Alexa Lam SFC Executive Director, Intermediaries & Investment Products

In its Fund Management Activities Survey (FMAS) 2002, SFC reported that of the total assets under management (AUM), about 63 per cent were sourced from overseas investors. Thirty seven per cent or HK$558 billion (US$72 billion) of the AUM at 192 fund houses were derived from Hong Kong investors, up 23 per cent compared with 2001.

"The results of the survey suggest that Hong Kong has maintained its position as a major fund management centre in Asia, attracting overseas funds for management as well as increasing the amount of assets sourced from, managed out of, advised in, and invested in Hong Kong," said Alexa Lam, SFC's executive director of intermediaries and investment products.

Ms Lam added that the SFC is committed to further enhancing Hong Kong's advantages as the preferred location for fund management business in Asia. Firms with Hong Kong as their Asian headquarters grew to 36 last year.

According to the survey, there were 856 investment professionals in the fund management industry. They mainly specialised in equities and were proficient in the Asia-Pacific region, particularly in the mainland and in Hong Kong.

There were increases in funds pertaining to advisory services sourced from and managed out of Hong Kong according to the survey. Pure advisory assets sourced from Hong Kong grew 43 per cent to HK$43 billion (US$5.5 billion) while pure advisory assets managed in Hong Kong jumped 14 per cent to HK$83 billion (US$11 billion).

Ms Lam said that the "SFC would maintain its transparent approach to the regulation of the fund management industry, and to ensure that Hong Kong stays at the forefront of international best practice."

Full details of SFC survey at www.hksfc.org.hk