In a bid to enhance the family office market, a new body dedicated to the wealth segment in Hong Kong has been launched and supported by the local government.
The Family Office Association Hong Kong (FOAHK) was officially established yesterday in an effort to promote and grow the industry in the city. According to a statement, the FOAHK aims to «support Hong Kong’s growing role as the family office hub of Asia Pacific» by driving dialogue between industry participants, legislative and regulatory advocacy as well as knowledge sharing.
«The growing need for family office support around the management of financial affairs presents promising growth opportunities for family office operators in Hong Kong,» said Chi Man Kwan, FOAHK chairman and CEO of Raffles Family Office.
«It is against this background that FOAHK has been founded, with the vision to be the voice of family offices in Hong Kong.»
Government Support
The FOAHK opening ceremony also notably featured top government officials overseeing financial services in Hong Kong who expressed their support for the growth of the family office industry. Government officials present included Joseph Chan, under secretary for financial services and the treasury bureau; Stephen Phillips, director-general of investment promotion for InvestHK; and King Au, executive director of financial services development council.
«The HKSAR Government has been stepping up its efforts and adopting a more user-friendly approach to attract family offices to set up and operate in Hong Kong with a range of measures,» Chan said.
«[This includes] dedicated one-stop-shop service provided jointly by InvestHK and Hong Kong Monetary Authority for family offices, as well as a circular issued by Securities and Futures Commission of Hong Kong for the purpose of providing more guidance on Hong Kong’s licensing regime to prospective family offices that may set up in Hong Kong.»
