The bank is targeting investors in Hong Kong with HK$8m.
Customers were delaying long-term investment decisions due to the uncertain market environment, the bank said.
Separately, the bank’s top 10 best selling mutual funds include products managed by Alliance Bernstein, Blackrock, Hang Seng IM, Janus Henderson, JP Morgan Asset Management and UBS Global Asset Management.
In a gloomy local environment, Hong Kong’s HNW investors want safety and more FMP portfolios are in the pipeline, said Hang Seng Bank’s head of investment advisory.
A former Hang Seng Bank relationship manager who carried out unauthorised transactions is slapped with a two-year ban.
HSBC subsidiary Hang Seng Bank posted a 13% increase in half-year income generated by its wealth management business, driven by fund sales and securities and brokerage services.
The asset management joint venture of Hang Seng Bank intends to apply for quota under the qualified domestic institutional investor (QDII) programme, according to Rosita Lee, director of Hang Seng Investment Management and Hang Seng Qianhai Fund Management Company (HSQH).
Hong Kong’s Hang Seng Bank reported a 33% increase in income generated by its wealth management business, driven by strong demand for investment products.
Robo-advisors are posing challenges to the people-oriented wealth management industry in China, according to panelists at Fund Forum Asia 2017 in Hong Kong.
Retail sales of global multi-asset funds in Hong Kong surged in December 2016, suggesting the retail base is now seeking diversification.