HKIFA and KPMG joint report “Vision 2030” outlines industry experts’ insights on the landscape for asset management and their hopes for the sector’s development as we look towards 2030 and beyond. (Link to the full report: HERE)
At the report launch event, the speakers had a lively discussion on Hong Kong’s role as a global asset management hub, the growth opportunities in China and the region, the evolving tax landscape, and cross-border schemes like Wealth Management Connect and Mutual Recognition of Funds. They also shared their thoughts on some of the trends unveiled in the report, such as the growing interest in alternative assets, the ‘retail-isation’ of the sector, and the impact of emerging technology.
Program for the event:
- 4:00pm – 4:30pm – Registration
- 4:30pm – 5:45pm – Presentation & Panel Discussion
- Opening – Elisa Ng, Chairman of HKIFA
- Presentation of the Vision 2030 report findings and recommendations – Vivian Chui, KPMG
- Panel discussion
- Mr Joseph H. L. Chan, JP – Under Secretary for Financial Services and the Treasury, The Government of the Hong Kong Special Administrative Region, Financial Services and the Treasury Bureau
- Ms Elisa Ng – Chairman, Hong Kong Investment Funds Association
- Mr Andrew Weir, FCA, MBE, BBS, JP – Partner, Global Chair of Asset Management and Real Estate
- Mr Darren Bowdern – Tax Partner, Head of Asset Management Tax, KPMG ASPAC; Head of Alternative Investments, Hong Kong, KPMG China
- Mr CheeHoong Tong – Partner, Wealth and Asset Management, Hong Kong, KPMG China (moderator)
- Q&A
- 5:45pm onwards – Networking session
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Nelson Chow and Simon Wong, co-chairs of HKIFA Unit Trust subcommittee, shared insights on the latest retail fund performance and flows, as well as outlook for the second half of 2024 at the HKIFA media briefing.
Hong Kong retail funds market recorded gross sales of USD 19.8 billion in the first quarter of 2024, a 69% surge from a quarter earlier, and the highest since the third quarter of 2021. Net inflows also reached USD 3.8 billion in the same quarter, a sharp reversal of the USD 2.1 billion net outflows from the previous quarter.
They saw investors’ continuous quest for income and growing interest in Japanese and Indian equities. They expect a more positive market outlook given the resilience of global economy and the prospect of interest rate cuts.
The Q1 retail fund sales press release can be found here: https://hkifa.org.hk/hong-kong-retail-fund-gross-sales-reached-usd-19-8-billion-in-first-quarter-of-2024-up-69-from-previous-quarter/
A media panel was held on Apr 25 on ETF development in light of the latest announcements on ETF Connect, and the upcoming launch of virtual asset spot ETFs in Hong Kong.
ETF experts from four fund houses – Andy Ng from Blackrock, Rahul Bhalla from Franklin Templeton, Tom Digby from Invesco, and Alex Chiu from Value Partners – highlighted the strong growth of ETF usage both globally and in Asia, emerging product trends including active ETFs, virtual assets ETFs, as well as ESG ETFs.
HKIFA warmly welcomes and is in full support of the ETF Connect relaxations announced on April 19. We will continue to have dialogues with the authorities to provide substantive inputs as to how to further enhance the Scheme so as to enable mainland/offshore investors to leverage on the offshore/mainland investment opportunities.
HKIFA and PwC hosted an engaging ESG session for our members last Thursday.
Experts from PwC walked through the SFC guidelines, SFDR, and UNPRI; and how fund managers should take note of so as to meet the expectations of both investors and regulators.
We extend our gratitude to our three speakers from PwC’s Hong Kong Climate and Sustainability practice team: Loretta Ng, Clinton Pang, and Jitao Wang.
Stay tuned for our upcoming events amid the ever-evolving ESG landscape!
HKIFA wishes everyone a prosperous Year of the Dragon!
HKIFA hosted a Lunar New Year gathering for the industry on Feb 23, 2024.
Representatives from fund houses and their business partners exchanged New Year greetings, mingled and shared.
The togetherness, the bondage and the warmth… just wonderful!
Stay tuned for more upcoming events
Philip Tso, co-chair of the HKIFA Pensions Subcommittee, and Sally Wong, CEO of HKIFA, hosted a press briefing on Feb 19, 2024 to share the latest MPF performance in the past 12 months, market outlook for the Year of the Dragon, as well as the importance of the dollar-cost averaging and diversification investment approaches.
Philip remarked: “By adhering to a disciplined, effective, yet simple dollar-cost averaging investment strategy, investors can mitigate the impact of price volatility, and harness the power of compounding to achieve their financial goals.”
The dollar-cost averaging strategy, which typically involves making investments on a regular basis, outperformed lump-sum investing across the majority of HKIFA’s 26 MPF categories over 1-year and 3-year periods, according to HKIFA data.
Thank you to all participants who attend our insightful fund tokenization seminar, jointly hosted by The Association of Fund Administrators of Hong Kong and the Greater Bay Area Limited (AFAHKGBA) and HKIFA. Gain deeper insights into fund tokenization, global trends, and how service providers assist in launching and supporting tokenized funds.
Highlight is the keynote Address by Ms. Christina Choi, Executive Director, Investment Products Division, Securities and Futures Commission.
Sessions included in the event:
- Fund Tokenization: From Theory to Practice
- Fire-side Chat: HK Tokenized Fund Case Study
- Fire-side Chat: Singapore Tokenized Fund Case Study
- Service Provider Panel: How to Support Tokenized Funds
Big thanks to co-host partner AFAHKGBA for their great support, our esteemed speakers, panelists, and moderators for their valuable contributions, as well as EY for venue and cocktail sponsorship.
Stay tuned for more updates and future events!
Hong Kong stands out as a vibrant hub for virtual asset innovation in Asia, thanks to its flourishing Web3 ecosystem and supportive regulatory framework. On Dec 13, 2023, we are delighted to have had the opportunity to bring together experts from HashKey Group who shared valuable insights on virtual asset trading, regulated exchanges and tokenisation.
We are very grateful to have representatives from the Licensing Department of the SFC to providing a refresher session to our members, covering topics including overseas practitioners visiting Hong Kong to perform regulated activities (“RAs”); incidental RAs for fund managers and digitalized licensing process.
A big thank you to Mr. Wilson Lo, Head of Licensing, Intermediaries Department of the SFC, as well as his team members for an extremely useful sharing session.
We are excited to co-host an in-person event with the Private Wealth Management Association (PWMA) on the Future of Alternative Investments.
According to a report by Preqin, an alternative investment data intelligence firm, it is estimated that the global alternatives market, which includes asset categories such as private equity and hedge funds, will reach USD24.5 trillion in 2028.
Preqin will join us to present the findings of their report, followed by a panel discussion with other speakers to explore trends and developments in private equity, venture capital and infrastructure, as well as new opportunities, strategies and the role of technology in this ever-changing investment environment.
We hosted the press conference on Nov 20, 2023, where HKIFA Pensions Subcommittee co-chairman Charles Brooke and Philip Tso shared key findings from our retirement survey.
Mr. Charles Brooke, co-chair of Pensions Subcommittee, said “MPF members have shown a desire for increased education on retirement and new decumulation investment products for post-retirement.”
Mr. Philip Tso, co-chair of Pensions Subcommittee, said “Investors do pay attention to products for post retirement and indicate that (1) guaranteed return, (2) regular payout, (3) capital appreciation are the key factors.”
Stay tuned for further updates and initiatives from HKIFA!
We are greatly honoured to have Mr. Christopher Wilson, Executive Director of the SFC Enforcement Department, as our guest speaker at the HKIFA luncheon talk on Nov 9, 2023. Mr. Wilson covered a range of topics including investment and regulatory risks for fund managers, the SFC’s enforcement priorities, sustainable investing, and greenwashing.
More events for members are in the pipeline. Please stay tuned.
Deep dive into some of the latest regulatory developments in the mainland fund market (e.g. FMC, QDII, Connect Schemes, private funds).
The Greater Bay Area (GBA) has become the engine of the national economy. GBA includes the Hong Kong SAR, Macao SAR and nine cities in the Guangdong Province. With the growth in the middle class in GBA, there is penchant demand for wealth management services. The Cross-boundary Wealth Management Connect (WMC) is best positioned to meet this need – it can enable GBA investors to fully leverage on the HK platform to avail of world-class professional investment management services. Through WMC, they can diversify across asset classes and markets on a global basis so as to capitalise on global investment opportunities.
The Hong Kong Investment Funds Association (HKIFA) is committed to promoting the development of Hong Kong fund management industry so as to entrench Hong Kong’s position as a fund management centre. In addition, we are committed to undertaking investor education initiatives so as to facilitate investors to make informed decisions. The WMC educational forum hosted best exemplifies our educational mandate. Under WMC, we also play another important role – acting as a bridge between the industry and regulators. We will continue to work closely with regulators to continue to enhance the product scope and services of WMC, so as to enable that the Scheme can best serve the wealth management needs of GBA investors.