Hong Kong: Adapting to The New Context

The asset and wealth management industry is facing a “New Context”, which has been propelled by shifts in how we live, work, and interact with one another and coupled with today’s geopolitical tensions and macroeconomic uncertainty. This New Context has far-reaching implications affecting the industry, its ecosystem, and its investors. As the industry evolves to meet the changing needs of all stakeholders, investors, and wider communities, the role of asset and wealth managers is also broadening. As the concept of fiduciary duty evolves and more dimensions are included, greater responsibility is being placed on the asset and wealth management industry as a key driver in funding the economy and championing the initiatives of governments and public stakeholders. Globally, with control of more than US$115 trillion, the asset and wealth management industry has the unparalleled influence to shape a better future for all.

In Hong Kong, asset and wealth managers must look to reshape their perspectives and re-evaluate how to position themselves in a time of disruption, uncertainty but also opportunity. The global economy is navigating through headwinds and Hong Kong paves the way forward with boundless opportunity ahead. Ultimately, Hong Kong, as a world-renowned International Financial Centre, serves as a pivotal driver for asset and wealth management industry growth under The New Context. Going forward, the changes asset and wealth managers make must be fundamental, not marginal. A few fixes here or there, embarking on efforts in silos, without clear alignment between key organisational stakeholders will not be enough to thrive in The New Context.

For a deeper discussion, please contact our PwC contacts listed below or Gaven Cheong at Tiang & Partners.

Tiang & Partner is an independent Hong Kong law firm and a member of the PwC network.