The total value of asset and wealth management businesses in Hong Kong stood at $3.1 trillion at the end of December 2017, according to a report by the Securities and Futures Commission (SFC).

Total assets held by Hong Kong’s private banking and private wealth management businesses reached $1 trillion as at 31 December 2017. The study revealed 66% of funding for the sector coming from overseas investors.

The asset management and fund advisory operations carried out by licensed corporations and registered institutions was found to surge 23% to $2.2 trillion.

The number of Hong Kong-domiciled SFC-authorised funds stood at 755 as at 31 December 2017, up 7% from 2016. The net asset value of these funds soared 30% year-on-year to $159bn.

Over 50% of the asset management business was managed in Hong Kong in the past five years, the study unveiled.

SFC CEO Ashley Alder said: “The survey findings illustrate the sustained growth of Hong Kong’s asset and wealth management industry. This is fully in line with our determination to further develop Hong Kong as a full-service global asset management centre and a preferred place of fund domicile.”