Hong Kong family-office wooing campaign gathers steam, summit attendance shows
Hong Kong's pledge to entice family offices to set up operations in the city has seen growing interest, as evident in the scale of the latest summit held by the Hong Kong Academy for Wealth Legacy.
The government-initiated institution charged with strengthening the city as a global family-office hub is hosting a three-day, closed-door summit from Thursday to Saturday, following its inaugural event in May. Around 150 family business and office representatives from around the world gathered at the Conrad Hotel on Friday, more than the 100 attendees at the previous event.
Attendees include Jack Selby, a managing director of the family office of PayPal co-founder Peter Thiel, and young bloods such as Miguel "Migz" Magsaysay, whose family is a well-known political clan in the Philippines, and Kimberly Go, an assistant vice-president at her family's JSG Group of Companies in the Philippines. The event also drew participants from the United Kingdom, mainland China and Qatar, among others.
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"With our institutional advantage, favourable government policies, a vibrant asset- and wealth-management sector, talent, lifestyle and an extensive philanthropic network and projects, Hong Kong stands as the premier platform to realise your aspirations and legacies," Financial Secretary Paul Chan Mo-po said in the summit's opening address on Friday.
"Hong Kong's strategic location and unique value proposition make it an ideal gateway for family offices looking to capture the opportunities in this part of the world."
He pointed to the city's legal and financial systems, its freely convertible currency pegged to the US dollar, and tax breaks provided to family offices as advantages.
Hong Kong has more than 2,700 single-family offices, more than half founded by individuals with wealth exceeding US$50 million. Photo: May Tse alt=Hong Kong has more than 2,700 single-family offices, more than half founded by individuals with wealth exceeding US$50 million. Photo: May Tse>
The academy's latest initiative reflects Hong Kong's effort to burnish its credentials as Asia's hub for family offices.
Launched in November under the Financial Services Development Council, the academy aims to nurture talent for family offices and build the city's ecosystem for such enterprises, next-generation wealth owners and wealth-management professionals.
The number of Asia-Pacific single-family offices is expected to surge by 40 per cent to 3,200 by 2030, outpacing all regions globally, according to a report by Deloitte published last week. Hong Kong alone is home to more than 2,700 single-family offices, with more than half of them founded by individuals whose wealth exceeds US$50 million.
"The Hong Kong Academy for Wealth Legacy will play its part in this dynamic environment by empowering global families and businesses to elevate their legacies," said chairman and New World Development scion Adrian Cheng Chi-kong. "In this environment, families can connect with and learn from their peers and other thought leaders and industry experts."
The academy focuses on six development goals: intergenerational integration, family governance, philanthropic impact, impact investing, art and culture development, and wealth management, according to Cheng.
The participants attended an opening reception with workshops on the first day, while Friday's main summit featured panel discussions and round-table discussions on family governance, business and investment trends, and innovation ideas. The final day will include a programme focused on the city's arts and culture scene.
Philanthropic investment is a key theme for family offices globally and a focus for the Hong Kong government to attract.
In March, the academy unveiled its charity depository Impact Link to connect donors with projects.
"Hong Kong is a very progressive place with a lot of resources," said Magsaysay, the grandson of Senior Citizens Party-list representative Milagros Aquino-Magsaysay. "I believe the organisation provides these workshops and events to help enrich people interested in this sector."
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.
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