Hong Kong teams with Bloomberg to promote city as global hub for family offices
The Financial Services and the Treasury Bureau and other government agencies will work with Bloomberg to put on events later this year while offering technological and data support to family offices, according to separate statements from the government and Bloomberg on Wednesday. The effort will be called the Hong Kong Family Office Nexus.
Hui said the partnership will “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.”
He said the new initiative would bring new opportunities to Hong Kong’s family offices, which are set up by wealthy people to engage in investing, succession planning, charity and other endeavours.
Hong Kong is home to more than 2,700 single-family offices; more than half of them were founded by individuals whose wealth exceeds US$50 million, according to a study from Deloitte.
“The goal for this collaboration is to promote Hong Kong as a family office destination,” said Bing Li, head of Asia-Pacific at Bloomberg, in an interview with the Post.
