Hong Kong is set to issue new competency guidelines for wealth management professionals as demand for their services continues to grow.

The Hong Kong Securities Institute has introduced a new initiative that includes a competency guidelines programme and certification for market practitioners to address the increasing demand for professionals in the private wealth management industry.

An ad-hoc committee was formed for the competency guidelines, which includes senior representatives from  global, regional, and local PWM firms, with the goal of developing a set of rules for market practitioners. These guidelines will be based on global best practices and local requirements relevant to the Greater China market. It is set to be launched by the end of 2011.

"The HKSI is very excited about the PWM initiatives. They are an important part of our strategy to enhance the professionalism of market practitioners in the Greater China region and to maintain Hong Kong’s role as a world class financial hub," Anthony Much, the chairman of HKSI, said in a statement.