The Bloomberg Wealth Asia Summit returned to Hong Kong after a three-year break, bringing together the region’s leading investors, economists and money managers.
(Bloomberg) — The Bloomberg Wealth Asia Summit returned to Hong Kong after a three-year break, bringing together the region’s leading investors, economists and money managers.
Speakers at the conference Tuesday included Hong Kong Monetary Authority Chief Executive Eddie Yue, Amundi SA Greater China Chairman Zhong Xiaofeng, and HSBC Holdings Plc’s Chief Executive Officer for Wealth & Personal Banking Nuno Matos.
Hong Kong’s Prospects on Digital Asset Rules (3:58 p.m.
HK)
Cici Lu, founder and CEO of Venn Link Partners, and Edith Yeung, a partner at venture capital firm Race Capital, talked about the outlook for web3 and digital assets. The panelists expressed optimism over Hong Kong’s stance on regulating crypto markets, versus the US, where authorities are showing increasing skepticism.
Yeung said Hong Kong could lead the way with clear policies that attract good actors and drive the bad ones away.
Regulations on stablecoins are also keenly awaited, although they won’t replace fiat currencies, according to Lu.
Still, when asked whether Bitcoin might replace the dollar in the next 20 years, Lu and Yeung both gave an emphatic “no.”
Julius Baer Seeks to Increase India Presence (2:27 p.m.
HK)
Julius Baer Group Ltd. aims to boost its India presence to 10 cities from the current seven, said Rahul Malhotra, head of private banking for global India and developed markets.
India used to be “the gift that never gives,” Malhotra said.
“It’s giving now.”
Wealth creation is taking place, but only 9% of it is being managed by the organized wealth management sector, according to Malhotra.
Amundi Says China Wealth Business Is Rebounding (1:30 p.m.
HK)
Amundi SA’s onshore Chinese wealth management business is improving “significantly” this year after facing very challenging conditions in 2022, its local head said.
With a better regulatory environment, “we’re entering a new era with more long-term, more sustainable growth,” Greater China Chairman Zhong Xiaofeng said.
The Paris-based $2.1 trillion manager is refocusing on growth in China as the country emerges from Covid challenges.
Its earlier plan to more than double assets in Greater China by 2025 remains unchanged and it’s “on track” to meeting the goal, Zhong said.
Amundi managed about $120 billion in China, Hong Kong and Taiwan in 2021.
Zhong said he’s also “confident” that Europe’s largest asset manager can continue to navigate new challenges in China amid rising geopolitical tensions “in a sustainable way,” after more than four decades operating in the market.
Hong Kong’s Crypto Rules Will Shun ‘Light Touch’ Approach (1:26 p.m.
HK)
Hong Kong indicated that crypto companies drawn by the city’s push to create a digital-asset hub should expect an exacting regulatory regime.
“Our regulation will be tight,” Hong Kong Monetary Authority Chief Executive Eddie Yue said.
“We will let them create the ecosystem here and that actually brings a lot of excitement. But that doesn’t mean light-touch regulation.”
HSBC Expanding Wealth Presence (10:59 a.m. HK)
HSBC Holdings Plc is rapidly expanding its wealth business in Hong Kong, mainland China, India and Singapore, said Nuno Matos, chief executive officer for wealth and personal banking at the London-based lender.
The bank is also boosting its presence in global wealth hubs including London, Switzerland and the United Arab Emirates, he added.
Matos said the age of low volatility is over and investors can no longer be complacent.
With interest rates rising, fixed income is coming back, along with value stocks versus growth equities, he said. He sees investment opportunities in fixed income, particularly durations of around three to seven years.
“Geographically, Asia is the place to be,” Matos said.
HKMA’s Yue on Property Market (9:42 a.m.
HK)
Hong Kong real estate has rebounded quite nicely and the banking system is resilient, Yue said at the conference. There may be room to increase deposit insurance and a group is studying the issue, he said.
Hong Kong is looking at expanding products in the wealth connect with mainland China, including potentially global equity products, Yue said.
The city’s economic growth may be on the high side of government estimates, Yue said.
–With assistance from Russell Ward, Chanyaporn Chanjaroen, Zhang Dingmin, Kiuyan Wong, Shawna Kwan and Suvashree Ghosh.
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