# First Sentier Investors (Hong Kong) Limited

> First Sentier Investors (Hong Kong) Limited is an SEC-registered investment advisory firm in Hong Kong, Hong Kong, registered since 2015, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 21, 2026.

- CRD: 281553
- Filed as: FIRST SENTIER INVESTORS (HONG KONG) LIMITED
- Also doing business as: FIRST SENTIER GROUP, FIRST SENTIER INVESTORS, FSSA INVESTMENT MANAGERS, IGNEO INFRASTRUCTURE PARTNERS, RQI INVESTORS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Hong Kong, Hong Kong
- Filing period: October 2026
- Form ADV filing dated: September 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/281553
- AdvisorCensus page: https://advisorcensus.com/firm/first-sentier-investors-hong-kong-limited-hong-kong-281553

## Quick answers

**How is First Sentier Investors (Hong Kong) Limited compensated?**
On its Form ADV (Item 5.E, October 2026), First Sentier Investors (Hong Kong) Limited reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is First Sentier Investors (Hong Kong) Limited located?**
First Sentier Investors (Hong Kong) Limited's principal office is in Hong Kong, Hong Kong, according to its Form ADV.

**Is First Sentier Investors (Hong Kong) Limited registered with the SEC or a state?**
First Sentier Investors (Hong Kong) Limited is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 281553.

**How much does First Sentier Investors (Hong Kong) Limited manage?**
First Sentier Investors (Hong Kong) Limited reports $32,874,051,381 in regulatory assets under management in its Form ADV filing dated September 21, 2026 (100% discretionary).

**How have First Sentier Investors (Hong Kong) Limited's assets and staff changed since 2021?**
In the Form ADV data for First Sentier Investors (Hong Kong) Limited: Regulatory assets under management: $46,384,111,724 in the October 2021 data and $32,874,051,381 in the October 2026 data, down 29%. Total employees: 96 in October 2021 and 87 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does First Sentier Investors (Hong Kong) Limited serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (10); state or municipal government entities (including government pension plans) (7); corporations or other businesses not listed above (6).

**Does First Sentier Investors (Hong Kong) Limited report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/281553

**What changed in First Sentier Investors (Hong Kong) Limited's recent Form ADV filings?**
In the April 2026 filing data: No longer lists the business name Stewart Investors. Added the business name First Sentier Group. Regulatory assets under management went from $23,934,850,160 to $32,874,051,381 (+37%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $32,874,051,381
- Discretionary: $32,874,051,381
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $23,304,258,147 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 5 | $3,243,781,965 |
| State or municipal government entities (including government pension plans) | 7 | $3,410,920,684 |
| Corporations or other businesses not listed above | 6 | $2,915,090,585 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2015 (11 years)
- Employees: 87 total, 11 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [firstsentiergroup.com](https://firstsentiergroup.com)
- [firstsentierinvestors.com](https://firstsentierinvestors.com)
- [fssaim.com](https://fssaim.com)
- [igneoip.com](https://igneoip.com)
- LinkedIn @first-sentier-group
- LinkedIn @first-sentier-investors
- LinkedIn @fssa-investment-managers
- LinkedIn @igneo-infrastructure-partners
- LinkedIn @rqiinvestors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $46,384,111,724 | 96 | March 28, 2021 |
| October 2022 | $45,560,255,846 | 101 | March 28, 2022 |
| October 2023 | $37,208,292,527 | 108 | March 30, 2023 |
| October 2024 | $24,453,921,637 | 100 | September 20, 2024 |
| October 2025 | $23,934,850,160 | 90 | July 8, 2025 |
| October 2026 | $32,874,051,381 | 87 | September 21, 2026 |

Regulatory assets under management: $46,384,111,724 in the October 2021 data and $32,874,051,381 in the October 2026 data, down 29%.
Total employees: 96 in October 2021 and 87 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists the business name Stewart Investors.
- Added the business name First Sentier Group.
- Regulatory assets under management went from $23,934,850,160 to $32,874,051,381 (+37%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. First Sentier Investors (Hong Kong) Limited (CRD 281553): Form ADV filing data as of October 2026.