Business
Hong Kong Takes Center Stage: Hosting Rockefeller, Middle Eastern Tycoons at Standard Chartered’s Inaugural Global Family Office Forum
Hong Kong will welcome Rockefeller and Middle East moguls at the worldwide family office gathering. Standard Chartered is set to commence its first-ever global family office forum in Hong Kong, underlining the city's growing significance in the area.
Magnates from the Middle East, India, and Africa are also anticipated to attend the Global Family Network Forum. This is viewed as a strategic move to give Hong Kong a competitive advantage over other regional financial hubs in terms of attracting assets and skilled professionals in the field.
The inaugural annual event organized by the UK lender is set to begin on Tuesday at the Four Seasons Hotel located in Central, as revealed by Raymond Ang, the worldwide chief of private banking and affluent customers for Greater China and North Asia. He also mentioned that over half of the participants will be traveling to Hong Kong to attend this two-day conference.
"A lot of our individual banking customers express a desire for us to organize a worldwide gathering for them where they can network with colleagues, gain insights from their experiences, or look into potential business partnerships," Ang stated in a discussion on Monday. "Owing to its substantial wealth base, Hong Kong naturally lends itself as a suitable location for a grand family office conference in Asia."
The value of assets managed in Hong Kong saw an increase of 2.1 per cent, reaching HK$31.2 trillion (US$4 trillion) in 2023, as per government statistics. In the same timeframe, there was a massive surge in net fund inflows by 342 per cent, amounting to HK$389 billion. Additionally, Standard Chartered was in charge of managing US$294 billion in global assets for its wealthy clientele by the end of June.
Paul Chan Mo-po, the Financial Secretary, is set to give an opening address at a dinner event on Tuesday. Ang stated that Wednesday's full-day session will involve discussions on diverse subjects such as family succession, investment in varying asset types, and the international expansion of family businesses.
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