UBS’s Amy Lo shared her wish list for the next upgrade of the Greater Bay Area’s cross-border wealth management scheme.
Shortly after Hong Kong regulators unveiled the latest enhancements to the Wealth Management Connect (WMC) scheme – a mutual market access regime between the capital markets of Hong Kong, Macau and mainland China – UBS Asia wealth chair Amy Lo spoke about her list of wishes for the next upgrade.
«Actually, even with the enhancements, it’s not really very relevant for the wealth management industry yet,» Lo said during a panel at the Asian Financial Forum (AFF), a two-day conference held in Hong Kong.
Expand Quota, Product Range
In the latest upgrade, regulators in Hong Kong and mainland China expanded the scope of products allowed, including funds with higher risk ratings, and increased the individual investment quota to 3 million yuan ($420,000).
According to Lo, she hopes regulators can consider further expanding the product scope and increase the quota to a minimum of $1 million.
Advisory Services
In addition, Lo also noted that the Private Wealth Management Association (PWMA), which she chairs, has asked for the possibility to include advisory services in the WMC scheme.
«One of the important differentiators or value propositions is the expertise that we’ve been providing through advisory services for so many years,» she said, though she acknowledged that further enhancements would require a step-by-step process. «Right now, everything needs to be done in Hong Kong and also through reverse inquiry.»
