Hong Kong Collaborates with Bloomberg to Reinforce Its Position as a Global Family Office Hub: An Initiative for Wealth Management and Charitable Innovation

Hong Kong collaborates with Bloomberg in an effort to boost the city's reputation as a worldwide center for family offices. The Hong Kong administration and Bloomberg, a media organization, plan to host events focusing on family offices. The Hong Kong administration and Bloomberg, a media organization, plan to host events focusing on family offices.

The Treasury Bureau and other governmental departments are set to collaborate with Bloomberg in organizing events later in the year, as well as providing technological and data assistance to family offices, as per individual statements from the government and Bloomberg on Wednesday. This initiative will be known as the Hong Kong Family Office Nexus.

Hui emphasized that the collaboration will enhance Hong Kong's continuous power as a global financial center and display our dedication to promoting ongoing growth and innovation in the sectors of wealth management and philanthropy.

He stated that the new program would introduce fresh prospects for Hong Kong's family offices. These offices are established by affluent individuals for investment activities, estate planning, philanthropic efforts, and other pursuits.

According to a Deloitte study, Hong Kong houses over 2,700 individual family offices, with over half of these having been established by individuals with a net worth of more than US$50 million.

"The objective of this partnership is to boost Hong Kong's reputation as a hub for family offices," stated Bing Li, the Asia-Pacific chief at Bloomberg, during a discussion with the Post.