_2025年香港信托行业报告_英_39页_7mb

Summary of Hong Kong Trust Industry Spotlight 2025

Core Content

The Hong Kong Trust Industry Spotlight 2025 provides an in-depth analysis of the current state, growth, and regulatory developments in Hong Kong's trust industry. The report highlights the resilience and adaptability of the sector despite macroeconomic headwinds, emphasizing its critical role in supporting Hong Kong's status as an international financial hub.

Key Findings

• Market Resilience and Growth: Hong Kong's trust market reached HK$5,188 billion (US$667 billion) in assets under trusts by the end of 2023, a 10% increase from 2021. This growth reflects the diversity of assets and the geographical spread of investments, with public funds and pension funds (including MPF and ORSO) constituting 70% of the total.
• Pension Fund Growth: Pension fund assets alone grew by 11% from 2022 to 2023, making them the largest category of assets under trusts, accounting for 38% of total managed assets.
• Geographical Distribution: 55% of trust assets are located in the Chinese Mainland and Hong Kong, with 18% in North America and 13% in Europe.
• Regulatory Enhancements: Recent regulatory changes, including RA13 for depositories of SFC-authorised CISs and the HKMA's Supervisory Policy Manual Module TB-1, have improved the industry's credibility and investor protection.
• Industry Confidence: 64% of surveyed trustees believe the current regulatory regime is conducive to business, up from 51% in 2021.
• Talent Shortage: The industry faces a significant shortage of skilled professionals, especially in legal and compliance roles, as well as trust and fund administration.
• Compliance Costs: Almost two-thirds of survey respondents reported a 5–15% increase in compliance costs over the past 12 months.
• eMPF Platform: Launched in June 2024, the eMPF Platform is expected to reduce administrative costs, enhance transparency, and increase member engagement, with projected savings of HK$30–40 billion in the first 10 years.
• Private Wealth Demand: The rise of private wealth in Asia, particularly in the Chinese Mainland, is driving demand for private trusts and family office services. Hong Kong is well-positioned to capitalise on this trend, with approximately 2,700 single family offices operating in the city.
• Virtual Assets: 26% of surveyed trustees report that their clients hold virtual assets, with 18% allocating over 10% of their total assets to this class.
• Charitable Trusts: The charitable trust sector in Hong Kong continues to expand, with 441 charitable trusts registered as of September 2024.

Main Industry Developments

Regulatory Milestones

• HKTO (Hong Kong Trustee Ordinance): Introduced in 1934 and significantly modernised in 2010, the HKTO codified trustee obligations and modernised trust laws, enhancing Hong Kong's appeal as a trust jurisdiction.
• ORSO (Occupational Retirement Schemes Ordinance): First introduced in 1993, it formalised the regulation of voluntary workplace retirement schemes, setting the foundation for the MPF system.
• MPF (Mandatory Provident Fund): Launched in 2000, it became a cornerstone of retirement protection in Hong Kong, with 100% of the working population contributing to some form of retirement protection.
• SFC Code on Unit Trusts and Mutual Funds (2010): Revisions to this code improved operational guardrails and risk management, enhancing market integrity and investor protection.
• RA13 Licensing Regime (2024): This new regime subjects depositories of SFC-authorised CISs to specific licensing requirements and SFC oversight, significantly enhancing the industry's credibility and professionalism.
• SPM TB-1 (2023): The HKMA's Supervisory Policy Manual Module TB-1 and Code of Practice for Trust Business set a stronger regulatory framework, focusing on customer protection, corporate governance, and compliance.

Industry Growth and Innovation

• Diverse Ecosystem: The trust industry in Hong Kong is supported by a diverse ecosystem of players, including multinational banks, trust and corporate services companies, legal firms, and smaller specialised providers.
• Talent Development: The HKTA's professional accreditation programme has played a key role in raising industry standards and developing talent.
• Technology Integration: The eMPF Platform is a major innovation, aimed at modernising Hong Kong's pension system and improving transparency and member engagement.
• Global Opportunities: The development of the Greater Bay Area and the introduction of Wealth Management Connect 2.0 are seen as long-term opportunities for growth.

Key Challenges

• Talent Shortage: A critical challenge is the shortage of skilled professionals in legal, compliance, and trust administration.
• Compliance Costs: Regulatory complexity has led to increased compliance costs, particularly for smaller trust companies.
• Regulatory Overlap: The introduction of RA13 and SPM TB-1 has created potential regulatory overlap, requiring careful navigation to ensure compliance.

Conclusion

Hong Kong's trust industry continues to evolve and strengthen, driven by regulatory reforms, technological advancements, and growing demand for wealth management services. While challenges such as talent shortages and compliance costs persist, the sector remains resilient and well-positioned for future growth. The industry's adaptability and commitment to professionalism and investor protection are key to maintaining its status as a leading trust jurisdiction in Asia.