Media and data giant Bloomberg has formed a partnership with the Hong Kong government to support the development of the city’s family office market.
Bloomberg and Hong Kong’s Financial Services and the Treasury Bureau (FSTB) have formed a joint initiative called the «Hong Kong Family Office Nexus», according to a statement. Under this initiative, Bloomberg will work closely with the FSTB alongside InvestHK and the Hong Kong Academy for Wealth Legacy (HKAWL) to «deliver a series of projects and resources to Hong Kong’s family office sector».
The initiative was established following a meeting between FSTB secretary Christopher Hui and Bloomberg founder, Michael Bloomberg.
«It is our great pleasure to partner with Bloomberg to reinforce Hong Kong's enduring strength as an international financial hub and showcase our commitment to fostering further development and innovation in wealth management and charitable giving,» said Hui. «We look forward to working closely with Bloomberg to create an environment where family offices and philanthropic initiatives will thrive.»
Four Areas
Under the initiative, there will be four areas of focus: community building, knowledge sharing, technology support and philanthropic collaboration.
Community building will include the formation of a digital knowledge hub, year-round networking events and the launch of a dedicated Bloomberg signature event for family offices in March 2025. Knowledge sharing involves the creation of a «Hong Kong Family Office Playbook». Tech support will include access to Bloomberg’s suite of products. And on philanthropy, Bloomberg will collaborate with HKAWL to explore related opportunities.
The Hong Kong Family Office Nexus knowledge hub will be available in the coming months while family office community events will commence in late 2024.
