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HONG KONG, Sept. 14, 2023 /PRNewswire/ -- Futu Holdings Limited ("Futu" or the "Company") (Nasdaq:FUTU), a leading tech-driven digitalized brokerage and wealth management platform, announces that the Assets Under Management ("AUM") in its wealth management business under Futu Money Plus ("Money Plus") has exceeded HK$50 billion*. The new 10 billion fund consists of 62% alternative assets, with more than half of the new AUM contributed by institutional and high-net-worth clients. It demonstrates an increasingly balanced composition of Futu's fund clients and asset classes on its growth trajectory.
Cash Plus remains under the spotlight with speedy growth in alternative assets
Against the backdrop of rate hikes, Cash Plus, Futu's cash management tool, has gained substantial attention in the market, particularly with its stable returns, low risk, and easy-to-trade features. In the first half of 2023, Cash Plus drew HKD 562 million in gains for the fund investors. Indeed, its product capability has been enriched by offering more asset types, such as private equity (PE) funds, bonds, and structure notes, to fulfill the diversified needs of its high-net-worth clients. From 21 months to 2 months, the immensely shortened periods taken to advance 10 billion AUM not only testifies Futu's speed to scale but also its efforts in enhancing product offerings and widening service channels.
Structured products are on the rise, taking up 2 billion of subscription
Representing nearly 50%** of the non-exchange-traded products' transactions in Hong Kong, structured notes has seen rapid growth in Money Plus this year. As of the end of August this year, Money Plus formed partnerships with 3 major issuers supporting 7 types of notes including fund-linked structures, fixed coupon notes, and more, which brought in 2 billion worth of subscriptions. Money Plus concluded the second quarter of this year with 77 world-renowned financial institutions being its partners, shedding light on its business edge.
Steve Zeng, Head of Global Strategy and Wealth Management at Futu Holdings Limited said, "We have observed a rising demand for Futu's wealth management services from institutional and HNW clients as we have crossed the 50 billion AUM milestone. Our services and offerings to HNW and family office clients have been strengthened by enriching our product lineup on our integrated investment platform. In the third quarter, Futu has rolled out its Turnkey Asset Management Platform (TAMP) service in Singapore, providing independent and external wealth management institutions and family offices with the leading operational tools needed to serve their clients, further improving the business efficiency of financial advisors. This will provide more HNW clients with one-stop, digital-based and multi-asset wealth management solutions, and is expected to become a new growth driver for Futu's wealth management business."
* Data collected as of 1 Sep, 2023 ** Source of data: Joint investigation between the Securities and Futures Commission and the Hong Kong Monetary Authority on the sales of fee-based exchange-traded investment products 2021 (September 2022) |
