Hong Kong pulls in financial firms as they target rich clients, family offices with array of services
- The Securities and Futures Commission received 2,017 applications from 1,972 individuals and 45 firms in the third quarter seeking licences to set up in Hong Kong
- One of the newcomers is Landmark Family Office, which started offering wealth management services for rich clients in January
Hong Kong’s capital market is attracting a wave of financial services providers eyeing opportunities in the wealth management and family offices space even as dozens of home-grown brokerages call it a day.
The city’s market regulator has been inundated with applications from financial firms and individuals seeking financial services licences, despite a downturn in the capital market.
In the July to September quarter, the Securities and Futures Commission (SFC) received 2,017 applications from 1,972 individuals and 45 companies. This was 13 per cent higher from the previous quarter and 6 per cent more than the same quarter last year, the SFC data showed.
In November alone, the SFC approved 17 new financial firms to set up in Hong Kong to conduct securities trading, asset management and corporate finance.
“This reflects a structural change in Hong Kong’s financial markets,” said Oliver Ng, managing partner of Digiwealth Consulting, noting that some small brokers shut down after their owners decided to retire.
