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HongKong
TrustIndustrySpotlight2025
Navigatingchangeandembracinggrowth
/cn
Macrotrendsandgrowthopportunities
Currentstateoftheindustry
Keyindustrydevelopments
Challengesto
overcome
Keyfindingsataglance
Lookingahead
Acknowledgments
Appendix
Foreword
Contents
Foreword3
Acknowledgments4
Keyfindingsataglance5
1Currentstateoftheindustry6
SizeoftheHongKongtrustmarket8
2Keyindustrydevelopments10
Alookbackontheprogressalreadymade11
Recentmilestones12
3Macrotrendsandgrowthopportunities19
IncreasingaccesstoChineseMainlandclients20
Attractingprivatewealth22
Embracingvirtualassets24
4Challengestoovercome25
Risingcompliancecostsandindustryconsolidation25
Attractingtalent27
ESGinvestment:Overcomingmisalignmentbetween29
ambitionandreality
5Lookingahead30
HongKong’sroleasatrustjurisdiction30
StrengtheningHongKong’scharitablesector31
Addressinggapsintheregulatoryregime32
LegislativechangestoenhanceHongKongasatrustcentre33
6Appendix34
TrustTrainingCertificate2.0details34
Glossary35
AbouttheHKTA36
AboutKPMGChina37
Contactus38
2
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Keyfindingsataglance
Currentstateoftheindustry
Keyindustrydevelopments
Challengesto
overcome
Lookingahead
ForewordAcknowledgments
Appendix
Macrotrendsandgrowthopportunities
Foreword
WelcometotheHongKongTrustIndustryreport,co-authoredbytheHongKongTrustees’Association(HKTA)
andKPMGChina.Muchhastranspiredsinceourlastreportin2021.Theglobaleconomyhasfacedsignificant
challenges,fromthelingeringeffectsofthepandemictogeopoliticaluncertaintiesandmarketvolatility.Yet,amidsttheseheadwinds,theHongKongtrustandfiduciaryindustryhascontinuedtogrow,reflectingthestrengthofitsregulatoryframework,thediversityofitsclientbase,andtheadaptabilityofitspractitioners.
Togaininsightsintothechangesthathaveshapedtheindustryoverthepastfouryears,weconductedin-depth
interviewswithnearly30seniorindustryexecutivesalongsideadigitalsurveyofHKTAmemberinstitutions.Thankstotheirinputandinsights,wenotonlyhaveaclearerpictureofthekeytrends,risksandopportunitiesofstrategicinteresttotheHongKongtrustindustry,butwehavealsogainedadeeperunderstandingofwhatwillmattermostastheindustrystrivestomakeprogressoverthenextfewyears.
ThetrustindustryremainsacrucialsegmentofHongKong’sfinancialservicessectorandtherehavebeen
numerouschangestotheindustryandthebroaderfinancialservicessectorsincetheissuanceofourprevious
report.Notably,therecentregulatorydevelopments,suchastheintroductionofRA13fordepositariesofSFC-
authorisedcollectiveinvestmentschemesandtheHKMA’sSupervisoryPolicyManualModuleTB-1,areenhancingindustrycredibilityandinvestorprotection.WealsodelveintothetransformativepotentialoftheeMPFPlatform,whichispoisedtoreshapeHongKong’spensionsystemandbringchangestothelandscapeforpensiontrustees.
Beyondtheseregulatoryshifts,landmarkinitiativeswithinthebroaderfinancialsectorarealsoimpactingthetrustindustry.TheseincludethelaunchofWealthManagementConnect2.0,thegrowthofthefamilyofficesector,andtheincreasingpopularityofalternativeinvestments,suchasvirtualassets.
Whiletheindustryhasexperiencedgrowth,italsofaceschallenges.Agrowingtalentshortage,risingregulatorycompliancecosts,andreducedinvestorappetitearoundESGconsiderationsareallkeyconcerns.
Thisreportaddressesthesechallengeshead-on,providinginsightsandrecommendationstohelpindustry
participantsnavigatethepathahead.Weextendoursinceregratitudetoallsurveyrespondentsandintervieweesfortheircontributionstothisreport.Theirinsightsandperspectiveshavebeeninstrumentalinshapingour
understandingofthisdynamicandevolvingindustry.
KaShiLau
BBS,Chairman
HongKongTrustees’Association
VivianChui
HeadofSecuritiesandAssetManagement,HongKongKPMGChina
3
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
4
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Keyfindingsataglance
Currentstateoftheindustry
Keyindustrydevelopments
Challengesto
overcome
Lookingahead
ForewordAcknowledgments
Appendix
Macrotrendsandgrowthopportunities
Acknowledgments
Wewouldliketothankthefollowingindividuals(inalphabeticalorder)andorganisationsfortheirgenerouscontributionstoourresearch,whetherthroughinterviews,writtenresponses,orstatisticaldata.
AlanAu
JP,ExecutiveDirector(BankingConduct),HongKongMonetaryAuthority
AlvinTse
ChiefExecutiveOfficer,YFLifeTrusteesLtd
AndrewLaw
ChiefExecutiveOfficer,BOCI-PrudentialTrusteeLimited
ArionYiu
Partner,AssetManagement,HongKong,KPMGChina
BrentYork
GlobalHeadofTrust&FiduciaryServices,HSBCGlobalPrivateBanking
CarolynButler
EducationSub-CommitteeCo-Chairperson,HongKongTrustees’Association
ChristinaChoi
ExecutiveDirector,InvestmentProducts,SecuritiesandFuturesCommission
CircleYeung
ChiefExecutiveOfficer,HSBCInstitutionalTrustServices(Asia)LimitedandHeadofTrusteeRelationshipManagement,AsiaPacificMarkets&SecuritiesServices
CynthiaChung
Partner,Deacons
CynthiaHui
ChiefOperatingOfficerandExecutiveDirector,MandatoryProvidentFundSchemesAuthority
DeirdreFu
Partner,WealthPlanningandTax,Withers
EdnaWong
Partner,Governance,RiskandComplianceServices,HongKong,KPMGChina
ElisaNg
ViceChairman,HongKongInvestmentFundsAssociation
GaryTiu
ExecutiveDirector&HeadofRegulatoryAffairs,OSL
JamesHarte
ChiefOperatingOfficer,HexTrust
JasonFong
GlobalHead,FamilyOffice,InvestHK
JosephH.L.Chan
JP,UnderSecretaryforFinancialServicesandtheTreasury,TheGovernmentofHongKongSAR
KarmenYeung
NationalHeadofPrivateEnterprise,KPMGChina
KaShiLau
BBS,Chairman,HongKongTrustees’Association
LaurenceLi
FormerChairman,FinancialServicesDevelopmentCouncil
LorettaMa
ExecutiveCommitteeMember,HongKongTrustees’Association
LuciaChan
EducationSub-CommitteeCo-Chairperson,HongKongTrustees’Association
MichaelOlesnicky
SeniorConsultant,Baker&McKenzie
MichaelShue
FormerViceChairman,HongKongTrustees’Association
DrMilesWen
CEOandCo-Founder,FanoAI
NelsonLee
Partner,AssetManagement,HongKong,KPMGChina
RichardGrasby
Partner,PrivateClient&Trusts/Regulatory,Appleby(HongKong)
RuthKung
ChiefExecutive,HongKongSecuritiesandInvestmentInstitute
SamYu
Chairman,HongKongInvestmentFundsAssociation
SandyFung
Partner,Tax,HongKong,KPMGChina
SophiaMan
Partner,Baker&McKenzie
TakChiWong
ChiefExecutiveOfficer,ManulifeProvidentFundsTrustCompanyLimited
ThomasChu
Chairperson,CLPGroupProvidentFundSub-Committee
VivianChui
HeadofSecuritiesandAssetManagement,HongKong,KPMGChina
CompaniesRegistry
5
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Keyfindingsataglance
Challengesto
overcome
Currentstateoftheindustry
Keyindustrydevelopments
Lookingahead
Foreword
Appendix
Acknowledgments
Macrotrendsandgrowthopportunities
Keyfindingsataglance
Publicfundsandpensionfunds,including
MPFandORSOschemes,constitutethe
majority(70%)ofassetsheldundertrusts.Pensionfundassetsalonegrewby11%from2022to2023.
Despitemacroeconomicheadwinds,theHongKongtrustmarkethasdemonstratedresilience,reachingHK$5,188billion(US$667billion)inassetsheld
undertrustsbytheendof2023.Thisrepresentsa
roughly10%increasefromHK$4,719billion(US$606
billion)in2021(whenour
previousreportwasissued).
ThelaunchoftheeMPFPlatforminJune2024
isreshapingHongKong’spensionsystem,
promisingreducedadministrativecosts(estimatedsavingsofHK$30-40billioninthefirst10years
Recentregulatorydevelopments,suchasthe
introductionofRA13fordepositariesofSFC-
authorisedCollectiveInvestmentSchemes(CISs)
ofoperation),enhanced
transparency,andincreased
andtheHKMA’sSupervisoryPolicyManualModuleTB-1,haveenhancedindustrycredibilityandinvestorprotection.64%ofsurveyedtrusteesagreethatthe
memberengagement.
currentregulatoryregimeisconducivetobusiness,upfrom51%in2021.
TheChineseMainlandremainsakeygrowthdriverforthetrustindustry,with55%ofassetsheldundertrustslocatedintheChineseMainlandandHong
Kong.ThedevelopmentoftheGreaterBayArea
TheriseofprivatewealthinAsia,particularlyin
theChineseMainland,isdrivingdemandfor
(GBA)iscreatingnewopportunities,whileWealth
privatetrustsandfamilyofficeservices.Hong
ManagementConnect2.0
islargelyseenasalonger-
Kongiswell-positionedtocapitaliseonthistrend,withapproximately2,700singlefamilyoffices
termopportunity.
operatinginthecityasoflate2023.
Theindustryfacesasignificanttalent
shortage,particularlyinareassuchaslegalandcompliance,andtrustandfundadministration.
Thegrowingadoptionofvirtualassetsbytrust
clientspresentsbothopportunitiesandchallenges.26%ofsurveyedtrusteesreportthattheirclientsholdvirtualassets,with18%ofthoseclients
allocatingover10%
oftheirtotalassetstothisassetclass.
Theincreasingcomplexityofregulationsandcompliancerequirementsis
drivingupcostsfortrustcompanies,particularlysmallerplayers.Almosttwo-thirdsofsurveyrespondentsreportedthattheircompliancecostshadrisenbyatleast5-15%overthepast12months.
6
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Currentstateoftheindustry
Keyfindingsataglance
Keyindustrydevelopments
Challengesto
overcome
Lookingahead
Foreword
Appendix
Acknowledgments
Macrotrendsandgrowthopportunities
1Currentstate
oftheindustry
Whileoftenoperatingoutsidethespotlight,HongKong’strustandfiduciary
industryplaysacriticalroleinthecity’ssuccessasamajorinternationalfinancialcentre.
Theindustryisstructuredtomeetawidearrayof
clientneeds,rangingfromsuccessionandestate
planningtoconventionalretailproducts,investmentfundsandsophisticatedbespoketruststructures
(Figure1).Adiverseecosystemofplayers–rangingfrommultinationalbanks,trustandcorporateservicescompanies,andlegalfirmstosmallerspecialised
providers–standsreadytoserve.
HongKongisalsorenownedasaninternational
centrefortrust-relatedbusinessessuchaslegal,tax,accounting,andprofessionalservices.Thisunique
combinationofexpertiseandinfrastructureattractsadiverseclientele,includinghigh-net-worthindividuals
(HNWIs)andfamilyoffices,aswellascorporations,pensionschemeproviders,andcharities.Theindustryalsointeractswithavarietyofmarketplayersand
regulatorsfromdifferentsegmentsofthefinancialservicessector.
Sincethelaunchofourfirstreportin2013,Hong
Konghasmadesignificantstridesinmodernising
itsstandingasatrustjurisdiction,implementingkey
regulatorychangesthathaveraisedthebarofHong
Kongtrustsintermsofprofessionalismandcredibility(moredetailsonthisinChapter2).ThisprogresshasalsosparkeddiscussionsaboutfurtherstepstosolidifyHongKong’sleadingpositionasaglobaltrustcentre.
Figure1:TheHongKongTrustindustryataglance
TrustserviceprovidersbasedinHongKong
Corporatetrusts,pensionschemes,privatetrustsandcharitabletrusts
Custodians,fundandpensionadministration,professionaltrustees,wealthmanagement,wealthandestateplanning,familyofficeservices
Retailanduniversalbanks,independenttrustcompanies,insurers,privatebanks,
legal,tax,accountingandprofessionalserviceproviders,companyserviceproviders
OffshoretrustsmanagedoradministeredinHongKong
OffshoretrustsetupbyHongKongserviceproviders
TrustsformedunderHongKonglaw
7
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Currentstateoftheindustry
Keyfindingsataglance
Keyindustrydevelopments
Challengesto
overcome
Lookingahead
Foreword
Appendix
Acknowledgments
Macrotrendsandgrowthopportunities
CorporatetrustprovidersplayacrucialroleinHongKong’sfund
managementindustry,actingascustodians,trusteesandfund
administratorsforawiderangeofinvestmentproducts.Theseentities
offercoreservicesliketrustsetupandadministration,ensuringthepropermanagementanddistributionofassetsaccordingtothetrust’sterms.Theirfiduciaryresponsibilityisparticularlycrucialforsafeguardingtheinterestsofinvestorsinbothwholesaleandretailinvestmentproductswhileadheringtostringentregulatoryrequirements.
Thegrowingretailfundsectorisdrivingdemandforcorporatetrustserviceswitha3%year-on-yeargrowthin2023ofSFCType9licensedcorporations(authorisedforassetmanagementactivities).
CorporateTrusts
Figure2:Sectoroverview
Pension
Schemes
SincetheintroductionoftheMandatoryProvidentFund(MPF)Systemin2000,HongKong’spensionschemeshaveservedasacornerstone
ofretirementprotectionforthecity’sworkforce.Closeto100%1of
HongKong’sworkingpopulationcontributestosomeformofretirementprotectionthroughMPForORSO(OccupationalRetirementSchemes
Ordinance)schemes.
DatafromtheSFC’s2023AssetandWealthManagementActivitiesSurveyrevealsthatpensionfundscontinuetodominateasthelargestasset
categoryheldundertrusts,accountingfor38%oftotalmanagedassets.
Private
Privatetrustscatertothegrowingnumberofwealthyindividualsand
familiesinHongKong,theChineseMainland,andthebroaderAsianregion.
Trusts
Thisincludeswealthandestateplanning,successionplanning,wealth
managementandfamilyofficeservices-asectorwherethegovernmenthasintroducedarangeofnewincentivesinrecentyears.
Charitable
Trusts
CharitabletrustsservetheburgeoninginterestinphilanthropyinHong
Kong.AsofSeptember2024,theIRDrecognised10,699charitiesastax-exempt,including441charitabletrusts.Thesectorcontinuestoseesteadyexpansion,withthenumberofcharitableorganisationincreasingatarateof2%to5%annually.Howevertheseregisteredcharitiesrepresentonlyasmallportionoftheoverallphilanthropiclandscape,asmanyprivate
charitableandphilanthropicendeavoursinHongKongdonotseekformalregistration.
1
.hk/en/info-centre/press-releases/20241201
8
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Keyfindingsataglance
Currentstateoftheindustry
Acknowledgments
Foreword
Macrotrendsandgrowthopportunities
Keyindustrydevelopments
Challengesto
overcome
Lookingahead
Appendix
SizeoftheHongKongtrustmarket
Strongperformanceamidmacroeconomicchallenges
InthefouryearssincethelasteditionoftheHong
KongTrustIndustryReport,boththeglobaleconomyandHongKong’sfinancialsectorhavefacedsignificantheadwinds,andwhiletherehavebeensignsof
recoveryinHongKong’sfinancialservicessector
during2024,marketindicessuchastheHangSengIndexarelaggingtheirpreviousvaluationsreportedduringour2021report.Asimilarstorycanbeseenintheprivatewealthmanagementindustry–akey
marketforprivatetrusts–wheredespitepositive
recentmomentum,AUMremainsbelow2021levels.
“
Despitethelingeringeffectsofthe
pandemicandconcernsaboutHongKong’sstandingasaglobalfinancialcentreinrecentyears,thetrust
industryhascontinuedtoexperienceimpressivegrowth.2“
Despitethischallengingmacroeconomicenvironment,thetrustindustryinHongKonghasshownresilienceandgrowthoverthepastfouryears–reflectingthe
diverserangeofassetsandgeographicaldistributionofassetsheldundertrusts,includingeverythingfrompensionschemesandretailinvestments,toestateandsuccessionplanning.DatafromtheSFC’slatestAssetandWealthManagementActivitiesSurveyshows
thatassetsheldundertrustsinHongKongamountedtoHK$5,188billion(US$667billion)asattheendof2023,up4%fromayearearlier.
Figure3:Assetsheldundertrusts
$billion
6,000
5,006
5,000
4,000
3,000
2,000
1,000
0
2023
Source:SFCAssetandWealthManagementActivitiesSurvey2023
5,188
(+4%)
4,480
3,844
4,719
2019
2020
2021
2022
2AlanAu,JP,ExecutiveDirector(BankingConduct),HongKongMonetaryAuthority
9
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Currentstateoftheindustry
Keyfindingsataglance
Keyindustrydevelopments
Challengesto
overcome
Lookingahead
Foreword
Appendix
Acknowledgments
Macrotrendsandgrowthopportunities
Intermsofgeographicaldistributionofinvestmentsheldundertrusts,55%werelocatedintheChineseMainlandandHongKong(a14%risefromtheyearbefore),while18%wereheldinNorthAmericaand13%inEurope.
PublicfundsandpensionfundssuchasMPFand
ORSOschemesaccountedfor70%oftheassetsheldundertrusts(Figure4).Assetsheldundertrustsby
pensionfundsincreasedby11%from2022to2023,whilethoseheldbyothersincludinggovernments,sovereignwealthfunds,centralbanks,familyoffices,andprivatetrustsincreasedby3%YoY(Figure5).
Figure4:Assetsheldundertrusts,byclienttype
Publicfunds
Pensionfunds(includingMPFandORSO)
Others(includinggovernment/sovereignwealthfunds/centralbanks,
familyofficesandprivatetrusts,charities,andothercorporates)
38%
Source:SFCAssetandWealthManagementActivitiesSurvey2023
30%32%
Figure5:Assetsheldundertrusts(HK$),byclienttype(year-on-year)
Others(includinggovernment/sovereignwealthfunds/centralbanks,familyofficesandprivatetrusts,charities,andothercorporates
Pensionfunds(includingMPFandORSO)
1,794
1,637
1,697
05001,0001,5002,0002,500
HK$billion
2022
Source:SFCAssetandWealthManagementActivitiesSurvey2023
1,558
1,515
Publicfunds
2023
1,993
-4%
+11
+3
10
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Keyindustrydevelopments
Keyfindingsataglance
Currentstateoftheindustry
Challengesto
overcome
Lookingahead
Foreword
Appendix
Acknowledgments
Macrotrendsandgrowthopportunities
2Keyindustry
developments
Ithasbeen12yearssincethelaunchofourfirstreport,followingwhichwe
havewitnessedadramaticaccelerationinthedevelopmentandregulationofthetrustindustry.Beforedelvingintotheimpactofrecentdevelopmentsandupdatestotheregulatorylandscapeinsubsequentsections,wethoughtnowwouldbeagoodopportunitytolookbackonthemilestonesthathaveshapedtheindustrysofar.
Alookbackontheprogressalreadymade
1993
TheHongKongTrusteeOrdinance(HKTO)markedapivotalshiftintheterritory’strustlandscape,codifyingtrusteeobligationswhilepreservingcommonlaw
principles.Thelegislationestablishedclearstatutoryguidelinesfortrusteeappointments,powersand
duties,bringingmuch-neededclaritytoHongKong’strustframeworkduringitsearlycolonialdevelopment.
1934
TheOccupationalRetirementSchemesOrdinance
(ORSO)broughtHongKong’svoluntaryworkplace
retirementschemesunderformalregulationforthefirsttime,requiringmandatoryregistrationandcompliancemonitoring.Thislegislationprotectedemployees’
retirementbenefitsbyestablishingoversightofschemefunding,investmentsandadministrationbeforethe
MandatoryProvidentFund(MPF)era.
2000
TheMPF’sdebutwasawatershedmomentinHongKong’ssocialsecuritysystem,andcurrentlymandatesbothemployersandemployeestocontribute5%of
employees’monthlyincometoretirementsavings,cappedatHK$1,500monthlyforhigherearners.Theschemegeneratedrecurringfeeincomefortrusteeswhilerequiringthemtoenhancetheirgovernanceframeworks,systeminfrastructureandcustomer
servicecapabilities.
2010
TheSecuritiesandFuturesCommission(SFC)’s
revisionoftheCodeonUnitTrustsandMutual
Fundsusheredinaneweraofregulatoryoversight.Byintroducingmorerobustoperationalguardrailsandriskmanagementprotocols,theseenhanced
standardsbolsteredmarketintegrityandinvestorprotectioninHongKong.
11
HongKongTrustIndustrySpotlight2025
?2025KPMG,aHongKong(SAR)partnershipandamemberfirmoftheKPMGglobalorganisationofindependentmemberfirmsaffiliatedwithKPMGInternationalLimited,aprivateEnglishcompanylimitedbyguarantee.Allrightsreserved.
?2025HongKongTrustees’AssociationLtd.Allrightsreserved.
Keyindustrydevelopments
Keyfindingsataglance
Currentstateoftheindustry
Challengesto
overcome
Lookingahead
Foreword
Appendix
Acknowledgments
ThelandmarkoverhauloftheHKTOmodernisedthecity’s
century-oldtrustlaws.Thesweepingreformsexpandedwhat
trusteescoulddowithinvestmentsanddelegationpowers,
whileintroducingstatutorydutyofcareprovisionsandstronger
beneficiaryprotections.Byremovingoutdatedrestrictions
onexcessiveincomeaccumulationandintroducingmodern
governancestandards,theamendmentsbroughtHongKong’strustlawsuptospeedwithleadingfinancialcentres,strengtheningthecity’sappealasapremierjurisdictionfortrustbusiness.
Macrotrendsandgrowthopportunities
Milestone
EarlyFoundations
Modernisationandgrowth
ExpansionoftheEcosystemRecentDevelopments
Since2013,theHongKongTrust
IndustryReporthasprovidedinsights
intotheindustry’sevolutionand
offeredkeyrecommendationstoshapeitsgrowthanddevelopment.
2013
TheHongKongTrustees’Association(HKTA)’slaunchofitsprofessionalaccreditation
programmemarkedamilestoneinraising
industrystandardsanddevelopingtalentinthetrust
bb
2018
sector.Thiscertificationestablishedclearcompetencybenchmarksfortrustpract
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