Family offices managing the affairs of high-net-worth families have become increasingly important to the financial services industry in Hong Kong and most other major financial centres. We have seen a recent surge in activities and developments around this topic in Hong Kong and elsewhere in Asia. This is not only due to the high levels of assets under management controlled by family offices, but also the existing capabilities and services the relevant financial centres offer. The significance of family office operations to the local wealth and asset management industry was acknowledged by the Hong Kong government in its latest annual policy address such that further efforts will be made to foster the development and growth of the family office sector.
This article briefly summarises certain recent commercial developments and governmental and legislative initiatives before discussing the current regulatory regime applicable to family offices operating in Hong Kong.