Hong Kong steps forward to become Asia’s hub for wealthy families to protect their fortunes
The eight-person FamilyOfficeHK team will have its own office in Admiralty, near Central where it will house a group of family offices. It will aim to connect family offices with thousands of bankers and professionals in the city to help them open bank accounts and set up offices there.
In September, InvestHK introduced an information portal for family offices, while the Securities and Futures Commission (SFC) issued guidelines on the licensing regime for potential family offices that may locate in Hong Kong.
“The family office business has flourished in recent years, becoming an important growth segment in the wealth and asset management industry. Establishing our family office team is an important step in promoting Hong Kong as a great location for family offices, ”said Dixon Wong, who will lead the new team.
The upcoming Wealth Management Connect program, which will allow cross-border investments in fund products between Hong Kong and the mainland, is also expected to provide growth opportunities for family offices.
has 20% of high net worth clients in China – people with more than $ 30 million in assets. They would like to cross the border to invest in Hong Kong, one of the biggest stock markets in the world, when we also have a lot of private equity funds here, ”Wong said.
There were 196 dollar-denominated billionaires in Hong Kong, Guangzhou and Shenzhen last year, according to the Hurun Research Institute.
Along with investment options, Phillips said Hong Kong’s lifestyle and entertainment offerings are also a draw for wealthy families.
“The Hong Kong Jockey Club offers horse racing and other activities here. The many artistic events here have also made Hong Kong an attractive place for wealthy families, ”he said.