Hong Kong-based Futu Securities’ wealth management assets have reached HK$10.2bn ($1.3bn) at the end of December, according to the firm’s annual report published in late-March.
In total, at least 42,000 clients held wealth management positions on the firm’s online platform.
The securities firm’s wealth management service, “Futu Money Plus”, was launched in 2019 in response to its clients’ needs for wealth management.
“For many investors, trading and wealth management go hand-in-hand,” the firm said in the report.
Money plus sits on the “Futubull” online stock trading platform and now includes around 100 fund products managed by 39 asset managers, according to the report. Users may choose from different investment portfolios with varying risk levels that invest in these funds, as well as having the option to select individual fund products.
The Money Plus service was expanded in June last year to include private funds, such as hedge fund and alternative investments, which are offered only to professional investors. In September, it also launched bond trading services, which is also only available to professional investors.
“We believe that our comprehensive offering of financial products and services and our strong technology capability in developing new products and services will allow us to capture new market opportunities and respond to changes in the market, client demand and client preferences to remain competitive,” the firm said in the report.
As of the end of December, Futu had 11.9 million users on the Futubull platform, among which 1.4 million are registered clients and 516,721 were paying clients. Registered clients are users who have opened one or more trading accounts with Futu, while paying clients are those with assets in their trading accounts.
“Since the remaining user base of 10.5 million as of 31 December 2020 are yet to be registered clients, we believe such large user base demonstrates our significant potential to convert these users into our registered and paying clients, which contribute to the growth of our trading volume and ultimately drive our revenues,” the firm said.
Futu’s total revenues increased 211.9% to HK$3.3bn in 2020 from HK$1.06bn in 2019, according to the report.
