{"id":6619,"date":"2023-11-09T07:30:15","date_gmt":"2023-11-08T23:30:15","guid":{"rendered":"https:\/\/mpl.hk\/?p=6619"},"modified":"2023-11-13T17:45:20","modified_gmt":"2023-11-13T09:45:20","slug":"new-worlds-adrian-cheng-sinos-daryl-ng-ubs-amy-lo-to-join-hong-kongs-first-wealth-academy-to-attract-family-offices","status":"publish","type":"post","link":"https:\/\/mpl.hk\/new-worlds-adrian-cheng-sinos-daryl-ng-ubs-amy-lo-to-join-hong-kongs-first-wealth-academy-to-attract-family-offices\/","title":{"rendered":"New World\u2019s Adrian Cheng, Sino\u2019s Daryl Ng, UBS\u2019 Amy Lo to join Hong Kong\u2019s first wealth academy to attract family offices"},"content":{"rendered":"<ul class=\"css-1mniedq emcar6e12\" data-qa=\"ContentSchemaRender-defaultRenderMapFunctions-Component-0\">\n<li class=\"css-1mniedq emcar6e11\" data-qa=\"ContentSchemaRender-defaultRenderMapFunctions-Component-0\">The Financial Services Development Council on November 14 will set up the Hong Kong Academy for Wealth Legacy to cater to family offices<\/li>\n<li class=\"css-1mniedq emcar6e11\" data-qa=\"ContentSchemaRender-defaultRenderMapFunctions-Component-2\">The academy, chaired by Adrian Cheng, will foster collaborations through networking, knowledge sharing, and talent development via workshops, conferences and events<\/li>\n<\/ul>\n<p>Hong Kong will set up a new academy next week to nurture financial talent and augment the city\u2019s claim as Asia\u2019s hub for wealthy family offices, as the local government pulls out all stops in the race with other financial centres for investments.<\/p>\n<div class=\"e1cmel8x0 css-1xdhyk6 e37ybvo0\" data-qa=\"Component-Component\">The\u00a0<a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.fsdc.org.hk\/en\/about-us\/board-committees\/\" target=\"_blank\" rel=\"nofollow noopener\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">Financial Services Development Council<\/span><\/a>\u00a0(FSDC), established a decade ago to promote Hong Kong\u2019s financial industry, on November 14 will set up the Hong Kong Academy for Wealth Legacy to cater to family offices, next-generation wealth owners and professionals in the management of private wealth, the council said in a statement.<\/div>\n<p>This confirmed a report by the Post earlier.<\/p>\n<p class=\"e1cmel8x0 css-1c6uqr6 e37ybvo1\" data-qa=\"Component-Component\">The new academy is aimed at \u201cfostering collaboration, networking, knowledge sharing and talent development across the sector \u2026 and establishing Hong Kong as a principal centre for managing family wealth legacies\u201d, the FSDC said.<\/p>\n<div class=\"e1cmel8x0 css-1xdhyk6 e37ybvo0\" data-qa=\"Component-Component\"><a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.scmp.com\/topics\/new-world-development?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">New World Development<\/span><\/a>\u2019s chief executive\u00a0<a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.scmp.com\/business\/companies\/article\/3109741\/new-worlds-harvard-educated-scion-upends-his-grandfathers-build?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">Adrian Cheng Chi-kong<\/span><\/a>, a scion of Hong Kong\u2019s third wealthiest family, has been appointed as chairman of the academy, the FSDC said. Undersecretary for Financial Services and the Treasury Joseph Chan Ho-lim, the FSDC\u2019s executive director Au King-lun and Charles Ng Siong-kwong from the office of the Financial Secretary will represent the city.<\/p>\n<p>Seven other industry leaders will also join the board. They include <a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.scmp.com\/topics\/sino-land-co?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">Sino Group<\/span><\/a>\u2019s deputy chairman\u00a0<a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.scmp.com\/author\/daryl-ng?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">Daryl Ng Win-Kong<\/span><\/a>, UBS\u2019s chairman of global wealth management Asia Amy Lo Choi-wan, the Hong Kong University of Science &amp; Technology\u2019s adjunct professor of finance\u00a0<a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.scmp.com\/presented\/business\/topics\/hkust-biz-school-magazine\/article\/3032829\/innovation-and-technology-asian?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">Roger King<\/span><\/a> and Jeremy Dinshaw Lam, a partner and the head of financial services at the legal firm Deacons.<\/div>\n<div data-qa=\"Component-Component\">\n<section class=\" e1oct4f96 css-1myfomw e1n4d2ln0\" data-qa=\"ContentBody-ContentBodyContainer\">\n<p class=\"e1cmel8x0 css-1c6uqr6 e37ybvo1\" data-qa=\"Component-Component\">\u201cFamily offices have become integral to Hong Kong\u2019s asset and wealth management sector, Cheng said. \u201cThe city\u2019s dynamic financial ecosystem, cutting-edge financial infrastructure, and top-tier professional service providers make it a natural destination for international family offices.<\/p>\n<p class=\"e1cmel8x0 css-1c6uqr6 e37ybvo1\" data-qa=\"Component-Component\">\u201cI am eagerly anticipating the city\u2019s remarkable journey towards strengthening its position as the global leading family office hub, driven by the establishment of a robust and thriving ecosystem for family offices.\u201d<\/p>\n<p class=\"e1cmel8x0 css-1c6uqr6 e37ybvo1\" data-qa=\"Component-Component\">More representatives of eminent family offices around the world will be added to the academy\u2019s advisory board, a source said, declining to divulge names.<\/p>\n<p class=\"e1cmel8x0 css-1c6uqr6 e37ybvo1\" data-qa=\"Component-Component\">The academy will foster collaborations through networking, knowledge sharing and talent development via workshops, conferences and networking events, the person said, declining to be named.<\/p>\n<p data-qa=\"Component-Component\">\u201cThe Hong Kong Academy for Wealth Legacy will provide a great platform for Hong Kong\u2019s private wealth industry to groom talent and experts to cater to the different needs of family offices, next-generation wealth owners and entrepreneurs in managing their wealth,\u201d UBS\u2019s Lo told the Post after the FSDC\u2019s announcement on Thursday afternoon.<\/p>\n<p class=\"e1cmel8x0 css-1c6uqr6 e37ybvo1\" data-qa=\"Component-Component\">\u201cFamily office is one of the most important topics among our clients, as we are seeing increasing needs for succession planning, family advisory and wealth transfer,\u201d she said. \u201cBeing an international financial centre, Hong Kong has long been the ideal destination for family offices. Hong Kong is also well-positioned to become the family office hub in Asia.\u201d<\/p>\n<p class=\"e1cmel8x0 css-1c6uqr6 e37ybvo1\" data-qa=\"Component-Component\">UBS will also explore trainee programmes with the academy, Lo said.<\/p>\n<p class=\"e1cmel8x0 css-1xdhyk6 e37ybvo0\" data-qa=\"Component-Component\">The plan is a another firm step towards the goal laid out last year by Chief Executive John Lee Ka-chiu to\u00a0<a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.scmp.com\/business\/banking-finance\/article\/3196492\/hong-kong-leader-sets-target-family-offices-lends-support-ipo-reform-green-finance-fend-challenge?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">attract 200 family offices to Hong Kong<\/span><\/a>\u00a0by the end of 2025. The city\u2019s government will fund the academy to create an enabling and competitive environment for family offices and asset owners.<\/p>\n<p>In March, the government outlined a number of initiatives to attract family offices, including tax concessions, talent development and the establishment of a wealth management network. Since then, a refreshed Capital Investment Entrant Scheme has been launched to provide residency to eligible applicants with investments such as equities and Hong Kong-listed bonds.<\/p>\n<p class=\"e1cmel8x0 css-1xdhyk6 e37ybvo0\" data-qa=\"Component-Component\">Some wealthy business clans and investors in the region have considered Hong Kong as a possible base for their family offices, including the\u00a0<a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.scmp.com\/business\/banking-finance\/article\/3214402\/thailands-chearavanont-clan-plans-set-hong-kong-family-office-heeding-citys-wealth-good-call-set?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">Chearavanonts from Thailand.<\/span><\/a>\u00a0Clients at\u00a0<a class=\"e1gqgo070 e1s1ou6f1 css-1ankfgb ef1hf1w0\" href=\"https:\/\/www.scmp.com\/business\/article\/3239498\/french-lender-bnp-paribas-says-some-its-european-asian-clients-plan-family-offices-hong-kong?module=inline&amp;pgtype=article\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" target=\"_blank\" rel=\"noopener\"><span class=\"css-0 e1s1ou6f0\" data-qa=\"Component-Text\">BNP Paribas Wealth Management<\/span><\/a>\u00a0are also said to be planning similar moves, a top regional executive said.<\/p>\n<p>Based on the collective experience and wide-ranging expertise of its board members, the academy is expected to benefit from invaluable guidance in shaping its vision and strategic planning, the source said.<\/p>\n<p class=\"e1cmel8x0 css-1c6uqr6 e37ybvo1\" data-qa=\"Component-Component\">The board members are expected to assume their positions on November 14 during an inauguration ceremony at Victoria Dockside in Tsim Sha Tsui, the person added.<\/p>\n<p data-qa=\"Component-Component\">Source: <a href=\"https:\/\/www.scmp.com\/business\/companies\/article\/3240755\/new-worlds-adrian-cheng-sinos-daryl-ng-ubs-amy-lo-join-hong-kongs-first-training-centre-attract\" target=\"_blank\" rel=\"noopener\">SCMP<\/a><\/p>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Financ [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[386],"tags":[],"class_list":["post-6619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trust-or-company-service-provider-industrial-news"],"acf":[],"lang":"en","translations":{"en":6619,"zh":6614},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/6619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/comments?post=6619"}],"version-history":[{"count":9,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/6619\/revisions"}],"predecessor-version":[{"id":6628,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/posts\/6619\/revisions\/6628"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/media\/6615"}],"wp:attachment":[{"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/media?parent=6619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/categories?post=6619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mpl.hk\/wp-json\/wp\/v2\/tags?post=6619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}