The Financial Services & the Treasury Bureau today announced the establishment of the Hong Kong Family Office Nexus, a strategic collaboration between the bureau and Bloomberg L.P.

The partnership is aimed at attracting family offices from around the world to establish or expand their presence in Hong Kong, and at reinforcing the city’s status as a leading global asset and wealth management hub, the bureau said.

Specifically, it will focus on four “pillars”, namely community building, knowledge sharing, technological support, and philanthropic collaboration. Together with Invest Hong Kong and the Hong Kong Academy for Wealth Legacy, the bureau will work with Bloomberg on various initiatives designed to bolster Hong Kong’s family office ecosystem.

The bureau said the alliance was forged following a pivotal meeting in New York, in April, between Secretary for Financial Services & the Treasury Christopher Hui and Founder of Bloomberg L.P. & Bloomberg Philanthropies Michael Bloomberg. Their discussions centred on Hong Kong’s initiatives to establish itself as a global hub for family offices and philanthropy, and how the two parties might collaborate on achieving this goal.

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.

“We look forward to working closely with Bloomberg to create an environment where family offices and philanthropic initiatives will thrive.”

Additionally, the bureau said Bloomberg will inaugurate a new wealth management summit in Hong Kong next March. With a view to sustaining and building on growing momentum in Hong Kong’s family office sector, the event will coincide with the bureau’s Wealth for Good in Hong Kong Summit. 

Other Hong Kong Family Office Nexus initiatives will commence in phases from late 2024, the bureau stated.