The jurisdiction is competing against rival centres such as Singapore to be a hub for family offices.

Invest Hong Kong (InvestHK), the agency promoting the jurisdiction as a financial and wealth hub, has opened an office for its FamilyOfficeHK team, which aims to promote family office business in the city. 

The office is located in Admiralty, near Central.

“The family office business has flourished in recent years, becoming an important growth segment in the wealth and asset management industry. The establishment of our FamilyOfficeHK team is a milestone in InvestHK’s endeavour in promoting Hong Kong as an ideal location in which Hong Kong and overseas-based enterprises can set up a family office presence,” Stephen Phillips, director-general of investment promotion at InvestHK, said in a statement. 

The team will work with the local industry and relevant government departments. In addition to holding seminars to introduce Hong Kong's advantages in the family office industry, it will also provide customer services and meet with family offices or ultra-high net worth individuals interested in developing a foothold in Asia. 

Apart from members from Hong Kong, the FamilyOfficeHK team also has two members in mainland China and one in Europe. 

The move comes at a time when Hong Kong is competing against rival wealth management centres such as Singapore to attract single- and multi-family offices, and when the jurisdiction is aiming to capitalise from the Cross-boundary Wealth Management Connect system, which has been set up to forge financial links within the region. 

In late 2020 the Family Office Association Hong Kong was established as a trade association for the sector.