Over the past two decades, Asia has seen the fastest family wealth accumulation in the world. According to Knight Frank’s Wealth Report 2021, Asia will see the fastest growth in ultra-high-net-worth individuals (UHNWIs) over the next five years, at 39 percent compared with the 27 percent global average. The Mainland saw the most significant year-on-year increase in its UHNWI population in 2020, creating an enormous market for family offices.
The Hong Kong Special Administrative Region Government is committed to championing Hong Kong as Asia’s family office hub. In August 2020, a Limited Partnership Fund regime was launched. The launch received tremendous success, registering more than 200 funds in its first eight months and raising Hong Kong’s status as an international asset- and wealth-management centre.
Taking advantage of Hong Kong’s inclusion in the Guangdong-Hong Kong-Macao Greater Bay Area, the growth of UHNWIs in the Mainland will spur the development of family office business in Hong Kong. As a premier international financial centre and wealth management centre, the city also offers many unique advantages for family offices to operate and grow. Many family offices have found the experience of setting up a family office in Hong Kong to be fulfilling.
Multi-family office specialists Pacific Hawk set up in Hong Kong more than two decades ago. Since then, its CEO Ann Cooley has witnessed an explosion of wealth in Asia. “Markets have become more sophisticated,” she noted. “As patriarchs and matriarchs have gotten older, succession planning has become more prevalent. With this surge in wealth also comes a steady influx of new opportunities. We see growth in the GBA as being a plus which enables us to gain more clients, enhance our investment strategies and collaborate with other groups on new technologies and ideas. InvestHK is a trustworthy source for delivering high level global insights, thought-provoking interviews from opinion leaders, and an entrée to a pool of strategic relationships.”
Kwan Chi Man, Founder and CEO of Raffles Family Office, believes that Hong Kong is the perfect home for family offices to prosper. “Hong Kong serves as a dominant gateway to connect investors from Asia and global markets. It is an idea place for us to engage prospects and clients in dialogues around their succession plans.”
CEO of Shanghai-based Hywin Wealth Management Wang Dian, sees Hong Kong as the best way for a Chinese company to reach an international clientele. “Only with Hong Kong can we achieve integrated client coverage, coordinated delivery of a global proposition, and agile responses to cross-border trends,” stated Dian.
Hefeng’s Founding Partner and Managing Director Jiang Songcheng, observed that the family office industry in Hong Kong is developing rapidly. “Hong Kong has all the software and hardware requirements that are ideal for the family office industry.”
DL Family Office serves ultra-high-net-worth families in Greater China. Andy Chen, Co-founder believes Hong Kong's status as an international financial hub is irreplaceable. “From being a window for China accessing the world in the 70s, to a bridge connecting Mainland enterprises to international markets since the 90s, today, the city has transformed itself to an ideal place for wealth management.”
Quintar Capital is another family office specialist founded in Hong Kong. Its CEO Jürg Niederberger explained, “Hong Kong ticks all the boxes for a base for operations: location, interconnectivity, currency, time zone, accessibility, tax regime and, above all, convenience.”
InvestHK’s Global Family Office Team
To encourage family offices from around the world to establish a presence in Hong Kong, InvestHK has set up a dedicated team to help facilitate and provide support in setting up family offices in Hong Kong. This strategic initiative is supported by the Financial Services and Treasury Bureau and works in conjunction with regulators and industry stakeholders.
The family office specialists, located in Hong Kong and in key business cities, work alongside InvestHK’s network of 31 global offices offering bespoke solutions for family offices. Services include identifying opportunities, providing support during set-up and helping newly established family offices become part of Hong Kong’s vibrant financial ecosystem.
Contact
Dixon Wong
Head of Financial Services and Global Head of Family Office
T: +852 3107 1085
E: dixonhtwong@investhk.gov.hk
Website: familyoffices.hk
Thanatcha Laohakul
Head of Investment Promotion, InvestHK
Hong Kong Economic and Trade Office in Bangkok
T: +66 (0) 2059 4660
E: thanatcha@hketobangkok.gov.hk
Website: www.hketobangkok.gov.hk, www.investhk.gov.hk
