Invest Hong Kong (InvestHK) has opened an independent office and created a team to work from it to attract and promote family office business in the special administrative region, reports our sister publication, International Adviser.
FamilyOfficeHK will be located in Admiralty, where many family offices are situated, to better serve its clients.
The team will work closely with the industry and government departments and will hold seminars as well as provide customer services for family offices or ultra-high net worth individuals looking to develop a footprint in Hong Kong and/or Asia.
It will also have two members in mainland China and one in Europe to understand the needs of clients in different countries.
Stephen Phillips, director-general of investment promotion at InvestHK, said: “The family office business has flourished in recent years, becoming an important growth segment in the wealth and asset management industry.
“The establishment of our FamilyOfficeHK team is a milestone in InvestHK’s endeavour in promoting Hong Kong as an ideal location in which Hong Kong and overseas-based enterprises can set up a family office presence. I believe that the team will further promote Hong Kong’s unique advantages and offer one-stop services to family offices that are interested in setting up a base in Hong Kong, and consequently reinforce Hong Kong’s position as a prime family office hub in Asia.”
Dixon Wong, head of financial services and global head of family office at InvestHK, added: “We hope that the establishment of FamilyOfficeHK will cement Hong Kong’s position as one of the most sought-after family office hubs in Asia.
“The unique advantages of Hong Kong – namely our connectivity with China and the world, effective legal system and strong foundation for our private wealth management industry, plus continuous support by the Hong Kong special administrative region government – add up to create a very conducive environment for family offices to develop in Hong Kong.”