A new private wealth management industry association has been established to help maintain Hong Kong’s status and competitiveness as a major financial centre.
The initiative to set up the Private Wealth Management Association (PWMA) is the result of a consultancy study sponsored by the Hong Kong Association of Banks (HKAB) and its members, according to The Asset-Magazine.
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The main aim of the association is to foster the growth and development of the private wealth management industry in Hong Kong.
The PWMA is founded by 19 members, with an eight-member executive committee serving as the governing body. UBS and Deutsche Bank have been elected as chairman and vice-chairman of the executive committee, respectively.
Nancy Cheung, who has 20 years of financial industry experience, has been appointed as managing director and secretariat head. Most recently, she served with HSBC Private Bank and was responsible for strategy and planning for the Asian private banking business.
The PWMA will provide a forum to discuss trends and challenges faced by the wealth management industry while also serving as a conduit for dialogue between industry participants, regulators, trade bodies and nongovernmental organizations.
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By GlobalDataAllen Lo, country head and chief executive of UBS Hong Kong, said: "The PWMA aims not only to maintain the highest professional standards in our industry, but also to help consolidate Hong Kong’s position as a wealth management and financial services hub in Asia."
