Hong Kong Launches Family Office Nexus to Attract Global Wealth Management Firms

FSTB and Bloomberg establish strategic collaboration to enhance Hong Kong's family office ecosystem

The Financial Services and the Treasury Bureau (FSTB) announced today (October 9) the establishment of Hong Kong Family Office Nexus, a strategic collaboration between the FSTB and Bloomberg L.P. (Bloomberg) with the goal of attracting family offices from around the world to establish or expand their presence in Hong Kong and reinforcing the city's status as a leading global asset and wealth management hub.

The strategic collaboration was forged following a pivotal meeting in New York this April between the Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Founder of Bloomberg L.P. and Bloomberg Philanthropies, Mr Michael Bloomberg. Their discussions centred on Hong Kong's policy initiatives to transform the city into a global hub for family offices and philanthropic activities, and how the two parties shall collaborate to further the efforts.

The partnership with Bloomberg will focus on four key pillars, namely community building, knowledge sharing, technology support and philanthropic collaboration. The FSTB, together with Invest Hong Kong (InvestHK) and the Hong Kong Academy for Wealth Legacy (HKAWL), will collaborate with Bloomberg on various initiatives to bolster Hong Kong's family office ecosystem.

Mr Hui said, "Michael and I share a common vision to develop Hong Kong into a global centre for family offices and philanthropists. His insights, together with Bloomberg's extensive international reach and its expertise in financial data and technology, will be invaluable to further enhance Hong Kong's appeal to family offices worldwide. 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. We look forward to working closely with Bloomberg to create an environment where family offices and philanthropic initiatives will thrive."

The Head of Asia Pacific, Bloomberg, Mr Bing Li, said, "Hong Kong is one of the world's most compelling family office destinations, with a distinct combination of expertise, regulatory settings and deep financial markets. The Hong Kong Government has a clear goal to grow Hong Kong as a world-class family office hub, and Hong Kong Family Office Nexus seeks to equip that group with the tools and support they need to succeed here. Bloomberg is proud to contribute to the long-term development of Hong Kong's family office community."

Titled "Hong Kong Family Office Nexus", the partnership will encompass the following four key pillars and components:

1. Community Building: The involved parties will co-organise seminars for family office industry professionals covering topics of interest, including impact investing and alternative asset allocation. Bloomberg will also establish a dedicated digital content hub, the Hong Kong Family Office Nexus Knowledge Hub, to host information related to Hong Kong's family office sector for ongoing community building. It will be available to the Hong Kong family office community in the coming months;

2. Knowledge Sharing: Bloomberg will curate a family office guidebook, providing guidance on setting up family offices in Hong Kong and introducing relevant policy initiatives, such as tax concessions offered and the New Capital Investment Entrant Scheme;

3. Technology Support: Bloomberg will support InvestHK's family office clients by offering access to Bloomberg's suite of family office solutions, including Bloomberg Terminal trials, a range of financial and alternative data, and opportunities to learn from Bloomberg's global network of experts. Bloomberg will also join InvestHK's Network of Family Office Service Providers, contributing insights and expertise on the latest trends of technology solutions for the family office sector; and

4. Philanthropic Collaboration: The HKAWL will collaborate with Bloomberg Corporate Philanthropy on opportunities for family offices and high-net wealth individuals to engage in Hong Kong's philanthropic community.

In addition, Bloomberg will introduce a new summit in Hong Kong focused on wealth management in March 2025. This event will complement and amplify the impact of the FSTB's annual flagship event, the Wealth for Good in Hong Kong Summit (WGHK). Strategically scheduled to coincide with WGHK 2025, this collaborative effort aims to create synergy, sustaining and building upon the growing momentum in Hong Kong's family office sector. The dual summits will offer an unparalleled platform for family office principals and professionals to exchange insights, explore opportunities, and shape the future of wealth management in the region. Other initiatives of Hong Kong Family Office Nexus will commence in phases in late 2024.

The Director-General of Investment Promotion, Ms Alpha Lau, said, "We believe that the additional content on Bloomberg's extensive platforms regarding Hong Kong's family office sector will complement InvestHK's efforts in showcasing Hong Kong's vibrant family office ecosystem to our global audience. We look forward to collaborating with Bloomberg during the extended week at next March's Wealth for Good in Hong Kong Summit to amplify industry impact and highlight the city's status as a leading family office hub."

The Executive Director of the Financial Services Development Council, Dr King Au, said, "We are taking a significant step in enhancing our city's family office ecosystem. This collaboration underscores our commitment to solidifying Hong Kong as a premier destination for family offices globally, fostering innovation, knowledge sharing, and philanthropy. We aim to create a vibrant community that attracts and supports family offices, driving sustainable growth and bolstering Hong Kong's status as a leading international financial hub."

FSTB and Bloomberg establish strategic collaboration to enhance Hong Kong's family office ecosystem Source: HKSAR Government Press Releases

FSTB and Bloomberg establish strategic collaboration to enhance Hong Kong's family office ecosystem Source: HKSAR Government Press Releases

Remarks by CE at media session in Tashkent, Uzbekistan

The Chief Executive, Mr John Lee, today (June 4), in Tashkent, Uzbekistan, spoke on the Central Asia visit of the business delegation comprising representatives from Hong Kong and Mainland enterprises. He was accompanied by the Deputy Secretary for Justice, Dr Cheung Kwok-kwan; the Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong; the Commissioner for Belt and Road, Mr Nicholas Ho; the Chairman of the Hong Kong Trade Development Council, Professor Frederick Ma; Chamber Council Member of the Hong Kong General Chamber of Commerce Mr Jeffrey Lam; and Vice President of Xuzhou Construction Machinery Group Company Limited Dr Hanson Liu. Following are the remarks by Mr Lee:

Reporter: Sir, welcome to Uzbekistan. My first question, Hong Kong is one of the world's leading financial centres, and following today's discussions, what concrete investment and projects or areas of economic (co-operation) between Hong Kong and Uzbekistan in the near future can we expect? And the second question, which sectors of Uzbekistan's economy does the Hong Kong business community currently view as the most promising for investment, and why? And a short question, could you please tell us when the visa-free regime can be expected in the near future? Thank you.

Chief Executive: I will answer your last question first. Both governments are working very hard to implement this 30-day visa-free arrangement. We have overcome the most difficult part; that is, both sides have worked on the details, and yesterday we exchanged the notes verbales on this matter. With the enthusiastic attitude of both governments, I think we can see very early implementation of the arrangement. I will push my colleagues to work harder, and I received the same assurance from my counterparts in the government of Uzbekistan.

In regard to financial co-operation, I am very glad to know about the establishment of an international financial centre in Uzbekistan. Hong Kong has, I think, a lot of experience to share, including capital markets, asset management, green and sustainable finance, as well as the support of professionals to help upgrade and strengthen the financial centre. I see particular potential in co-operation in capital markets, connectivity, asset management, green finance, financial technology, and related professional services. All these help to foster mutual growth between our two places in regard to financial co-operation. I also want to suggest we co-operate in the area of gold trading, because Uzbekistan has a large production of gold and also has a strong gold reserve, and Hong Kong is quickly building a gold trading market. We hope to see more co-operation in this area, and I think this will be a win-win situation for both financial centres. Then, of course, the traditional stock exchange area is an obvious area for the two Exchanges to co-operate in. Already, the Hong Kong Exchange has been in communication with the Tashkent Stock Exchange, and further co-operation will ensure that investors and also market participants will gain even further mutual benefit. One other point I think Hong Kong and Uzbekistan can co-operate in is fintech, because while we develop financial markets and co-operation in this area, nowadays, technology in the financial sector plays an important role, and I think this is an area we can contribute to and bring mutual benefit to both sides.

As regards your question about which sector looks to us as the most prominent sector for co-operation and for mutual development, you are asking a question which will probably involve a long list of sectors. We come here and, as Chairman Fred Ma of the Trade Development Council has indicated, the examples of agreements and co-operation are just so abundant that they range from the service sector to heavy industries such as mining and infrastructure development. I think the sky is the limit. A lot of Belt and Road projects are actively being pursued in Uzbekistan. For example, Uzbekistan sits in the heart of the corridor of Asia and Europe, so logistical development, railway development, and also how we can complement and supplement each other in cargo handling will be an area for a very wide range of co-operation. Of course, the financial side, which you have asked about, is an area of co-operation. Technology is also an important area, because technology is the future of different parts of the world; without technology, we will all fall behind. IT co-operation will be an area we will focus on, and already you can see there have been some agreements signed in this regard. So your question is one which indicates that the answer will be a big one, and I am glad, because that means the visit to Central Asia is a right decision. The opportunities are so many, and the potential is so unlimited.

The last thing I would say is youth development and education. I am very impressed by the President's 2030 strategy, in which human capital development and education are highly emphasised, and this is an area where I think Hong Kong can work together with Uzbekistan, because Hong Kong has achieved some good results in education, with five universities in Hong Kong among the top 100. We have three universities which have been rated as most international. We have scholarships for Belt and Road students. In fact, there are altogether some 6 000 students from Belt and Road countries studying in Hong Kong. Besides the scholarship offered by the Government, universities also offer a wide range of scholarships to students, Uzbekistan students included. So the areas of co-operation are wide. Thank you very much.

(Please also refer to the Chinese portion of the remarks.)

Remarks by CE at media session in Tashkent, Uzbekistan Source: HKSAR Government Press Releases

Remarks by CE at media session in Tashkent, Uzbekistan Source: HKSAR Government Press Releases