FOAHK Celebrates First Anniversary as Voice of the Family Office Industry.
Family Office Association Hong Kong (“FOAHK” or “the Association”) celebrates today its first anniversary since establishment to deliver on its founding vision and mission to represent, promote, and safeguard the interests of the family office community in Hong Kong.
One year on, FOAHK has gathered 40 Single Family Offices and Multi-Family Offices. The Association’s membership is registered and located in Hong Kong, Mainland China, Southeast Asia, and Europe. As of mid-November 2021, the combined assets under management of FOAHK’s members has reached USD57 billion.
Earlier this year, FOAHK appointed financial services industry veterans Ms Christina Lau, Mr David Chang, and Mr John Wong to the Independent Board of Advisors, to support FOAHK’s mission through subject matter expertise and strategic advice. The Association also launched five sub-committees on External Asset Management (EAM), Legal, Risk Management and Resilience, and Wealth Planning, to further engage members and the broader industry on the issues that directly impact family offices.
FOAHK Chairman Mr Chi Man Kwan said, “We truly appreciate the commitment of the Board of Directors, Independent Board of Advisors, and Sub-committee members, as well as the unparalleled support we have received from members of the buy-side of the family office industry and our sponsors. We are also grateful for the opportunity to work in close collaboration with InvestHK’s FamilyOfficeHK team, in a complementary partnership to promote Hong Kong as the leading family office hub in Asia.”
Since the launch in November 2020, the Association has organised and hosted more than 15 informative and engaging webinars and panels, covering topics such as investment trends, healthcare, med-tech, start-ups, digitalisation, ESG, philanthropy, and family office governance.
“These sessions are crucial in facilitating knowledge sharing that equips FOAHK members and the industry with relevant knowledge, preparing them to operate with ease in a constantly developing market landscape. As true, industry players, we know the top concerns and priorities facing family offices. We engage in constant dialogue with key stakeholders of the family office industry in Hong Kong, to enhance the overall ecosystem and address the topics most crucial to family office operations,” said FOAHK Vice Chairman Mr Kenneth Ho.
Beyond Hong Kong, FOAHK has connected with family offices and family office industry associations around the world, fostering relationships with the international family office community. These connections are valuable for the development of the wider family office ecosystem in Hong Kong, and enable the Association to showcase the city as a premier international centre and its unique advantages that help global family offices capture the opportunities the whole region has to offer.
As one of the fundamental building blocks of the family office industry, specialised talent has always been in short supply in this emerging profession in Asia. FOAHK and its members have been at the forefront in cultivating talent for the industry, providing substantial internship opportunities and exploring partnerships with universities.
FOAHK Vice Chairman Mr Grant Ko said, “Family office operations are becoming more complex, with an increasing need to account for new considerations and evolving best practices. We are committed to help address the talent gap for the sustained development of our industry. We will do everything we can to foster talent by educating and informing the future generation in the progressive career development available in the family office industry.”