Wealth Management Bonanza

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Having worked in the financial services sector in London, Hong Kong and Sydney, I’ve led many initiatives over the years designed to connect China’s high net worth investor population with the international funds management sector by offering access to diversification, transparency and world class expertise. The latest move by the Chinese Government to connect Hong Kong’s wealth management sector (which is already very international) with China’s Greater Bay Area looks very significant to me and, according to my old friend Stewart Aldcroft in Hong Kong (a long term stalwart of HK’s funds management sector who I first met around the time of the crash of ‘87) “has the potential to offer one of the greatest opportunities available for both local and global fund managers in Hong Kong” by offering cross-border access to more than 70 million people.

According to Stewart, the recently announced “wealth management connect” scheme is intended to lean on the existing Mutual Recognition framework that exists between Hong Kong and China and “further develop financial products with cross-border access for an array of wealth management products, including mutual funds, exchange-traded funds, securities, private equity and credit products, medical, accident and vehicle insurance products, and life insurance products. The potential of a “wealth management connect” in the Greater Bay Area is unlimited. China’s retail investors have poured more than Rmb1 trillion (US$141 billion) into the launch of over 640 new funds in 2020 year to date, demonstrating their need to find more attractive investment propositions”.

The race is now on for global fund managers, insurance companies and wealth management professionals to get involved. I am hosting a webinar on the topic of the Greater Bay Area on 23rd July 2020 and, in light of these recent developments, I have invited Stewart to join us to answer questions on this topic for anyone who is interested. Click here to register.


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