Asset centre: Secretary for Financial Services & the Treasury Frederick Ma says Hong Kong is one of the most prominent asset management centres in Asia.

Secretary for Financial Services & the Treasury Frederick Ma says the Government will spare no effort in creating a conducive environment for maintaining Hong Kong's competitiveness as an asset management centre.

Speaking at opening session of the Forum on Hong Kong as an International Asset Management Centre today, Mr Ma said the city is one of the most prominent asset management centres in Asia, with a significant presence of global fund houses.

According to a Securities & Futures Commission survey, the total assets of Hong Kong's fund management business in 2003 amounted to $2.947 trillion, of which $1.86 trillion, or 63%, originated from overseas investors.

Tremendous prospects

The prospects for assets management business are tremendous, Mr Ma said, adding the high savings rate in Asia, the good prospects for economic growth in the region, and the Mainland's policies towards broadening the scope of investment, all present huge opportunities for Hong Kong.

He also cited the Government's efforts in meeting with the challenges that Hong Kong was facing. They include:

* keen competition in a globalised economy;

* volatile economic, financial and geo-political environment in the region and the world at large; and,

* the demand for talent .

Noting the existence of sufficient and good quality human resources was key to Hong Kong's further development as an international asset-management centre, Mr Ma said there is a need for Hong Kong to step up efforts in expanding the pool of talent through strengthening local education and training and attraction of talent from outside.

"We must capitalise on our strengths, seize all the development opportunities and prepare ourselves well for the challenges ahead," Mr Ma said.