Exclusive: New World’s Adrian Cheng, Sino’s Daryl Ng, UBS’ Amy Lo to join Hong Kong’s first training centre to attract wealthy family offices, source says

Hong Kong will set up a training centre to nurture financial talent and augment the city’s claim as Asia’s hub for wealthy family offices, as the local government pulls out all stops in the race with other cities for investments.

The Financial Development Services Council (FSDC), established a decade ago to promote Hong Kong’s financial industry, will set up the Hong Kong Academy for Wealth Legacy (HKAWL) to cater to family offices, next-generation wealth owners and professionals in the management of private wealth, according to a person familiar with the matter.

The academy will foster collaborations through networking, knowledge sharing and talent development via workshops, conferences and networking events, the person said, declining to be named before the set up is announced.

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During his policy address in October 2022, Lee outlined a number of initiatives to attract family offices, including tax concessions, talent development and the establishment of a wealth management network. Since then, a refreshed Capital Investment Entrant Scheme was launched to provide residency to eligible applicants with investments such as equities and Hong Kong-listed bonds.

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Hong Kong’s government will also be represented by three officials on the board. They are Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim, the FSDC’s Executive Director Au King-lun and Charles Ng Siong-kwong representing the office of the Financial Secretary, the source said.

By using its board members’ collective experience and wide-ranging expertise that spans academic, the public and private sectors, the academy will benefit from invaluable guidance in shaping its vision and strategic planning, the source said.

The board members are expected to assume their positions on November 14 during an inauguration ceremony at Victoria Dockside in Tsim Sha Tsui, the person added.