The value of asset management business reached record highs in 2017. That’s according issued by the (SFC) this Friday.

In its report, the noted that the total value of asset and wealth management business firms, operating under its jurisdiction, had reached HKD 24.30 trillion ($3.11 trillion).

The largest source of funding for the industry continued to come from overseas investors. Of the total value of the asset and wealth management industry in Hong Kong, 66 percent of funding came from overseas investors.

Business increases for advisors and wealth managers

saw drastic growth over the course of the year. The value of business conducted by these two segments of the industry grew by 23 percent, to HKD 17.51 trillion ($2.24 trillion) in 2017.

Given this growth, it is perhaps unsurprising that the value of assets under the management of private banking and wealth funds remained high. The SFC reported that these firms had HKD 7.81 trillion ($1 trillion) in assets under their management. Of those assets, 52 percent were invested in mainland China and Hong Kong.

Luckily for the SFC, the number of firms also increased. At the end of 2016, 705 firms were domiciled in Hong Kong and authorized to operate by the SFC. In 2017, the regulator added another 50 firms to its books, increasing on 2016 by seven percent to 755 firms.

The SFC releases a report, akin to the one it released today, once a year. This year’s report surveyed 572 firms in total, including 508 asset managers and fund advisory corporations, as well as 20 insurance companies.