Family offices in Hong Kong are emerging as pivotal contributors to the city’s transformation into a premier center for wealth management and cultural legacy. With more than 3,000 family offices currently active, there is a remarkable fusion of financial heritage and artistic endeavors. Collectors are expressing a desire for more than mere financial gain; they aim to weave powerful stories through their curated collections.
Entrepreneurs like Winnie Chiu are merging business strategies with charitable initiatives to foster sustainable development. Chiu’s enterprise backs various social enterprises, exemplifying how family offices are increasingly prioritizing both financial achievement and societal contributions. This mindset is key to crafting a legacy that endures through generations.
The Asia Pacific Family Business Summit 2024 marked its fourth iteration by uniting industry leaders, family business stakeholders, and experts to confront the complexities of managing family wealth in the ever-evolving economic landscape. Hosted by BinaPavo @ kCommerce (M) Sdn Bhd (BinaPavo), the event delved into methods for preserving, diversifying, and enhancing wealth over generations while upholding fundamental values and legacies. Dr. Mohar Yusof, the Founder and President of BinaPavo, pointed out the distinct nature of family enterprises and the significance of adeptly managing their unique family attributes.
Family offices foster sustainable development
“Family-run businesses are inherently different from other types of companies due to their unique familial factors.
If these elements are not handled appropriately, they can adversely affect business performance,” he remarked. Participants were enriched with critical knowledge on topics like wealth preservation, succession strategies, and nurturing stakeholder connections. The summit underscored the vital contribution of family businesses to the economy, highlighting that 70% of businesses in Malaysia are passed down through generations, with over 90% family-owned in nations such as the Philippines and Indonesia.
Noteworthy contributors and panelists, including Karangkraf Group Chairman Firdaus Hussamuddin and Sinar Karangkraf Chief Executive Officer (CEO) Farah Hussamuddin, shared their insights and tactics for effective family wealth management. The summit examined various dimensions of wealth administration, such as human, intellectual, social, and financial assets, to secure the enduring success and robustness of family businesses. The distinctive position of Hong Kong as a superconnector was apparent at the 2024 Family Business Summit, organized by Blue Pool Capital with JPMorgan serving as the main partner.
This exclusive event gathered prominent speakers from across the globe to engage in discussions covering a broad spectrum of subjects, ranging from cross-strait relations and the South China Sea to advancements in artificial intelligence and new avenues for economic progress. The event’s success showcased Hong Kong’s resilience and unwavering spirit to face challenges. The city’s well-developed institutional frameworks and global perspective position it as a prime venue for meaningful interactions that advance the worldwide business community.
