Nasdaq-listed Futu Holdings, the parent company of digital brokerage moomoo Singapore, reported that its assets under management (AUM) has surpassed the HK$30 billion ($5.27 billion) mark as at Dec 1.
In Singapore, moomoo’s wealth management asset balance has also grown four-fold since its 3QFY2022 results. According to the brokerage’s statement on Dec 13, moomoo’s wealth management continues to trend upwards with a strong net asset inflow.
To moomoo Singapore, the growth in its money market funds indicates its investors’ preference for storing liquidity and parking cash with lower-risk instruments amid an unstable market. To be sure, moomoo revealed that its clients are increasingly favouring thematic and differentiating solutions such as BlackRock's BGF World Energy Funds and ESG Multi-Asset Fund. The funds are currently among the top three best-selling funds within moomoo.
“With inflationary challenges expected to continue as we move into 2023, more Singapore investors are looking to shape their financial future by looking closely into how they can preserve or even grow their wealth with our cash management solution, moomoo Cash Plus. To better meet the diverse and evolving needs of local investors, moomoo SG will continue to use technology and innovation to further diversify its product offerings in a timely manner,” says Gavin Chia, managing director of moomoo Singapore.
