Family Office Association launches in Hong Kong

Hong Kong 2A trade body dedicated to promoting the family office sector is to open in Hong Kong. The Family Office Association of Hong Kong (FOAHK) claims to be the first independent industry body of its type in the city. The family office sector has grown rapidly in Asia as a result of the region’s strong economic growth and Hong Kong has the highest density of ultra-wealthy individuals in the region with 1,364 for every million adults. The Hong Kong government has also sought to attract more family offices through a number of measures such as the introduction of a service dedicated to family offices jointly provided by InvestHK and the Hong Kong Monetary Authority and providing more guidance on the licensing regime for any family offices looking to set up in the city. “It is against this background that FOAHK has been founded, with the vision to be the voice of family offices in Hong Kong,” said the association’s chairman, Chi Man Kwan. “We seek to advocate for legislative and regulatory matters favourable to the development of the industry and the operations of family offices. We will also facilitate knowledge sharing to prepare members and the industry to stay one step ahead in a rapidly changing market landscape,” added Kwan. © 2020 funds global asia

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