Futu Delves Into Wealth Management With Money Plus

Futu, an online Hong Kong brokerage, has expanded its offerings in online wealth management services with this latest move.

Author: Anthony Russo   

Futu Holdings Ltd. (Nasdaq: FHL) announced that its subsidiary, which allows Chinese individuals to trade stocks in the United States and Hong Kong, has begun to provide fixed income and equity funds with Money Plus, its online wealth management service.

Futu Securities International now operates a one-stop asset allocation platform, which gives its clients the option to manage stock trading and wealth management in one place, according to a recent statement by the company.

Money Plus, which was originally launched in May, offers money market funds to Hong Kong clients. The new additions support different investment targets and risk preferences, according to the report.

Rovin Li Xu, the vice president of Futu, said in a statement, "The launch of Money Plus marks a significant milestone for us as we officially enter the wealth management business."

He added, "We believe that Money Plus provides more diverse options to better fulfill the investment needs of our users. We will continue to expand our wealth management products and services in order to deliver premium, efficient, one-stop overseas asset allocation solutions for our clients."

Futu, a tech-driven online brokerage platform with headquarters in Hong Kong and Shenzhen, recently reported its latest financials. The company said its revenue reached $33.3 million in three months through June, up 40 percent year-over-year. Net income rose 129 percent year-over-year to $7.1 million, or 6 cents per American depositary share.

On Tuesday, Futu's stock closed at $10.63 per share, nearly 2 percent lower on the day.