Exclusive: Hong Kong sets up training centre to nurture talent for family offices

Hong Kong will set up a new academy 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 financial centres for investments.

The Financial Services Development Council (FSDC), established a decade ago to promote Hong Kong’s financial industry, will set up the Hong Kong Academy for Wealth Legacy 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.

New World Development’s chief executive Adrian Cheng Chi-kong, a scion of Hong Kong’s third wealthiest family, will be the chairman of the academy, the source said. 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 from the office of the Financial Secretary will represent the city.

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Seven other industry leaders will also join the board. They are Sino Group’s Deputy Chairman Daryl Ng Win-Kong, UBS’ Asia-Pacific Wealth Management co-head Amy Lo Choi-wan, the Hong Kong University of Science & Technology’s Adjunct Professor of Finance Roger King and Jeremy Dinshaw Lam, a partner and the head of financial services at the legal firm Deacons.

More representatives of eminent family offices around the world will be added to the academy’s advisory board, another source said, declining to divulge names.

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.

The plan is a another firm step towards the goal laid out last year by Chief Executive John Lee Ka-chiu to attract 200 family offices to Hong Kong by the end of 2025. The city’s government will fund the academy to create an enabling and competitive environment for family offices and asset owners.

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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Some wealthy business clans and investors in the region have considered Hong Kong as a possible base for their family offices, including the Chearavanonts from Thailand. Clients at BNP Paribas Wealth Management are also said to be planning similar moves, a top regional executive said.

Based on the collective experience and wide-ranging expertise of its board members, the academy is expected to 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.