Global law firm Mayer Brown made its case for Hong Kong as the region’s family office hub of choice, underlining its advantageous characteristics and a bright outlook.
In a newly launched report, Mayer Brown said Hong Kong had «the main attributes to serve as an effective hub for family offices in Asia» with three especially key attributes: mature and sophisticated markets; a mainland China gateway; and strong professional services with excess talent supply.
«These advantages make Hong Kong a natural choice for family offices looking to establish a presence in the Asia Pacific region,» the report reiterated.
Market Evolution
The report highlighted three major commercial developments for Hong Kong’s family office market: the rise of new money more focused on alternatives, technology and sustainability; growth of co-invesmtent activities; and the Greater Bay Area wealth management connect scheme enabling cross-border activities for banks.
Other benefits named include government-backed support for setting up, some legal loosening and various tax benefits.
Rival Rise
Traditional rival hub Singapore is also pressing ahead with its ambitions to establish itself as the family office hub of choice in the region.
It has attracted a number of high-profile billionaires including vacuum cleaner tycoon James Dyson, Chinese hotpot giant owner Shu Ping and, most recently, hedge fund manager Ray Dalio.
«[O]ther jurisdictions recognizing the value of that family offices can bring to their economies, have become increasingly competitive in this space,» the Mayer Brown report added.
