AI adoption leaves Hong Kong wealth management headcount growth lagging asset growth

Consultancy firm Capco said Hong Kong's private wealth assets have grown strongly, but industry headcount has not risen in step, mainly because private banks and wealth management firms have adopted technologies such as AI to serve clients. Capco's Simon Smallcombe said that as private banks' assets under management grew rapidly, the number of relationship managers did not increase at the same pace, and technology and AI are boosting team productivity.