Hong Kong's fund management business last year recorded total assets of 2.95 trillion HK dollars or 378.8 billion US dollars, substantially higher than the 1.64 trillion HK dollars or 209.6 billion US dollars reported the previous year.

According to the Fund Management Activities Survey 2003, the strong gains were due to several factors, CRIENGLISH.com reported Wednesday.

Registered institutions were included in the survey for the first time. They contributed 630 billion HK dollars or 80.7 billion US dollars worth of assets to the survey and licensed corporations recorded a 42 percent rise in their asset management and advisory businesses to 2.32 trillion HK dollars or 297 billion US dollars.

The Securities & Futures Commission believed that this was on the back of strong performances in the financial markets, inflows of investment funds and gain in investment mandates.

Hong Kong is a magnet for overseas funds and possesses the expertise for managing investments in the Asian region. Of the 2.94 trillion HK dollars worth of assets in the fund management business, 63 percent were sourced from overseas investors.

Source: CRIENGLISH.com