The Family Office Association Hong Kong announced key milestones achieved with regards to its membership with their total assets surpassing $50 billion.

FOAHK’s membership grew to over 30 single and multi-family offices, according to a statement, with combined assets under management of over $50 billion as of mid-July this year.

Of the more than 30 members, 20 percent are single family offices and 80 percent are multi-family offices originating from various locations across Hong Kong, mainland China, Southeast Asia and Europe.

«Throughout the pandemic, the industry has demonstrated resilience and maintained robust growth, leveraging Hong Kong’s position as a leading destination for foreign direct investment and generating alpha,» said FOAHK chairman Chi Man Kwan. «As the voice of family offices in Hong Kong, FOAHK will continue to represent and promote the interest of buy-side family offices in the city and contribute to the city’s status as Asia-Pacific’s leading family office hub.» 

Sub-Committee Launch

In an effort to enhance the family office ecosystem in Hong Kong by promoting professionalism in key disciplines, FOAHK has launched three new sub-committees: the wealth planning sub-committee; the philanthropy sub-committee; the risk management and resilience sub-committee; and the legal sub-committee.

The wealth planning sub-committee will be chaired by 30-year family office veteran John Wong who is currently family business and private client services leader at PwC.

Franklin Templeton senior advisor David Chang, who has 30 years of experience across banking, trust services, asset management and NGO affairs, will chair the philanthropy sub-committee.

Ex-risk assurance partner at Deloitte and PwC Christina Lau has been appointed as chair of the risk management and resilience sub-committee.

In addition to advising FOAHK’s board of directors on compliance and oversight, legal and regulatory matters, Mayer Brown partner Cindy Kao will chair the legal sub-committee.

Wong, Chang and Lau have also been appointed to FOAHK’s independent board of directors.