Hong Kong Establishes Academy for Wealth Legacy for Family Businesses
November 16, 2023
As part of a government policy statement on developing family office businesses, the newly established Hong Kong Academy for Wealth Legacy (HKAWL) is an initiative poised to redefine wealth management and family office operations in Hong Kong.
This move aligns with the Hong Kong Government's vision to establish a welcoming environment for global family offices and asset owners, thereby enhancing the city's financial services and relevant professional sectors.
In a press release, Secretary for Financial Services and the Treasury Christopher Hui raises several important numbers. With over 150,000 ultra-high-net-worth individuals in Asia representing a quarter of the global ultra-high-net-worth population, and Hong Kong's wealth management business valued at about USD$3.9 trillion, the region provides a critical juncture to continue international economic development.
Adrian Cheng, Chairman of HKAWL, underscores the Academy's significance in this era of rapid transformation, noting the rise in millennial wealth and female leadership. HKAWL's focus extends beyond traditional advisory roles like investment management and tax planning.
The academy also stands to foster confidence in managing family businesses, succession training, philanthropy, and imparting values of social responsibility and sustainable development. This broad approach ensures that family offices play a pivotal role in wealth growth while maintaining firm belief in driving core social values.
HKAWL's curriculum covers a range of topics, including wealth management, family governance, intergenerational integration, impact investing, philanthropy, and art development. It aims to provide specialized training and networking opportunities, promoting sound financial management practices and bolstering the family office talent pool. Its key areas of focus include:
- Family Governance and Intergenerational Integration: HKAWL is set to serve as a talent incubator, enhancing entrepreneurs' capabilities in wealth management and succession.
- Impact Investing and Philanthropy: Reflecting a growing trend in sustainable investments, HKAWL seeks to integrate these elements into wealth management frameworks, fostering a new generation of socially responsible asset owners.
- Art Development: HKAWL recognizes Hong Kong's unique position as an international hub, planning to engage in art and culture activities that attract global family offices to the city.
- Networking and Communication: Aiming to develop a dynamic ecosystem, HKAWL facilitates knowledge sharing and industry practices through seminars, workshops, and conferences.
The establishment of the HKAWL, supported by a Board of Directors and Advisory Board comprising industry elites and helmed by New World Development CEO Adrian Cheng, aims to position Hong Kong as the premier destination for family offices globally, driving knowledge exchange, talent development, and cohesion amongst key industries.
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