Building on Success
Hong Kong already has the know-how to become a hub for family offices in Asia. But some tweaks are necessary, banking legend Kathryn SHIH says.
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Hong Kong’s hopes of securing a preeminent position in the fast-growing family office sector are underpinned by the extensive experience and relevant expertise the city’s financial institutions already possess.
They lead the region in terms of investment banking, asset and wealth management services and are therefore well placed to advise enterprising families on how best to plan and structure their investments to protect holdings, generate returns, avoid conflict, create a legacy, and ensure a smooth transition to the next generation.
With all the talk of initiatives and incentives to attract such businesses and become a regional hub, there is a sense of breaking new ground. But most of the precedents and patterns are already well established, having evolved in Europe and the United States over the past few decades.
Offering guidance across the board
Now they are being adopted and adapted to meet the needs of families in Asia which have more recently moved into the ultra high-net-worth bracket. Such families can benefit from guidance on everything from tax domiciles and legal jurisdictions to financial planning, trusts, private equity, insurance, and philanthropy.