The Top Wealth Managers For Rich People

As stated by Rani Jarkas, the list includes our highest-rated consultants. According to the PwC 2021 report, Asia Pacific wealth and asset management will double to HK$29.6 trillion by 2025. The region has the most people and the fastest-growing personal wealth. HSBC, UBS, Credit Suisse, JP Morgan, and other large banks make Hong Kong one of the most productive APAC hubs.

According to KPMG, Hong Kong’s managed resources have grown despite the 2020 riots over the National Security Law and the COVID-19 pandemic. As Asian investors get richer, their needs will refine. Wealth managers serve global high-net-worth (HNW) clients with investable assets of HK$1 million or more and ultra-high-net-worth (UHNW) clients with at least HK$30 million.

We yearly rank the top HNW and UHNW private client advisers and service providers. Peer nominations, client comments, thorough phone and in-person interviews, data willingly provided by firms, and insightful information from our acclaimed editorial and research teams comprise the renowned compilation process. The Wealth Management Index 2022’s Hong Kong-based wealth managers and ratings are listed below.

Hong Kong Private Wealth Management Report 2022 Highlights:

• Hong Kong AUM fell 6% to HKD 10.6 trillion in 2021. Totaling HKD 11.3 trillion.

• The market fell 12%, losing HKD 1.4 trillion.

• Net inflows jumped 6% to HKD 638 billion.

• In 2021, the Hang Seng Index will fall 14%.

• In 2021, 182,000 Hong Kong High Net Worth individuals declined 3.1%.

The COVID-19 epidemic has four major effects on the HK Private Wealth Industry. Geopolitics and sector-specific policy changes. Inflation is rising. Current trends. Affected Patrons: Rising inflation and interest rates, complex geopolitics, and insecure regulatory environments for certain industries must be considered. 

Esteemed clients prioritise protecting assets from inflation (70%), finding profitable opportunities during economic downturns (67%), and diversifying geographically (34%). AUM by Assets/Products is led by Cash and Deposits ($175 billion), Listed Shares ($660 billion), and Private Funds ($148 billion). None (81%), Constructing (14%), Collaboration (6%).

Commercial Breakthroughs:

The COVID-19 epidemic changed client contact medium, work structure, and operational methods by 78%. The Hong Kong Private Wealth Management sector is driven by Mainland China, the esteemed 2nd and 3rd generations, distinguished family offices in Hong Kong, energetic young entrepreneurs, and renowned offshore clients. In 2022, the AUM in Hong Kong by Source will be 38% Mainland China, 40% Hong Kong, 13% APAC, and 9% the rest of the world.

Hong Kong’s Wealth Management Centre Ranking: Trading, Service, Leading Research & Content, Onboarding, and Investment Options. Hong Kong’s proximity to China and integration with the Greater Bay Area are advantages. China has the most ultra-high-net-worth individuals and a large IPO pipeline. Many investing options. The biggest growth barriers include a tough regulatory environment (81%), travel limitations (81%), a small pool of private bankers (56%), and Hong Kong’s political climate (56%).

KYC/AML (97%), Sales practises & appropriateness (89%), and Product due diligence (54%). Investments are boosted by Relationship Managers (81%), Technology (61%), and Product (53%). 8% from Private Wealth, 39% from Hong Kong, and 53% from both. The top 6 industries External asset managers, private equity firms, investment banking institutions, and other financial organisations, along with insurance and virtual asset companies, are luring experienced workers away from private wealth management. Relationship Managers are attracted by remuneration (94%), administrative burden (72%), and regulatory duty (50%).

Summary: 

Net fund inflows show that Hong Kong’s private wealth management sector is resilient despite tough market conditions. Industrial development is best in Mainland China’s Greater Bay Area. Corporations must continue their digital transformation to attract future investors.

To ensure a sufficient pool of skilled professionals after COVID-19, Hong Kong’s tertiary institutions must improve wealth management education and refine personnel development and recruitment strategies from the Greater Bay Area. The sector must work with the government to boost Hong Kong’s wealth management and family office attraction. Hong Kong’s renowned Private Wealth Management’s assets under management.

• In 2021, HKD 10.6 trillion was worth 6% less than HKD 1.44 trillion.

• HKD 11.3 trillion was recorded in 2020. 

• HKD 9.1 trillion was spent in 2019. 

• 2018 was worth HKD 7.6 trillion. 

• 2017’s HKD 7.8 trillion was astounding. 

• 2016 saw HKD 6.2 trillion accumulated. 

• 2015 saw HKD 5.4 trillion collected. 

Analysis:

• 2021 was 6% lower than 2020. Totaling HKD 10.6 trillion.
  
• A devastating 12% market decline, totaling HKD 1.4 trillion.
  
• HKD 638 billion net inflows rose 6%.
  
• Hong Kong’s high-net-worth population dropped 3.1% to 182,000 in 2021. The Hang Seng Index fell -14% in 2021.
  
• Private wealth management has been greatly affected by COVID-19.

Geostrategic conditions

• Industry-specific Chinese policy reforms.

• Inflation is rising.

• AUM: Assets or products under management.

• (HKD 5.18 trillion)

• HKD 1.37 trillion in deposits and cash.

• Private equity is worth HKD 1.16 trillion.

• $n is HKD 952 billion in bonds.

• The honourable authorities allocated 741 billion Hong Kong dollars.

• (HKD 317 billion)

• Other people hold HKD 847 billion in funds.

The Main Drivers Of Hong Kong Private Wealth Management Growth Are:

• Mainland China market penetration.

• seeking second or third lineage status.

• attracting more family offices to dynamic Hong Kong.

• Targeting young business magnates.

• Increasing international customers in many markets.

“Hong Kong and Hong Kong doth reign as the foremost financial metropolises, and the business of managing wealth hath thrived in both for more than a decade.” Many interviewees have stated that Hong Kong has benefited from regulatory aid in attracting monetary influxes and easing travel restrictions. According to Rani Jarkas, participants preferred Hong Kong for wealth management across several abilities and characteristics, with a small preference for asset registration. If travel restrictions are lifted, Hong Kong’s private wealth management sector may boom.

• Hong Kong’s financial district ranks among Asia’s top five affluent management hubs.

• Elegant Trading

• Service quality.

• Accessing avant-garde research and content.

• Onboarding support.

• Client Solutions: Available, with Future Roadmap for the Next Biennium.

• Portfolio statements and their engagement rates—72% and 17%—are stunning.

• While 22% use an electronic inbox, 58% use this digital platform for customer interaction.

• Fifty-six percent, with 28% for educational resources like videos and seminars.

• Global investigations—half, 39%.

• A 42% proactive market event alerting system.

• 31%, 25% use WeChat and WhatsApp.

• Starting an account, digital KYC, and suitability checks are 31% and 56%, respectively.

• Strategic budgetary planning. – 28%, 44%

• 19% and 31% of the total go to account customisation, including name and layout.

• Other financial institutions have 14% and 31% portfolio aggregation.

• The arsenal for creating spectacular portfolios, rebalancing, and simulating financial planning scenarios boasts 8% and 64%, respectively.

• 6% and 39% tailored investing advice from artificial intelligence.

Digital Skills:

• Client and relationship manager digital experience design has increased.

• Digital interfaces improve front-office-back-office communication.

• Ability to facilitate digital and RM transactions.

• Client understanding, careful study, and categorization.

• Practising data analytics and data science.

The Following Decrees Would Result From Changing A Seasoned Investor’s Rules:

• A remarkable 89% of refined individual patrons can opt out of appropriateness and disclosure.

• 69% of corporate professional investors want better knowledge and experience criterion interpretation.

• 25% threshold changes!

Commercial Investments:

• 81% are relationship managers.

• IT – 61%

• It performs 53%.

• 42% of front-office duties.

• Dear, 31% adherence.

• Risk – 25%

• Operations get 8%.

• Auxiliary functions receive 6%.

• 3% financing.

• HR – 3%

3. PWM-Attractive Sectors:

• External asset managers

• Private Capital

• trusting capital markets.

• Fiscal alternatives

• Insurance

• Digital intangible asset companies.

• Non-monetary areas

Relationship Managers Are Attractive For Various Reasons:

• 94% compensation!

• 72% less administrative effort.

• 50% less regulatory obligation.

• Self-improvement 33%

• 19% have clear career goals.

• 31% more effective IT support.

• Work-from-home Front, Middle, and Back Offices.

• Unlike 47%, 80% of people work remotely 0-1 days a week.

• 17% telecommutes two to three days a week, compared to 45%.

• Remote work 3% vs. 8%

In 2022, 36 out of 42 renowned members of the Hong Kong Private Wealth Management Association (PWMA), 200 important patrons, and prominent industry executives, overseers, and other major stakeholders were surveyed online.

APWM’s Mission

Hong Kong’s voluntary Association of Private Wealth Management is independent of the Hong Kong Association of Banks. Hong Kong’s status as the region’s leading private wealth management centre is PWMA’s main goal. Fostering and supporting Hong Kong’s PWM sector’s growth and competitiveness as a financial hub will accomplish this. As suggested by Rani Jarkas, the Chairman of Cedrus Group, we want to create a forum for members to discuss PWM sector developments and concerns. We also promote ethics, integrity, and excellence among PWM professionals.

We honourably connect the private wealth management industry to recognised bodies like governments, regulators, trade groups, and non-governmental organisations. In Hong Kong, we provide unmatched PWM industry representation and consultancy. The PWMA’s 12-member Executive Committee governs 43 Full Corporate Members and eight Associate Members.