Hong Kong Wealth Firms’ Gloom Spreads With Drop in Assets

Hong Kong’s private wealth managers are growing more pessimistic after a sharp drop in assets under management as more clients seek to park their money elsewhere, a survey by the Private Wealth Management Association found.

In a forecast, 15% private wealth managers, up from 8% last year, predict growth in assets under management will be below 5% over the next five years, according to the Hong Kong Private Wealth Management report, jointly conducted with KPMG China. The share of those who anticipate assets will expand more than 10% slid to 18% from 25%.