Hong Kong Monetary Authority Investment Portfolio

Hong Kong (China) US$ 417.9 Billion Origin: Non-Commodity

Profile Directories

Sovereign Wealth Funds

Public Funds

Established: 1993
Transparency Rating: 8
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Firm Investment Style: Mixed
Entity Structure: Fund
Pop Est.: 7.18 million – 2013 HK
Wealth Per Capita Est.: $55,738

Fund Details

Strategy & Objectives

SWF Asset Allocation

Equity Managers

Alternative Managers

Key Executives and People

Main Office
55th Floor Two International
Finance Centre
8 Finance Street
Central Hong Kong
Tel: +852-2878-8196

Other Offices[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

The Exchange Fund is under the control of Hong Kong’s Financial Secretary and may be invested in any securities or other assets he considers appropriate, after consulting the Exchange Fund Advisory Committee (EFAC).



The Exchange Fund was established in 1935. In April 1993, the Hong Kong Monetary Authority (HKMA) was created after the merger of the Office of the Exchange Fund and the Office of the Commissioner of Banking. The HKMA manages the Exchange Fund. The Exchange Fund acts as a stabilizer and invests primarily in its local exchange, the Hang Seng. All Exchange Fund assets can be used to support the Hong Kong dollar exchange rate. The Exchange Fund uses global external managers to administer about one third of its total assets, including all of its equity portfolios and other specialized assets.


The exchange fund can be broken into three parts:

Portfolio Description
Backing Portfolio The purpose of this portfolio is to hold liquid U.S. dollar denominated assets for the purpose of providing full backing for the Monetary Base of Hong Kong as required under the Currency Board arrangements
Investment Portfolio The Investment Portfolio is invested primarily in the bond and equity markets of the member countries of the Organization for Economic Co-operation and Development to preserve the value and long-term purchasing power of the assets.
Strategic Portfolio It was established in 2007 to hold shares in Hong Kong Exchanges and Clearing Limited.


Historical Assets Under Management – Exchange Fund[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]