net inflows.

The findings are from a report by the Securities and Futures Commission (SFC), which evaluated 854 firms including 747 licensed corporations (LCs), 45 registered institutions (RIs), 35 insurance firms as well as 27 trustees.

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The report revealed that the adjusted AUM in Hong Kong’s asset and wealth management sector was HK$23.04 trillion as of 31 December 2018.

The figure excludes assets held under trusts and marks a 5% fall from the previous year.

Notably, 62% of the AUM in asset and wealth management was found to have been contributed by non-Hong Kong investors.

The employee headcount in the asset and wealth management business was 42,821, with a growing number of employees outside of sales and marketing operations.

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In the asset management and fund advisory business carried out by LCs and RIs, AUM of HK$16.45 trillion was 6% lower than the previous year.

In the private banking and private wealth management business, AUM dropped 2% to HK$7.62 trillion on a year-on-year basis.

Assets held under trusts were HK$4.33 trillion.

SFC CEO Ashley Alder said: “The latest survey shows the underlying strengths of the asset and wealth management industry in a challenging global market environment in 2018.

“We will continue to pursue initiatives to further develop Hong Kong as a premier global asset and wealth management centre.”