[Insights Article] More work still required to strengthen the family office ecosystem in Hong Kong
Family office businesses are becoming an important component of the financial services industry in Hong Kong, not just because of the huge business potential offered to a wide range of professionals, but also because the growing number of family offices operating in Hong Kong showcases the city’s strengths as an international finance and wealth management hub.
As well as the Hong Kong Family Office Scheme, InvestHK launched the Network of Family Office Service Providers in June, bringing together private bankers, trustees, lawyers, accountants, and wealth management professionals with the aim of nurturing the ecosystem that continues to support local and global family offices as they set up or expand in the Hong Kong market. Lioner Group is a member of this Network.
Together, the Network will collaborate to offer holistic services which include promoting the strengths of Hong Kong’s financial services industry, which is key to attracting high-net-worth (HNW) clients in the region and will also provide advice to the HKSAR government on how they can continue to better facilitate the sector’s growth.
As an integral part of the family office ecosystem in Hong Kong, Lioner welcomes this latest effort from the government which demonstrates Hong Kong’s key advantages, including its deep talent pool, overall wealth management capabilities and the government’s favourable policies. Lioner’s 3-in-1 offerings which cover insurance, family trust and succession planning and family governance fits perfectly in this ecosystem and helps family offices to setup and continue to maintain their status.
As more parties in our ecosystem start to work together, this will help further promote Hong Kong as a preferred destination of choice for family offices across the globe and enhance the city’s reputation as a vibrant family office hub.
According to InvestHK, this scheme has already generated interest from family offices worldwide, with wealthy families around Asia looking at moving their investment assets from overseas to Hong Kong. At Lioner, we endorse the continued positive development for family offices in Hong Kong. Along with our partners, we are well positioned to administer the day-to-day management of HNW families’ affairs, providing tailor-made solutions that address corporate governance, legal, tax and immigration advisory services.