Zurich-based Julius Baer will launch a new office in Hong Kong this week as part of broader expansion plans that include ambitions to capture family office opportunities in the region.
Julius Baer will launch its new Hong Kong office on April 19, according to an «SCMP» report, located in the city's southeastern district, Quarry Bay.
The new space will complement its existing office in the central business district’s International Finance Center (IFC) building.
Family Office Opportunity
According to the Swiss pure-play private bank, one major incentive for setting up the new office is to capitalize on the city’s family office opportunity.
This is especially the case following supportive government measures unveiled in March including a revamped investment-based migration scheme, tax breaks and plans for the creation of art storage facilities.
Talent Pool
Nonetheless, there are challenges ahead for Hong Kong to realize its family office ambitions including the need to further enhance and expand the talent pool. One of the related government measures also announced last month included a commitment to establish an academy to train the local workforce to serve family offices.
«Imagine each family office will need to employ 10 staff to run them, we are talking about a lot of people and talents,» said Eleanor Yuen, APAC head of wealth planning at Julius Baer.
«There is a pressing need to nurture people in areas such as accountancy and investments. At the same time, other centers are competing for these talents.»
