The Hong Kong government has announced the launch of the Network of Family Office Service Providers, a network of private banks, accountants, lawyers, trust companies and more designed to support the city’s family office ecosystem.
The Network’s launch event was officiated by the Financial Secretary, Paul Chan, and the Secretary for Financial Services and the Treasury, Christopher Hui. Over 100 representatives from a wide array of family office service providers participated in the event.
Launching the Network is one of the eight initiatives in the government’s policy statement on developing family office businesses in Hong Kong announced on 24 March.
“The Network of Family Office Service Providers brings together the relevant professional services providers, including private bankers, trustees, lawyers, accountants, wealth management professionals, etc, to create mutual business opportunities and promote Hong Kong’s advantages to target markets. The Network will also provide advice to the government on how we could better facilitate the sector’s growth and thrive together,” said Chan.
“The launch of the Network of Family Office Service Providers marks a key milestone of the government’s basket of measures to promote Hong Kong as a family office hub. Looking ahead, we will thrive to work together with the regulators and the industry to roll out other new initiatives in the government’s policy statement, with a view to facilitating the rapid growth of the ecosystem for global family offices and asset owners in Hong Kong,” said Hui.