Hong Kong Under Secretary for Financial Services and the Treasury Julia Leung speaks at the opening of the New York Conference "Hong Kong: China's Global Financial Centre."

Hong Kong Under Secretary for Financial Services and the Treasury Julia Leung said Hong Kong has a unique role in helping U.S.-based financial-services businesses grow in China and the rest of Asia.

Speaking March 1 to an audience of more than 200 senior financial-services executives at the opening of the New York conference “Hong Kong: China’s Global Financial Centre,”  Ms. Leung outlined the synergies between Hong Kong and New York, including economic freedom, flow of capital and information, leadership in equities fund raising and preeminent roles as international financial centers.  

Ms. Leung noted that as the largest foreign direct investment provider to China, Hong Kong is playing a constructive role as an incubator and testing ground for new ideas in the opening of China’s financial markets.

Also speaking at the conference was Martin Wheatley, chief executive officer of the Securities and Futures Commission (SFC). Mr. Wheatley explained how the continued development of Hong Kong’s regulatory regime has shielded it from the global financial crisis.

More than 200 senior financial services executives attended the "Hong Kong: China's Global Financial Centre" conference in New York.

The conference focused in particular on the development of Hong Kong as Asia’s asset-management hub as it continues to attract new asset managers to the region. Hong Kong's fund-management business rebounded strongly in 2009, with a year-on-year increase in combined assets under management of 45.4% to US$1,091 billion at the end of the year. Assets under management specifically for the hedge-fund industry reached US$63.2 billion at the end of September 2010.

Eddie Yue, deputy chief executive of the Hong Kong Monetary Authority (HKMA), commented, “We are already seeing more and more asset managers looking to set up and expand offices in Hong Kong to capture these investment opportunities in Asia. I believe what we are seeing today is only the beginning of a period of exceptional growth in Hong Kong’s financial-services industry.”

Simon Galpin, director-general of investment promotion at Invest Hong Kong, said, “We are seeing a growing number of financial-services businesses move to Hong Kong. Companies from the U.S., mainland China and the UK have topped the list, and we have seen a particular increase in the number of asset managers moving to the region.”

The Financial Services and the Treasury Bureau and InvestHK of the Government of the Hong Kong Special Administrative Region, supported by the HKMA and SFC, hosted the conference in New York.