Hong Kong to host summit in September to promote city as regional hub for family offices

The Hong Kong Academy for Wealth Legacy will host a three-day summit in September, marking its latest effort to promote the city as a hub for wealthy families to pursue investments, establish succession planning and support various charities.

"The academy will arrange various activities to allow the family office principals to share their knowledge on how to develop their businesses and investments, as well as to build up their family legacy through various development goals including philanthropy, impact investments, arts and culture, and more," Angel Chia, the academy's newly appointed executive director, told the South China Morning Post in an interview.

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.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

Chia, who started her role in the academy in March, said the summit will be held from September 12 to 14 and is expected to attract a similar number of attendees to the academy's first event in May, which had more than 100 participants.

Angel Chia, executive director of the Hong Kong Academy for Wealth Legacy. Photo: Xiaomei Chen alt=Angel Chia, executive director of the Hong Kong Academy for Wealth Legacy. Photo: Xiaomei Chen>

The academy's latest initiative reflects Hong Kong's efforts to burnish its credentials as Asia's hub for wealthy family offices.

The Asia-Pacific region is expected to experience the biggest growth in wealth among ultra-high-net-worth individuals by 2026, according to Knight Frank's Wealth Report 2022.

Chia said the academy will focus on peer-group learning, instead of a classroom setting, to achieve capacity and develop talent for family offices.

"Peer-group learning also encourages learning by doing," she said. "The summit in September will allow asset owners and next-generation wealth owners to share knowledge and learn from each other, both from their successes and mistakes."

Adrian Cheng Chi-kong (fourth from left), chairman of the Hong Kong Academy For Wealth Legacy, and Secretary for Financial Services and the Treasury Christopher Hui Ching-yu (fifth from left), at the launch of the academy on November 14, 2023. Photo: Xiaomei Chen alt=Adrian Cheng Chi-kong (fourth from left), chairman of the Hong Kong Academy For Wealth Legacy, and Secretary for Financial Services and the Treasury Christopher Hui Ching-yu (fifth from left), at the launch of the academy on November 14, 2023. Photo: Xiaomei Chen>

The summit in September will start with a small group workshop on charity and impact investment, followed by a reception to showcase selected projects that family offices could get involved to benefit the environment or society, Chia said.

The second day will cover family governance as well as business and investment trends for family offices. The summit will wrap up its third day with a programme to introduce the city's arts and culture scene.

Chia declined to provide details, as the summit is meant to be a closed-door event for those invited.

Hong Kong had more than 2,700 single-family offices - firms established to pursue investment, philanthropy and succession planning - at the end of last year, according to a study published by Deloitte in March.

Hong Kong had more than 2,700 single-family offices at the end of 2023, according to a Deloitte report. Photo: Yik Yeung-man alt=Hong Kong had more than 2,700 single-family offices at the end of 2023, according to a Deloitte report. Photo: Yik Yeung-man>

In March this year, Hong Kong introduced a revamped investment-migration programme, providing local residency to those who invest HK$30 million or more. Before the academy was established, the government introduced tax incentives for family offices in May last year.

Financial Secretary Paul Chan Mo-po in March announced that the Hong Kong Academy for Wealth Legacy would introduce a database called Impact Link, or iLink, to connect donors with charity projects.

"Our goal is to help our ultimate target audience - including the family principals, their next-gens and executives of single family offices - to connect and to be able to develop," Chia said. "They could share knowledge or join forces to do investment or philanthropy together. We truly want to be a superconnector among the different family offices and next-generation asset owners."

"Attracting wealthy families - including their businesses, resources and connections - can ultimately translate into Hong Kong's long-term economic development across multiple strategic areas," she said.

Chia, who has spent two decades in financial services and working with family offices, is from Taiwan. She said she believes Hong Kong and Singapore can both be family office hubs.

"The activities in Hong Kong and Singapore are complementary," she said. "Family offices want to diversify their investments, and they would position themselves across different cities to best capitalise on opportunities."

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.

Copyright (c) 2024. South China Morning Post Publishers Ltd. All rights reserved.