Hong Kong Launches Family Office Nexus to Attract Global Wealth Management Firms

2024-10-09 15:00 Last Updated At：15:25

FSTB and Bloomberg establish strategic collaboration to enhance Hong Kong's family office ecosystem

The Financial Services and the Treasury Bureau (FSTB) announced today (October 9) the establishment of Hong Kong Family Office Nexus, a strategic collaboration between the FSTB and Bloomberg L.P. (Bloomberg) with the goal of attracting family offices from around the world to establish or expand their presence in Hong Kong and reinforcing the city's status as a leading global asset and wealth management hub.

The strategic collaboration was forged following a pivotal meeting in New York this April between the Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Founder of Bloomberg L.P. and Bloomberg Philanthropies, Mr Michael Bloomberg. Their discussions centred on Hong Kong's policy initiatives to transform the city into a global hub for family offices and philanthropic activities, and how the two parties shall collaborate to further the efforts.

The partnership with Bloomberg will focus on four key pillars, namely community building, knowledge sharing, technology support and philanthropic collaboration. The FSTB, together with Invest Hong Kong (InvestHK) and the Hong Kong Academy for Wealth Legacy (HKAWL), will collaborate with Bloomberg on various initiatives to bolster Hong Kong's family office ecosystem.

Mr Hui said, "Michael and I share a common vision to develop Hong Kong into a global centre for family offices and philanthropists. His insights, together with Bloomberg's extensive international reach and its expertise in financial data and technology, will be invaluable to further enhance Hong Kong's appeal to family offices worldwide. It is our great pleasure to partner with Bloomberg to reinforce Hong Kong's enduring strength as an international financial hub and showcase our commitment to fostering further development and innovation in wealth management and charitable giving. We look forward to working closely with Bloomberg to create an environment where family offices and philanthropic initiatives will thrive."

The Head of Asia Pacific, Bloomberg, Mr Bing Li, said, "Hong Kong is one of the world's most compelling family office destinations, with a distinct combination of expertise, regulatory settings and deep financial markets. The Hong Kong Government has a clear goal to grow Hong Kong as a world-class family office hub, and Hong Kong Family Office Nexus seeks to equip that group with the tools and support they need to succeed here. Bloomberg is proud to contribute to the long-term development of Hong Kong's family office community."

Titled "Hong Kong Family Office Nexus", the partnership will encompass the following four key pillars and components:

1. Community Building: The involved parties will co-organise seminars for family office industry professionals covering topics of interest, including impact investing and alternative asset allocation. Bloomberg will also establish a dedicated digital content hub, the Hong Kong Family Office Nexus Knowledge Hub, to host information related to Hong Kong's family office sector for ongoing community building. It will be available to the Hong Kong family office community in the coming months;

2. Knowledge Sharing: Bloomberg will curate a family office guidebook, providing guidance on setting up family offices in Hong Kong and introducing relevant policy initiatives, such as tax concessions offered and the New Capital Investment Entrant Scheme;

3. Technology Support: Bloomberg will support InvestHK's family office clients by offering access to Bloomberg's suite of family office solutions, including Bloomberg Terminal trials, a range of financial and alternative data, and opportunities to learn from Bloomberg's global network of experts. Bloomberg will also join InvestHK's Network of Family Office Service Providers, contributing insights and expertise on the latest trends of technology solutions for the family office sector; and

4. Philanthropic Collaboration: The HKAWL will collaborate with Bloomberg Corporate Philanthropy on opportunities for family offices and high-net wealth individuals to engage in Hong Kong's philanthropic community.

In addition, Bloomberg will introduce a new summit in Hong Kong focused on wealth management in March 2025. This event will complement and amplify the impact of the FSTB's annual flagship event, the Wealth for Good in Hong Kong Summit (WGHK). Strategically scheduled to coincide with WGHK 2025, this collaborative effort aims to create synergy, sustaining and building upon the growing momentum in Hong Kong's family office sector. The dual summits will offer an unparalleled platform for family office principals and professionals to exchange insights, explore opportunities, and shape the future of wealth management in the region. Other initiatives of Hong Kong Family Office Nexus will commence in phases in late 2024.

The Director-General of Investment Promotion, Ms Alpha Lau, said, "We believe that the additional content on Bloomberg's extensive platforms regarding Hong Kong's family office sector will complement InvestHK's efforts in showcasing Hong Kong's vibrant family office ecosystem to our global audience. We look forward to collaborating with Bloomberg during the extended week at next March's Wealth for Good in Hong Kong Summit to amplify industry impact and highlight the city's status as a leading family office hub."

The Executive Director of the Financial Services Development Council, Dr King Au, said, "We are taking a significant step in enhancing our city's family office ecosystem. This collaboration underscores our commitment to solidifying Hong Kong as a premier destination for family offices globally, fostering innovation, knowledge sharing, and philanthropy. We aim to create a vibrant community that attracts and supports family offices, driving sustainable growth and bolstering Hong Kong's status as a leading international financial hub."

CFS Reports 99.9% Food Safety Compliance, Two Samples Fail Tests

2025-04-30 15:00 Last Updated At：15:08

CFS announces food safety report for March

The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (April 30) released the findings of its food safety report for last month. The results of about 5 400 food samples tested (including food items purchased online) were found to be satisfactory except for two unsatisfactory samples that were announced earlier. The overall satisfactory rate was 99.9 per cent.

A CFS spokesman said about 1 900 food samples were collected for microbiological tests, and about 3 500 samples were taken for chemical and radiation level tests.

The microbiological tests covered pathogens and hygiene indicators; the chemical tests included testing for pesticides, preservatives, metallic contaminants, colouring matters, veterinary drug residues and others; and the radiation level tests included testing for radioactive caesium and iodine in samples collected from imported food from different regions.

The samples comprised about 1 700 samples of vegetables and fruit and their products; about 400 samples of cereals, grains and their products; about 700 samples of meat and poultry and their products; about 800 samples of milk, milk products and frozen confections; about 700 samples of aquatic and related products; and about 1 100 samples of other food commodities (including beverages, bakery products and snacks).

The two unsatisfactory samples comprised a papaya sample detected with a pesticide residue at a level exceeding the legal limit and a prepackaged double cream sample detected with a total bacterial count exceeding the legal limit.

The CFS has taken follow-up actions on the above-mentioned unsatisfactory samples, including informing the vendors concerned of the test results, instructing them to stop selling the affected food items, and tracing the sources of the food items in question.

The spokesman reminded the food trade to ensure that food is fit for human consumption and meets legal requirements. Consumers should patronise reliable shops when buying food and maintain a balanced diet to minimise food risks.

Separately, in response to the Japanese Government's discharge of nuclear-contaminated water at the Fukushima Nuclear Power Station, the CFS will continue enhancing the testing on imported Japanese food, and make reference to the risk assessment results to adjust relevant surveillance work in a timely manner. The CFS will announce every working day on its dedicated webpage (www.cfs.gov.hk/english/programme/programme_rafs/daily_japan_nuclear_incidents.html) the radiological test results of the samples of food imported from Japan, with a view to enabling the trade and members of the public to have a better grasp of the latest safety information.