PWMA Digest
PWMA Regulatory Newsletter
In case you missed it, we issued our first bi-annual PWMA Regulatory Newsletter in December, exclusively for PWMA Members. This comprehensive resource contains essential updates on key regulatory topics impacting the private wealth management industry. For the first issue, we teamed up with Linklaters to bring you expert insights on enhanced guidelines covering emerging product types, such as ESG and tokenized products, as well as crucial updates on conduct of business requirements, market sounding, and an exploration of the regulator’s supervisory priorities.
(Under "Reports and Newsletters" section)
Consultations
We’ve also been working on several industry consultations and clarifications including writing to the Deposit Protection Board (DPB) in relation to Section 6CA of the Deposit Protection Scheme (DPS) Rules. Thanks to all our members who contributed and Linklaters for consolidating the feedback, we were pleased to share the positive clarification received from the DPB in November. Specifically, to adopt the streamlined negative disclosure approach, scheme members may make a one-off negative disclosure on or after 1 October 2024 to their PB customers.
Swiss Talent Exchange Program 2024
In October, PWMA led a delegation of twelve private bankers from Hong Kong to Switzerland as part of our Swiss Talent Exchange Program, organised in collaboration with the Swiss Bankers Association. This year’s program included representatives from UBS AG, Bank of China (Hong Kong) Limited, Bank Julius Baer & Co. AG, and Standard Chartered (Hong Kong) Limited. During the week-long program, the delegation gained valuable insights into Switzerland’s financial centre through meetings with Swiss authorities, member banks of the SBA, and other financial market participants.
FSTB & FSDC Saudi Delegation
PWMA also took part in a significant delegation to Saudi Arabia organized by the Financial Services Development Council, led by Hong Kong Financial Secretary, Mr. Paul Chan. The purpose of the trip was to promote business opportunities for Hong Kong and strengthen ties with the United Arab Emirates (UAE). PWMA Chairperson, Amy Lo, led part of the delegation in meetings with the UAE Ministry of Investment, where discussions focused on Hong Kong's role as a connector for corporates, investors, and market participants in broader Asian markets. This was a valuable opportunity to gain insights into Saudi Arabia’s economic progress, investment landscape, and key priorities under Vision 2030, as well as its partnership with Hong Kong and Mainland China.
11th PWMA Annual Summit & PWMA Report 2024
The Annual PWMA Wealth Management Report for 2024 was released at our Annual PWMA Summit in late November. Both events received widespread media coverage – more details provided in the Q4 Event Highlights below.
CPWP/CPWPA Accreditation
In December PWMA Vice Chairman Horace Yip was interviewed by both the Hong Kong Economic Journal and the Economic Digest. Horace talked about the growth of the private wealth management industry, government efforts around attracting even more family offices to Hong Kong, and our Certified Private Wealth Professional (CPWP) and our Certified Private Wealth Professional Associate (CPWPA) certifications, which provide relevant education and training for private wealth practitioners.
Link to HKEJ article here: https://www1.hkej.com/dailynews/finnews/article/3941716
Link to ED article here: 專業人才需求增 私人財富管理公會推認證課程(Economic Digest)
PWMA Events Q4 Highlights
PWMA Wealth Management Summit 2024
This year’s PWMA Wealth Management Summit was held at the newly opened five star Hopewell Hotel, and for the first time welcomed over 1,000 attendees, making it the largest event for the industry to date. The agenda featured a range of topics with notable speakers and industry leaders. ?In her opening remarks, PWMA Chairperson Amy Lo noted the growth of PWMA and the increase in members, demonstrating the significant role Hong Kong plays in the wealth management business, underscoring Hong Kong’s position as a leading international financial centre. Ms. Lo also highlighted some key achievements and milestones of PWMA this year including continuing to be the voice of the industry, helping to streamline client requirements such as in relation to SPI, expanding our CPWP and CPWPA accreditation to China onshore in 2025, and the launch of a new education partnership with Blackstone. Financial Secretary Mr. Paul Chan also highlighted Hong Kong's potential as a global wealth management hub, alongside insights from the Chief Executives of both the HKMA and SFC on regulatory priorities.
PWMA x KPMG: Hong Kong Private Wealth Management Report
PWMA, in collaboration with KPMG China, released the ninth annual Hong Kong Private Wealth Management Report (“Report”) on 22 November 2024. The report reveals 2023 marked a turning point for the industry, with a return to AUM growth following strong inflows nearly tripling from the previous year. This year’s report also provides a lens into the growing impact Artificial Intelligence (AI) is having on the industry. Key findings include Hong Kong’s status as a leading wealth management centre remains strong, with regulatory concerns decreasing and the family office sector seen as a growing source of business. The Report also highlights the need for upskilling in AI competencies among wealth management professionals and emphasizes the importance of ongoing collaboration between the industry and government. We would like to express our sincere gratitude to all of our Members who have given their valuable time and input in supporting the annual survey and contributing to the success of this Report.?
Link to the Report: https://www.pwma.org.hk/wp-content/uploads/2024/11/HK-Private-Wealth-Report-2024_Final-version.pdf
PWMA x Blackstone: Certified Educational Programme on Private Market Investing for Wealth Management Professionals
Blackstone and the Private Wealth Management Association (PWMA) have announced their partnership to launch a first-of-its-kind certified educational programme for wealth management professionals to gain a deeper understanding of private market fundamentals. The programme draws on Blackstone’s expertise and insights as the world’s largest alternative asset manager to equip Hong Kong’s wealth management professionals with the knowledge and resources to support individual investors who are increasingly looking to diversify their portfolios and allocate into private markets. The programme, available from February 2025, will be a series of half-day in-person sessions in Hong Kong, open to all PWMA members. Upon completion, participants are eligible to receive On-going Professional Training (OPT) hours or other professional training credits as per their employers’ guidelines.
Please click on this link to register for the first session in February: https://www.pwma.org.hk/en/members-square/login/
(Under "Upcoming Events" section)
领英推荐
Other Training sessions & Events
1.???? PWMA x EQT: Recent Trends in Private Markets
It was an absolute pleasure to have the opportunity to co-host an intimate discussion on “Recent Trends in Private Markets” with our valued member EQT Group.?The session was held in a relaxed and cozy setting at EQT’s Central Hong Kong offices, featuring?Peter Beske Nielsen and?Sueann Yeo, who flew in to share valuable perspectives on private markets with our members. Peter and Sueann provided insightful and thought-provoking answers to questions from our moderator,?Vivien Khoo as well as the other attendees.
2.???? An In-depth Exploration into the SPI Circular
We hosted an information session in conjunction with the Hong Kong Securities and Investment Institute (HKSI) to discuss some key considerations of Sophisticated Professional Investor (SPI) implementation following the publication of PWMA’s industry-led FAQ, in an effort to provide further clarification to PWMA members in operationalising the SPI Scheme. ?We were very fortunate to have esteemed speakers?Richard Mak,?Yolenda Yu, and?Tom Jenkins each provide different industry perspectives, with our CEO?Vivien Khoo moderating the discussion. Highlights from the session included: key aspects of the SPI regime, considerations for institutions, such as client experience, competitive advantage, and necessary controls and processes, the importance of maintaining an agile compliance framework and benefits and challenges faced by institutions, including cost-effectiveness.
3.???? PWMA x FTAHK: Collaborative Innovation: FinTechs and Banks Shaping the Future
We were excited to partner with the FinTech Association of Hong Kong for the third consecutive year during Hong Kong FinTech Week to co-host a satellite event titled “Collaborative Innovation: FinTechs and Banks Shaping the Future.” Industry leaders Rocky Mui from Clifford Chance, Florian Spiegl from Evident, and Florian Lang from Libertify, along with moderator Jessica Liu from FTAHK, discussed the transformative power of collaboration between FinTechs and traditional banks in wealth management. Key themes included insights into the innovative services offered by leading FinTechs, opportunities created by disruptions in the finance industry, challenges in navigating regulatory landscapes, and future trends such as the growing adoption of AI among end users.
4.???? PWMA x EY: How Can Private Wealth Managers in Hong Kong Successfully Navigate the Great Wealth Transfer?
We co-hosted an online session with EY titled “How Can Private Wealth Managers in Hong Kong Successfully Navigate the Great Wealth Transfer?” During this event, EY experts Angelina Ng, Olaf Toepfer, and Sam Farage discussed key opportunities for private banks, such as capturing intergenerational wealth and attracting new clients, alongside significant threats like delays in engaging with donors and the evolving demands of younger generations. They also outlined guiding principles for private bankers to assist donors in securing their legacies, categorized next-generation inheritors, and suggested measures to facilitate effective intergenerational wealth transitions.
5.???? PWMA x FTSE Russell: Seeking Diversification – Investment in the Middle East Markets
We co-hosted a training session at The Executive Centre with FTSE Russell, titled “Seeking Diversification – Investment in the Middle East Markets,” featuring industry leaders Tony Wong from CSOP Asset Management and Angelina Lai from St. James's Place Wealth Management, and market experts Miko Huang and Sian Wei from FTSE Russell, and Tianchu Jia from CITICS, with Zhu Liu from FTSE Russell as moderator. Key takeaways included an overview of investment initiatives in Gulf Cooperation Council (GCC) countries, particularly Saudi Arabia and the UAE, highlighting how cultural changes and government initiatives attract foreign investments. The session also addressed the impacts of current geopolitical conflicts and U.S. elections on oil prices, explored the growing exchanges between Saudi Arabia and Hong Kong—including the launch of two new ETFs—and how Hong Kong's financial infrastructure appeals to Middle Eastern investors.
6.???? PWMA x Ark: Developments of the Wealth Management Industry in China
We were delighted to co-host a training session with our esteemed member, Ark Holdings, focusing on “Developments of the Wealth Management Industry in China.” Conducted in Mandarin, the session featured a comprehensive presentation by Shirley Chan, Managing Director at Ark Holdings, covering key topics such as the evolution of China’s economy through industrialization, urbanization, and digitalization, and the pivotal role wealth management firms play in serving Mainland clients. The discussion highlighted the significant growth potential of the high-net-worth client segment in China, which benefits from one of the highest savings rates globally, creating a positive outlook for the industry. Additionally, the session addressed available asset classes in China and emphasized the importance of financial security as a foundation for wealth accumulation.
7.???? PWMA Apprenticeship Programme: Recruitment Day
On 9 November, 340 students attended our Recruitment Day at the YMCA. The event began with an introduction to the Apprenticeship Programme by Vivien Khoo, PWMA CEO. Representatives from participating firms shared exciting career opportunities available to students. Additionally, the Career Clinic hosted by eFinancialCareers provided valuable CV writing and interview tips. The turnout was impressive, and we saw enthusiastic participation from all attendees.
8.???? PWMA Apprenticeship Programme: Year-end Networking Drinks
The PWMA Apprenticeship Alumni Association hosted a wonderful year-end networking drinks event for apprentices, alumni, and those interested in private wealth management. We are pleased to see the growing PWM community and the surge in applications for the Apprenticeship Programme this year, with approximately 1,450 students eager to join. To support the next generation and foster connections, we offered networking opportunities for participants to meet new people, strengthen relationships, and expand their networks beyond work and studies during the festive season. The evening was filled with fun and laughter, with the lucky draw serving as the highlight of the night.