Family office academy highlighted

Christopher Hui, Secretary for Financial Services & the Treasury in Hong Kong, recently released a press statement in which he informs of the establishment of the new Hong Kong Academy for Wealth Legacy (HKAWL) which is part of the government’s strategy to enhance the family office sector in the region. The HKAWL aims to serve as a comprehensive training platform for professionals involved in family offices, asset owners, and „wealth inheritors“.
The establishment of the HKAWL is crucial to foster an environment where global family offices and asset owners can thrive in Hong Kong. With over 150,000 ultra-high-net-worth individuals in Asia and Hong Kong’s asset and wealth management business worth approximately US$3.9 trillion, the need for the academy is evident.
Apart from managing investments and taxes, family offices play diverse roles such as overseeing family businesses, succession planning, philanthropy, and education in financial management concepts. The HKAWL has garnered significant support from industry associations, service providers, and educational institutions. It will focus on wealth management, family governance, impact investing, philanthropy, and art development, offering tailored training and networking activities to strengthen the talent pool for family offices.
Central to its mission is creating a communication platform for family offices and asset owners through seminars, workshops, and conferences to foster industry exchanges. Positive industry feedback and the involvement of financial elites, experts, and regulatory bodies in the HKAWL’s governance affirm its significance in nurturing a cohesive family office ecosystem in Hong Kong.
To conclude, Mr. Hui mentions the upcoming „Growing with Certainty Amid Growing Uncertainty“ summit scheduled for late March next year. Building upon the success of the previous „Wealth for Good“ summit in Hong Kong Summit held earlier this year, this event aims to engage decision-makers and professional teams from family offices worldwide. The summit will serve as a platform to showcase Hong Kong’s distinctive opportunities while fostering collaboration and exchange among global family office professionals.