FOAHK Achieves Key Membership Milestone with Combined AUM of Over USD 50 Billion
Appointment of Independent Board of Advisors and Newly Launched Sub-Committees to Strengthen Family Office Ecosystem in Hong Kong.
Family Office Association Hong Kong (“FOAHK” or “the Association”) announced today that its membership has grown to over 30 Single and Multi-Family Offices, since its establishment in November 2020 to promote, represent, and safeguard the interests of the family office community. The Association is also pleased to announce the appointment of Independent Board of Advisors, and the launch of four sub-committees.
Milestones Since Launch
Since the establishment of FOAHK in November 2020, the Association has gathered more than 30 Family Offices, of which 20 per cent are Single Family Offices and 80 per cent are Multi-Family Offices. FOAHK’s membership is registered and located in Hong Kong, Mainland China, Southeast Asia, and Europe. As of mid-July 2021, the combined assets under management of FOAHK’s members has surpassed US$50 billion.
FOAHK Chairman Mr Chi Man Kwan said, “We are proud to be supported by an important group of family offices, whose needs and proactive participation help facilitate the development of the family office ecosystem in Hong Kong. Throughout the pandemic, the industry has demonstrated resilience and maintained robust growth, leveraging Hong Kong’s position as a leading destination for foreign direct investment and generating alpha. As the voice of family offices in Hong Kong, FOAHK will continue to represent and promote the interest of buy-side family offices in the city and contribute to the city’s status as Asia-Pacific’s leading family office hub.”
Independent Board of Advisors to Chair Newly Launched Sub-Committees
FOAHK is honoured to announce the appointment of Mr John Wong, Mr David Chang, and Ms Christina Lau to the Independent Board of Advisors, and the launch of Legal, Philanthropy, Risk Management and Resilience, and Wealth Planning sub-committees. Encompassing themes that matter the most to family offices, the sub-committees will bolster the Association’s capabilities in promoting professionalism across these key disciplines to enhance the family office ecosystem in Hong Kong.
“As veterans of the financial services industry in Hong Kong, John, David, and Christina will support FOAHK’s mission through their subject matter expertise and strategic advice. The breadth and depth of expertise enables us to further engage our members and the broader industry on the issues that directly impact family offices, provide best practice guidance, and uphold the family office profession’s highest industry standards,” Mr Kwan added.
Mr Wong is Family Business and Private Client Services Leader at PwC Hong Kong. He has more than 30 years of experience specialising in helping high-net-worth individuals and families set up family offices and devising family governance and constitution as well as tax and succession planning. As Chair of the Wealth Planning sub-committee, Mr Wong will provide guidance on empowering family offices to protect and enhance family wealth across generations in accordance with their values, philosophy, and vision.
Mr Chang is Senior Advisor at Franklin Templeton, possessing more than 30 years of experience in banking, trust services, multinational asset management, and NGO affairs. He is actively involved in community work and holds leadership roles at Hong Chi Association. Mr Chang will be Chair of the Philanthropy sub-committee, focusing on inspiring family offices to advance philanthropic efforts that benefit the community, and impact investments that address the most pressing social and environmental issues of our time.
As a former Risk Assurance Partner at Deloitte and PwC, Ms Lau specialises in enterprise risk management, resilience, due diligence, and governance, risk and compliance. She will chair the Risk Management and Resilience sub-committee, working towards enhancing family office resilience through sound governance practices and robust risk management.
The Legal sub-committee will be chaired by Ms Cindy Kao, whose mandate is to advise the FOAHK's Board of Directors on compliance and oversight, legal and regulatory matters affecting family offices in Hong Kong and the region. Ms Kao, a partner of global law firm Mayer Brown, plays a key role in the firm's Family Office Initiative which advocates the development of legal services for family offices in Hong Kong. Ms Kao’s practice focuses on international securities offerings, including debt and equity, and private equity investments. She has extensive experience in advising clients rooted in Greater China on their cross-border transactions.