PLATFORM NURTURES FAMILY OFFICES IN HK

Invest Hong Kong today announced the launch of the Network of Family Office Service Providers, a platform specially designed to help promote Hong Kong as a preferred destination of choice for global family offices.
 
Financial Secretary Paul Chan and Secretary for Financial Services & the Treasury Christopher Hui officiated the network's launch event.
 
Over 100 representatives from a wide array of family office service providers participated in the special occasion, under the witness of key representatives from regulators and industry associations at the HKEX Connect Hall.
 
Launching the network is one of the eight initiatives in the Government's Policy Statement on Developing Family Office Businesses in Hong Kong announced on March 24.
 
The network aims to nurture the ecosystem that continues to support local and global family offices as they set up or expand in the Hong Kong market.
 
Apart from providing a two-way channel for the Government to brief the industry on the latest development and supplying opportunities for family offices in Hong Kong, the network will also help with mobilising such networks around the world to advocate opportunities in the city for family offices.
 
Speaking at the launch ceremony, Mr Chan made it clear that Hong Kong, with its vibrant financial ecosystem, sophisticated financial infrastructure and the best professional services providers as well as the convergence of investment opportunities in the Mainland and the world, is naturally the preferred choice of location for global family offices.
 
“The Network of Family Office Service Providers brings together the relevant professional services providers, including private bankers, trustees, lawyers, accountants, wealth management professionals, etc, to create mutual business opportunities and promote Hong Kong's advantages to target markets.
 
“The network will also provide advice to the Government on how we could better facilitate the sector's growth and thrive together.”
 
On the launch of the network, Mr Hui explained that the launch of the Network of Family Office Service Providers marks a key milestone of the Government's basket of measures to promote Hong Kong as a family office hub.
 
“Looking ahead, we will thrive to work together with the regulators and the industry to roll out other new initiatives in the Government's policy statement, with a view to facilitating the rapid growth of the ecosystem for global family offices and asset owners in Hong Kong.”
 
Invest Hong Kong stressed that the Government is actively pursuing various initiatives announced in the policy statement to create a conducive and competitive environment for the businesses of global family offices and asset owners.
 
Besides launching the network, some of the new initiatives include a new Capital Investment Entrant Scheme, tax concessions, a new Hong Kong Academy for Wealth Legacy, establishing art storage facilities at the airport and developing Hong Kong as a philanthropic centre.

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