Geneva-headquartered UBP has reportedly hired 10 senior bankers in Hong Kong to target family office opportunities in the city.
In the first half of 2023, UBP hired 10 senior bankers in Hong Kong to target clients seeking to set up family offices in the city, according to an «SCMP» report.
«After the Hong Kong government introduced the tax incentives and resumed the investment migration schemes for family offices, we have found more mainland and overseas wealthy investors expressing an interest in establishing family offices in Hong Kong,» said North Asia head and Hong Kong CEO Ivan Wong.
Greater Bay Area
In March, Hong Kong rolled out a raft of new measures as part of its new ambitions to attract 200 new family offices by the end of 2025, including tax breaks and the development of art storage facilities. It also expanded its investment migration program with a focus on mainland China investors by allowing renminbi-denominated assets to be considered in applications.
Wong highlighted interest from the mainland and named the investment migration scheme as one of the attractive drivers, especially for clients based in the Greater Bay Area – an 11-city cluster that includes Hong Kong, Macau, Shenzhen, Guangzhou and more.
«Hong Kong is an ideal place for wealthy families in the Greater Bay Area to manage their wealth. Clients living in the Greater Bay Area only need about an hour of travel time to come to Hong Kong, while the city also speaks the same language and shares a common culture,» Wong added.
