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市場調查報告書 - 209139

香港的財富管理(2011年)

Wealth Management in Hong Kong 2011

出版商 Datamonitor
出版日期 內容資訊 英文 nfo Pages
價格
香港的財富管理(2011年) Wealth Management in Hong Kong 2011
出版日期: 2011年08月09日 內容資訊: 英文 nfo Pages
簡介

本報告,調查分析香港財富管理產業的動向與展望,彙整香港的經濟環境、相關法律規範、富裕層的檔案資料、富裕層財富管理的趨勢、有興趣的商品・服務、財富管理公司的商業模式、企業的關注重點、主要企業的檔案資料等,由下列摘要形式闡述。

報告摘要

香港的富裕層市場:市場規模・市場預測

  • 宏觀經濟概要
    • 宏觀經濟動向・實績
    • GDP
    • 通貨膨脹
    • 利息
    • 股票市場的資本化
    • 所得分布
  • 香港的財富管理相關規範
    • 主要機關・組織
    • 近期的法律規範
  • 香港的國內富裕層人口
    • 富裕層佔香港人口的比例
    • 香港個人富裕層的增加
    • 香港的流動資產價值
  • 香港的境外市場
    • 境外資金管理產業:凌駕國內產業
    • 香港・新加坡:圍繞在境外客戶的競爭
    • 管理下的許多境外資產來自亞洲

香港的HNW(富裕層)客戶

  • 典型的香港HNW投資家的構成
    • 香港大部份的HNW個人為31-50歲,沒有分配在資產管理上的時間
    • 男性為大部分
    • 大部分的HNW投資家透過事業累積資產
  • 持有全球股票市場的香港HNW個人主要投資股票
    • 香港的HNW投資家將多數的產品組合比例分配在股票
    • 透過詳細的資產等級分析,香港的HNW個人多投資在股票・公司債劵
    • 今後2年預料現金或是準現金、債劵商品的人氣將提高
  • 資產管理服務以及主要的融資商品需求高
    • 資產管理顧問、房屋貸款、利率貸款的需求高
    • 香港的HNW個人在現在特別是對資產管理顧問表示興趣
    • 資產管理顧問的高需求今後2年將持續
    • 資產管理以上的商品・服務的需求各式各樣
    • 今後2年以內計畫服務以及保險的需求將提高
  • 香港的HNW投資家:對金融商品有深度理解,對高風險商品有興趣
    • 比起地區平均,對高風險商品的興趣高
    • 希望能與財富管理公司面對面連絡
  • 香港的HNW投資家:比起地區平均,對財富管理公司的忠誠度低
    • 將資產分散於複數的財富管理公司
    • 香港HNW投資家的自我管理上無風險
    • 新客戶的獲得:既有客戶的推薦為最具效果的方法

香港財富管理業界的企業動向

  • 香港財富管理公司的商業模式
    • 香港存在許多國內・外資企業
    • 資產管理中心的企業也多
  • 企業動向
    • 知名的全球財富管理公司也在香港擴大
    • M&A的進展:顯現出香港在亞洲成長的重要性
    • 中國銀行開始為滿足本土客戶國際需求的服務
    • 香港致力於成為亞洲的資產管理中心
    • 連結香港的國際需求擴大:重點放在有效的財富管理系統
  • 香港的主要財富管理企業
    • Citibank
    • CITIC Bank International
    • DBS
    • Guotai Junan International
    • Hang Seng Bank
    • Julius Baer

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目錄

Abstract

Introduction

Hong Kong has taken its place as one of the leading financial centers of the world. The wealth market is rapidly developing as an asset management industry, given its proximity to the growing Mainland China market. The domestic affluent population is large enough to be attractive to international wealth managers, even before its substantial offshore client base is taken into consideration.

Features and benefits

  • Build your customer targeting strategy using in-depth HNW demographics and needs analysis based on Datamonitor' s annual Global Wealth Manager Survey
  • Assess your competition through detailed profiles of notable players, including the customer targeting, marketing and product strategies they employ.
  • Size your potential client base using Datamonitor' s proprietary data, presenting the number of affluent individuals by liquid asset band to 2014.

Highlights

Growth in the value of the assets held onshore by Hong Kong HNW investors is forecast to be strong over the next four years. Much of the growth in asset values will be underpinned by the exposure of Hong Kong to the economic growth story of China through its development as the offshore Renminbi trading centre of choice.

The HNW market in Hong Kong is dominated by male entrepreneurs or business owners aged 31 - 50, in contrast to the wider Asia Pacific region which has a more evenly distributed age and gender profile. In terms of life stages these individuals are also very likely to be coping with the demands of family and at-home children.

Numerous wealth management business models operate in the Hong Kong market. Foreign banks compete alongside local and regional giants as well as Hong Kong and Mainland asset managers. Competitors profiled include: Citibank, CITIC Bank International, DBS, Guotai Junan International, Hang Seng Bank and Julius Baer.

Your key questions answered

  • What strategies are my competition employing to win and keep affluent clients?
  • What is the potential market for a private banking or mass affluent proposition in Hong Kong?
  • What are the most effective acquisition techniques that I should use to build up my client base?
  • What products and services will have the strongest client demand going forward?

Table of Contents

OVERVIEW

  • Catalyst
  • Summary
  • Methodology

EXECUTIVE SUMMARY

  • The Hong Kong economy is led by a strong services sector
  • The HKMA acts as the country' s central bank
    • Recent legislation has been aimed at calming the property market and expanding renminbi business
  • Hong Kong' s affluent population is yet to recover to pre-crisis levels
  • Hong Kong has an established offshore market
    • Wealth managers must choose between Singapore and Hong Kong
  • The Hong Kong HNW customer has a high risk appetite
  • The market consists of both bank-led and asset management-led players
    • Competitor developments focus on key growth strategies
    • Profiled competitors have been chosen to highlight the various wealth management business models

SIZING AND FORECASTING THE AFFLUENT MARKET IN HONG KONG

  • Macroeconomic overview
    • Macroeconomic trends and performance
    • GDP
    • Inflation
    • Interest rates
    • Stock market capitalization
    • Income distribution
  • Regulation of wealth management in Hong Kong
    • Key institutions and players
    • Recent legislation
  • Sizing the onshore affluent population in Hong Kong
    • Hong Kong' s affluent population as a proportion of total population is the second highest in Asia Pacific
    • The number of affluent individuals in Hong Kong continues to increase
    • Value of liquid assets in Hong Kong
  • The offshore market in Hong Kong
    • The offshore fund management industry continues to outsize the onshore industry
    • Hong Kong and Singapore are competing for offshore clients
    • The largest proportion of offshore assets under management come from Asia

HNW CUSTOMERS IN HONG KONG

  • The makeup of the typical Hong Kong HNW investor
    • The majority of Hong Kong HNW individuals are between 31 and 50 years old, giving them little time to manage their wealth
    • Men account for the majority of HNW individuals in Hong Kong
    • The largest proportion of HNW investors have amassed their fortunes through business/entrepreneurship
  • With one of the leading global stock markets, Hong Kong HNW individuals invest significantly in equities
    • In broad asset class terms, Hong Kong HNW investors place the largest proportion of their portfolio into equities
    • Detailed asset class analysis shows Hong Kong HNW individuals largely invest in equities and corporate bonds
    • Over the next two years, cash or near-cash and fixed income products will increase in popularity
  • Demand for asset management services and selected lending products is high
    • There is high demand for advisory asset management, mortgages, and margin lending among Hong Kong HNW individuals
    • Hong Kong HNW individuals currently show a strong appetite for advisory asset management
    • Looking forward two years, high demand for advisory asset management will persist
    • There is varying demand for products and services beyond asset management
    • Within the next two years, demand for planning services and insurance will increase
  • Hong Kong HNW investors have a high risk appetite, supported by a strong understanding of financial products
    • Hong Kong HNW investors have a higher risk appetite than the regional average
    • Hong Kong HNW individuals demand face-to-face contact from their wealth managers
  • Hong Kong HNW investors are less loyal to their wealth manager than the regional average
    • HNW individuals in Hong Kong spread their assets across numerous wealth managers
    • There is little risk that Hong Kong HNW investors will leave to manage their money on their own
    • Existing client referrals are the most successful method of acquiring new clients
    • Aside from referrals from existing clients, no other method of client acquisition has proven to be highly successful

COMPETITOR DEVELOPMENTS IN HONG KONG WEALTH MANAGEMENT

  • Business models of Hong Kong wealth managers
    • There are numerous domestic and foreign banks operating in Hong Kong
    • There are also numerous asset-management led players
  • Competitor trends
    • Notable global wealth managers have been expanding in Hong Kong
    • M&A developments underline the significance of Hong Kong to the Asian growth story
    • Chinese banks are launching services to cater for the increasingly international needs of their mainland clients
    • Hong Kong' s efforts to develop the country as an Asian asset management center are not going unnoticed
    • Growing international demand for access to Hong Kong will place greater emphasis on efficient wealth management systems
  • Key competitors in Hong Kong wealth management
    • Competitor profile: Citibank
    • Competitor profile: CITIC Bank International
    • Competitor profile: DBS
    • Competitor profile: Guotai Junan International
    • Competitor Profile: Hang Seng Bank
    • Competitor profile: Julius Baer

APPENDIX

  • Supplementary data
    • Asia Pacific stock market capitalization by major exchanges
  • Definitions
    • High net worth (HNW)
    • Liquid assets
    • Mass affluent
    • Measures of growth
    • Onshore
  • Methodology
    • Overall methodology
    • Global Wealth Managers Survey 2011
    • Global Wealth Model methodology
  • Selected bibliography
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer

TABLES

  • Table: Competitor profiles by business model
  • Table: Key macroeconomic data for Hong Kong
  • Table: The three tiers of Hong Kong' s banking system
  • Table: Affluent population as a percentage of total population in selected global wealth markets, 2010
  • Table: Number of mass affluent individuals by asset band (000s), 2006-10
  • Table: Number of mass affluent individuals by asset band (000s), 2011-14
  • Table: Number of HNW individuals by asset band (000s), 2006-10
  • Table: Number of HNW individuals by asset band (000s), 2011-14
  • Table: Value of liquid assets held by the mass affluent population ($bn), 2006-10
  • Table: Value of liquid assets held by the mass affluent population ($bn), 2011-14
  • Table: Value of liquid assets held by the HNW population ($bn), 2006-10
  • Table: Value of liquid assets held by the HNW population ($bn), 2011-14
  • Table: Tax systems of Hong Kong and Singapore
  • Table: Locally incorporated fully licensed banks offering wealth management
  • Table: Foreign bank-led wealth managers operating in the Hong Kong market
  • Table: Foreign and domestic asset management-led players operating in the Hong Kong market
  • Table: Selected Chinese fund managers and brokerages with Hong Kong subsidiaries that could benefit from the mini-QFII scheme
  • Table: Competitor profiles by business model
  • Table: Citibank wealth management brands, 2011
  • Table: CITIC Bank International wealth management brands, 2011
  • Table: CITIC Bank International performance data, 2010
  • Table: DBS wealth management brands, 2011
  • Table: DBS Group performance data, 2010
  • Table: Han Seng wealth management brands, 2011
  • Table: Hang Seng' s property services, 2011
  • Table: Hang Seng Bank performance data, 2010
  • Table: Julius Baer Group performance data, 2010
  • Table: Stock market capitalization of the major Asia Pacific exchanges ($bn), 2006 - 10

FIGURES

  • Figure: Hong Kong has the seventh largest economy in Asia Pacific
  • Figure: The Hong Kong economy contracted in 2009, before recovering strongly in 2010
  • Figure: Inflationary pressures will intensify if measures are not taken to cool the property market
  • Figure: The base rate was reduced to 0.5% in 2008 in an attempt to reignite the economy
  • Figure: The yields on 10-year Hong Kong government bonds reflect confidence in the country' s financial market
  • Figure: The Hong Kong exchanges are the third largest after Tokyo and Shanghai
  • Figure: Out of the 11 Asia Pacific countries, Hong Kong has the 10th highest Gini coefficient
  • Figure: Renminbi deposits have increased by almost 800% since 2009
  • Figure: Hong Kong' s affluent individuals account for 28% of the total population
  • Figure: The mass affluent population is forecast to have recovered to its 2006 high by 2012
  • Figure: The market for HNW wealth management will not recover to its 2007 high until 2012
  • Figure: Hong Kong mass affluent individuals are forecast to recover to pre-crisis levels by 2012
  • Figure: HNW AUM will approach its 2007 high by the end of 2011
  • Figure: The majority of non-REIT funds under management are sourced from investors outside of Hong Kong
  • Figure: Hong Kong has either ratified or pending double tax agreements with 13 countries across Europe
  • Figure: Hong Kong has either ratified or pending double tax agreements with eight countries in the rest of the world
  • Figure: Source of offshore AUM in Hong Kong
  • Figure: The majority of Hong Kong HNW individuals are between 31 and 50 years old
  • Figure: The proportion of male HNW individuals in Hong Kong is almost equal to the regional average
  • Figure: Hello Kitty VIP banking targets affluent female customers in Hong Kong
  • Figure: Hong Kong wealth is largely amassed through business/entrepreneurship and earned income
  • Figure: Hong Kong HNW investors focus their portfolios on equities and fixed income
  • Figure: Hong Kong HNW investors favor equities, corporate bonds, and deposit savings
  • Figure: Over the next two years, allocation into fixed income and cash or near-cash products will increase
  • Figure: Asset management, financial planning, and selected credit products are readily available
  • Figure: Asset management service availability is set to expand over the next two years
  • Figure: Advisory asset management is in very high demand in Hong Kong
  • Figure: Advisory asset management will continue to be the most important service for Hong Kong HNW individuals
  • Figure: Hong Kong HNW individuals show high demand for margin lending and mortgages
  • Figure: Demand for inheritance and tax planning will increase over the next two years
  • Figure: Hong Kong HNW investors understand risk and return and have a high risk appetite
  • Figure: Wealth managers cannot rely upon online channels for client communication
  • Figure: Weekly phone and email updates are common in the Hong Kong wealth management market
  • Figure: Just over one-quarter of Hong Kong HNW investors allocate 71 - 90% of their portfolio with one wealth manager
  • Figure: Hong Kong HNW investors are inclined to rely on a recommendation when choosing a wealth manager
  • Figure: Existing client referrals are the most successful method of acquiring new clients
  • Figure: Client events are moderately successful in terms of acquiring new clients
  • Figure: Citi offers three wealth management propositions and a dedicated offshore banking service
  • Figure: CITIC Bank is jointly owned by BBVA and China CITIC Bank Corporation
  • Figure: CITIC Bank offers two wealth management propositions
  • Figure: CITIC Private Banking Visa Platinum credit card provides improved benefits compared to the CITICfirst offering
  • Figure: The CITICfirst Visa Platinum credit card has extensive benefits
  • Figure: DBS offers three wealth management propositions
  • Figure: DBS Treasures offers credit cards with exclusive benefits and a smartphone app
  • Figure: Hang Seng offers two affluence defined wealth management propositions
  • Figure: The Julius Baer Cares Foundation was launched in 2008
  • Figure: Global Wealth Managers Survey 2011 geographic coverage
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