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

2024-10-09 15:00 Last Updated At：15:25

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."

Hong Kong Cinema Shines at 25th New York Asian Film Festival with Record 17 Films Screened

Hong Kong cinema in spotlight at 25th New York Asian Film Festival

Hong Kong cinema is the undisputed star at this year's 25th New York Asian Film Festival (NYAFF), where a record 17 films will be screened under the "Hong Kong Panorama" banner, presented with the support from the Hong Kong Economic and Trade Office in New York (New York ETO) from July 10 to 26 (New York time).

The centrepiece event was the presentation of the NYAFF's Best from the East Award to actor Daniel Wu on July 20 (New York time), ahead of the special screening of "Cold War 1994", honouring a career that began in Hong Kong cinema before extending into Hollywood, television and the director's chair, and bringing with him the discipline, physicality and storytelling instinct for which Hong Kong film is known.

The New York ETO hosted a special reception for Wu and other attending Hong Kong film talents before the award presentation. Speaking at the reception, Director of the New York ETO, Ms Maisie Ho, congratulated Wu for his contributions to Asian cinema and bringing Hong Kong storytelling sensibility through his work across film and television globally.

Ms Ho also highlighted the deep ties between Hong Kong cinema and the NYAFF, noting that Hong Kong films have been a part of the festival's identity since its earliest editions. The New York ETO has supported the festival's "Hong Kong Panorama" since 2009, introducing New York audiences to the actors, directors and screenwriters shaping Hong Kong cinema.

This year's Hong Kong Panorama builds on that legacy, showcasing five North American premieres, alongside numerous special screenings and events, with a number of Hong Kong film talents attending the festival. Ms Ho said the expanded lineup reflects both the creative vitality of Hong Kong's film industry and the Hong Kong Special Administrative Region (HKSAR) Government's continued commitment to supporting that industry on the world stage.

Several of this year's films received support and funding from the HKSAR Government, including "Afterpiece" (financed through the Directors' Succession Scheme that pairs seasoned filmmakers with emerging directors), "Bird of Paradise" (a winning film project in the higher education institution group of the 7th First Feature Film Initiative (FFFI)), "Dog Day Evening" (financed by the Film Production Financing Scheme (Relaxation Plan)), and "Gamer Girls" (winning film project in the Higher Education Institution Group of the 6th FFFI).

Hong Kong actress Angela Yuen will receive the NYAFF's Screen International Rising Star Asia Award on July 21 (New York time), underscoring Hong Kong's strong pipeline of talent with international reach. Ms Ho congratulated Yuen for her outstanding performances on screen and on seeing her hard work and talent celebrated in New York.

This year's NYAFF's 2026 Filmmaker in Focus took audiences inside one of the most influential careers in Hong Kong cinema – the prolific and versatile director, Andrew Lau, who reflected on the craft, innovation and lasting impact of his incredible library of works, including NYAFF 2026 featured films "The Storm Riders", "Initial D" and his acclaimed new feature, "The Dumpling Queen".

In addition to Lau, Wu and Yuen, other Hong Kong filmmakers attending this year's NYAFF include actor Yukki Tai, actress Ng Wing-sze; and directors Veronica Bassetto, Frankie Chung, Pang Ho-cheung, Keane T. K. Wong, Joey Wu, and Phillip Yung.

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

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

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