The more “subdued” outlook comes amid increased geopolitical tensions, which after the economic environment was the second-biggest concern among the firms surveyed.
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 showed.
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 who anticipate assets will expand above 10% slid to 18% from 25%.
