Hong Kong, 18 November 2020 – Family Office Association Hong Kong (“FOAHK”) today announced its official establishment. As the first, independent family office industry body in Hong Kong, FOAHK has been founded with the clear purpose to promote and further the family office industry in Hong Kong, and support Hong Kong’s growing role as the family office hub of Asia Pacific.
In celebration of the establishment, FOAHK held an opening ceremony officiated by Mr. Joseph Chan, Under Secretary for Financial Services and the Treasury Bureau (“FSTB”), Mr. Stephen Phillips, Director-General of Investment Promotion for InvestHK and Dr. King Au, Executive Director of Financial Services Development Council.
Commenting on the launch, FOAHK Chairman Mr. Chi Man Kwan said, “There has been robust growth in the family office industry in Hong Kong in recent years, fuelled by a rising population of ultra-wealthy families in the city. Hong Kong has by far the highest density of ultra-wealthy individuals – at 1,364 for every million adults1. The growing need for family office support around the management of financial affairs presents promising growth opportunities for family office operators in Hong Kong. It is against this background that FOAHK has been founded, with the vision to be the voice of family offices in Hong Kong. Today marks the first step of FOAHK’s exciting journey, as well as a milestone in Hong Kong’s family office industry.”
In his closing remarks, Mr. Joseph Chan, Under Secretary for FSTB, said: “Hong Kong, with a stable and flexible capital market with ample liquidity, free flow of capital, a sound legal system as well as a wealth of international talents, is an ideal location for the establishment of family offices, a sector which is growing strongly in Asia in recent years due to fast economic growth and wealth creation. The HKSAR Government has been stepping up its efforts and adopting a more user-friendly approach to attract family offices to set up and operate in Hong Kong with a range of measures, including the dedicated one-stop-shop service provided jointly by InvestHK and Hong Kong Monetary Authority for family offices, as well as a circular issued by Securities and Futures Commission of Hong Kong for the purpose of providing more guidance on Hong Kong’s licensing regime to prospective family offices that may set up in Hong Kong.”
“As a consultative industry body, FOAHK is committed to leading and driving dialogue between the industry, the government, regulatory bodies and other stakeholders to foster the development of the city’s family office industry and the broader private wealth management ecosystem. We seek to advocate for legislative and regulatory matters favourable to the development of the industry and the operations of family offices. We will also facilitate knowledge sharing to prepare members and the industry to stay one step ahead in a rapidly changing market landscape,” Mr. Kwan added.
FOAHK is fully committed to connecting stakeholders and facilitating collaboration between family offices and other stakeholders in Hong Kong and overseas, and to attract and retain investment and talent for the industry. It will provide best practice guidance to the industry and serve members through offering educational programmes of courses, seminars and special events to continue professional development and upholding the highest standards for the profession of the industry.
From left to right: Jim Kwok, Committee Member of FOAHK, Kenneth Ho, Vice Chairman of FOAHK, Chi Man Kwan, Chairman of FOAHK, Grant Ko, Vice Chairman of FOAHK and Harry Pang, Committee Member of FOAHK
About Family Office Association Hong Kong
Family Office Association Hong Kong (“FOAHK”) is an independent family office trade association established in November 2020. We are a consultative industry body established to lead and drive dialogue between the family office industry, the government and regulatory bodies in Hong Kong. We advocate for legislative and regulatory matters favourable to the development of family office businesses in Hong Kong, with the common goal for the city to become the region’s leading family office hub in Asia-Pacific. We are committed to providing best practice guidance to uphold the profession’s highest industry standards and compliance, as well as facilitate community collaboration among members, governments and other professional parties in Hong Kong and overseas.