On July 02, 2026, the SFC released its 2025 survey showing Hong Kong AUM grew 20% YoY to a record $42.2 trillion. Net fund inflows surged 193% to $2.1 trillion. HK-domiciled funds NAV increased to $2.6 trillion by end-May 2026. Investors outside Mainland/HK accounted for >54% of AUM. SFC remains committed to regulatory enhancements.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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SPOTLIGHT ON
FAMILY OFFICES
On July 02, 2026, the Securities and Futures Commission ("SFC") published its 2025 survey on asset and wealth management activities, revealing Hong Kong delivered a standout year as a leading global hub in 2025. Total assets under management ("AUM") jumped 20% year-on-year ("YoY") to a record high of $42.2 trillion (US$5.4 trillion), surpassing the previous peak of $35.5 trillion (US$4.6 trillion) in 2021. The record AUM was partly driven by net fund inflow surge of 193% YoY to $2.1 trillion (US$265 billion), marking a third consecutive year of growth.
Segmental Growth and Fund Metrics
Among the major segments, the AUM of the asset management and fund advisory business recorded solid 19% YoY growth to $31 trillion (US$4 trillion); that of private banking and private wealth management business also increased by an impressive 24% YoY to $12.9 trillion (US$1.7 trillion). Hong Kong-domiciled funds authorised by the SFC posted robust growth, with net asset value up 38% to $2.3 trillion (US$292 billion) as at end-2025. This momentum continued into 2026 with a further 13% increase to $2.6 trillion (US$330 billion) as at end-May 2026. Net fund inflows into these funds more than doubled to $357 billion (US$45.7 billion) in 2025, followed by $118 billion (US$15.1 billion) in the first five months of 2026.
Investor Base and Strategic Outlook
The city’s growth of high quality was underpinned by its geographically diversified and predominantly institution-oriented investor base. Investors from outside Chinese Mainland and Hong Kong accounted for more than 54% of total AUM in recent years, reaffirming the sector’s global reach. In 2025, asset managers invested 56% of AUM outside the Mainland and Hong Kong, while the AUM of their bond investments recorded double-digit growth for a second consecutive year. Over the past five years, the share of non-equity investments rose by 7 percentage points to 58%. The SFC’s survey results chime with the findings from Boston Consulting Group’s ("BCG") Global Wealth Report 2026, which identified Hong Kong as the world’s largest cross-border wealth centre in 2025, with US$2.9 trillion in cross-border wealth. Ms Elisa Ng, the SFC’s Executive Director of Investment Products, stated: "2025 highlighted Hong Kong’s unparalleled resilience to worldwide headwinds and growing influence as a leading asset and wealth management hub, driven by the unwavering confidence of global investors, vibrant market innovation and a world-class talent pool." She added that the SFC remains committed to continued regulatory enhancements to foster Hong Kong’s competitiveness as a premier international financial centre and a leading offshore renminbi hub.
Regulatory and Industry Expansion Highlights
Other highlights of the SFC’s report include net fund inflows for the asset management and fund advisory business segment surging 330% to $1.38 trillion (US$177.3 billion) in 2025. Mainland-related firms in Hong Kong outperformed overall AUM growth with a 28% YoY increase in asset and wealth management AUM to $3.9 trillion (US$507 billion), supported by an 80% net fund inflow surge. The number of registered open-ended fund companies increased by 43% YoY, reflecting continued support for Hong Kong’s corporate fund structure. The number of firms licensed to manage assets (Type 9 regulated activity) in Hong Kong increased by 7% YoY to 2,358, while Type 9 licensed individuals grew by 5% to 15,747, pointing to industry expansion.
Survey Methodology and Definitions
More details of the survey can be found in the Appendix of this press release. Notes indicate that Asset and wealth management business comprises asset management, fund advisory, private banking and private wealth management, SFC-authorised real estate investment trusts and assets held under trusts. 1,316 firms took part in the SFC’s annual Asset and Wealth Management Activities Survey. There are entities conducting their own investment and wealth management activities in Hong Kong that may not be required to obtain a licence under the Securities and Futures Ordinance, such as single family offices, sovereign wealth funds and endowments, which are not included in the survey. Unless stated otherwise, values given are in Hong Kong dollars and all comparisons are made on a YoY basis. The number of SFC-authorised Hong Kong-domiciled funds increased by 9% to 1,041 in 2025 and further increased to 1,072 at end-May 2026.
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