StashAway Hong Kong saw over 20% growth in assets under management in Q1 2024 despite market uncertainties

(Hong Kong, May 23, 2024) StashAway, Asia’s leading investment platform for both retail and professional investors, saw over 20% growth in assets under management (AUM) in Hong Kong in Q1 2024. 

The growth was mostly driven by high-net-worth (HNW), and emerging HNW clientele – young, affluent individuals with investable assets between HKD 5,000,000 and HKD 8,000,000 – investing through StashAway Reserve, which offers unbiased wealth advisory and access to institutional-grade private market investments from global fund managers. Investments by HNW and emerging HNW clientele contributed to over 80% of StashAway’s growth in the past 12 months, and account for 65% of StashAway’s AUM in Hong Kong. 

In addition to simplifying the investment experience and democratising access to professionally-managed portfolios, StashAway also focuses on financial literacy with StashAway Academy, offering free educational content that empowers people to make well-informed decisions. This two-track approach brought organic growth to the platform, with 35% of new deposits contributed by existing investors.

Stephanie Leung, Chief Investment Officer of StashAway said, “We credit our strong growth over the past three years, despite tough market conditions, to our simple, intelligent, and cost-effective suite of investment solutions that enable Hong Kong investors to build wealth according to their financial goals and risk appetite. Interestingly, we are seeing Hong Kong investors having a higher risk appetite with more equity exposure in their portfolios than other investors in the region, such as Singapore.”

“Our capabilities also extend to the increasing needs of HNW and emerging HNW investors – who have been the driving force behind StashAway’s strong growth in Hong Kong. They are underserved by traditional institutions that typically serve the ultra-wealthy, and face barriers in accessing private markets through those institutions due to high minimum subscription amounts and fees. StashAway Reserve, on the other hand, has a dedicated service that prioritises their holistic, long-term wealth creation needs with unbiased advisory, along with innovative investment solutions and transparent fees. We will continue to help Hong Kongers fuel their life aspirations by simplifying complicated investment processes and language to deliver an effortless wealth-building experience,” Leung added.

Digital-first investment solutions simplified for a new generation of investors

Since StashAway’s launch in Hong Kong in 2021, the Securities and Futures Commission (SFC)-licensed platform has been expanding its offerings to both retail and professional investors in the city. StashAway’s flagship General Investing portfolios – powered by either StashAway or BlackRock – are mostly favoured by Hong Kongers to optimise for long-term returns at their preferred risk level. Over 80% of its -customers have at least one active General Investing portfolio. 

Aside from globally-diversified, exchange-traded fund (ETF)-based managed portfolios, StashAway also launched its USD Cash Yield portfolio last year, a USD-based cash management solution providing 5.45% projected yield per annum (as of 30 April 2024).

With its comprehensive investment suite, StashAway attracts a new generation of investors – 60% of StashAway clientele are young professionals of 30-45 years old – who are seeking a digital, self-serve platform that allows them to manage investments in a hassle-free and cost-efficient manner, along with the option to speak to local customer support when needed. It's also trusted by professionals too -- nearly half of Hong Kong's AUM comes from investors from the financial, consulting, and legal industries. 

Post-70s and 80s HNWIs and emerging HNWIs tap into private market opportunities with Reserve 

In the two months since StashAway Reserve’s launch in Hong Kong, it has been especially popular amongst HNWI, as well as emerging HNWIs, accounting for 65% of StashAway’s AUM in  Hong Kong. The launch of StashAway Reserve provides a dedicated team of SFC-licensed Wealth Advisors and product suite that cater to this growing, yet underserved segment of investors. 

In addition to access to personalised financial planning sessions and unbiased (commission-free) portfolio reviews, StashAway Reserve offers access to  institutional-grade private market investments, including private credit, from global fund managers such as Hamilton Lane, KKR, and Khosla Ventures, all with an entry point that is a fraction of the typical minimum investment required by banks. 

With StashAway Reserve providing an accessible gateway into private market opportunities, most of its Reserve investors are new to this asset class, and have started their professional investor journey through StashAway. These HNW investors, mostly between the ages of 35-50, tend to adhere to fundamental investment principles, such as dollar-cost averaging, rather than employing complex strategies. In addition to private market investments, 70% of Reserve clients regularly invest a portion of their monthly paycheck into StashAway’s General Investing portfolio. 

Emboldened by Hong Kong’s success, StashAway to double-down investments in new markets

“The strong results we’re seeing in Hong Kong is confirmation that there is a clear need for StashAway’s digital-first, but not digital-only, services and offerings. We are very encouraged by Hong Kong’s success and are keen to build on this positive momentum by ramping up investments and expanding our offerings across our five markets,” said Stephanie Leung.

The company will continue to enrich its investment suite for HNWIs, such as its Private Equity and Venture Capital (PE/VC) and digital assets offerings. In the meantime, StashAway will also focus on strengthening its advisory team, deepening its commitment to offering unbiased financial advice. 

StashAway was established in Singapore in 2016, and has since expanded its presence across the region. With over a 160+ strong team, it has successfully entered other four markets, including Hong Kong, Malaysia, Thailand, and the United Arab Emirates by 2021. The company has established a robust track record in the region, when it hit its first $1 billion USD of assets under management in January 2021. 

About StashAway 

StashAway is an investment platform that offers investment portfolios and wealth management solutions for both retail investors and high-net-worth individuals (HNWIs) and operates in Singapore, Malaysia, the Middle East and North Africa, Hong Kong, and Thailand.

As of January 2021, the company surpassed $1 billion USD in assets under management. StashAway was recognised as a Technology Pioneer by The World Economic Forum in 2020, and was ranked among the top 20 high-growth companies in APAC by The Financial Times in 2023.