Major private banks managed 14 per cent more assets in the first half and hired over 400 bankers in the last two years, HKMA’s Eddie Yue says
The strong growth of Hong Kong’s private banking and wealth management sectors will drive increased hiring and leasing of office space in the coming years, according to the chief executive of Hong Kong Monetary Authority (HKMA).
Major private banks’ assets under management (AUM) in the city rose 14 per cent in the first half of the year compared with the end of December, while they hired more than 400 wealth management experts in the last two years, an increase of 12 per cent, said Eddie Yue Wai-man, without naming them.
HSBC and Standard Chartered reported strong growth in their wealth management business in the first half in their interim results last week.
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