Welcome to the Hong Kong Asset Management and Private Equity Outlook, where we review the major trends and consider the developments that lie ahead for the industry.
Assets under management for Hong Kong’s asset and wealth management industry rose 20% to a record HKD 42,202 billion in 2025, surpassing the previous peak set in 2021. Underpinning confidence is what we consider the most consequential tax development in a generation: after more than six years of advocacy, engagement and collaboration, the government is finalising sweeping reforms to Hong Kong's fund exemption and carried interest regimes. This is likely to have a significant impact on the dynamism of Hong Kong's asset management industry, as it creates a genuine incentive for managers running alternative strategies to operate and manage their funds from the city.
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