During the keynote speech at the 16th HKIFA Annual Conference, CEO Julia Leung discussed the challenges faced by the asset management industry in 2022 and the necessity to adjust strategies to make Hong Kong a global asset management hub and private wealth center. The investment landscape experienced a significant shift due to the sudden end of zero interest rates and the pandemic’s impact. Despite this, Hong Kong has demonstrated resilience and encouraging signs in the first quarter of 2023, with a resumption of growth in the NAV of Hong Kong-domiciled funds and net inflows into Hong Kong-domiciled funds. The SFC has a four-pronged approach to make Hong Kong a global asset management hub and private wealth center, including onshoring investment funds, building platforms to connect with Mainland China, offering more products in the market, and embracing technology. The SFC aims to reduce greenwashing and channel capital flows to more sustainable areas of the economy. Generative AI can support asset managers in strategic decision-making, but firms must be cautious and address potential issues before deployment. It is vital to stay vigilant and resilient in the face of economic headwinds and headline risks, according to the SFC.
Resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR57