Around two-thirds of respondents to HSBC’s survey said they plan to boost investment via WMC on the back of today’s enhancements.
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Around two-thirds of respondents to HSBC’s survey said they plan to boost investment via WMC on the back of today’s enhancements.
The measures include increasing the scope of eligible products and increasing quotas.
The plans will see the wealth management scheme broadened out to include equities and an increase in the quota.
But there is scepticism about the objectivity of ESG guidelines.
Brokerages will compete with 23 eligible banks in Hong Kong for southbound services under the cross-boundary Wealth Management Connect.
The number of participating institutions in Hong Kong has increased to 24.
The banks can now start providing Wealth Management Connect (WMC) services.
The AUM of the city’s private wealth management (PWM) industry is expected to grow six to 10% per annum over the next five years, say wealth managers.
Large capital flows are not expected into the Greater Bay Area Wealth Management Connect (GBA WMC) scheme in the near future, according to Cerulli Associates.
The rolling out of cross-border schemes and the opening up of its asset management industry have enabled overseas money managers to tap into the China market, says Cerulli.
Part of the Mark Allen Group.