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Family Office Association Hong Kong Membership AUM Reaches $50 Billion, Appoints New Board Advisors and Sub-Committees

27th July 2021 | Hong Kong

The Family Office Association Hong Kong (FOAHK) total membership AUM has crossed over $50 billion from 30 single family offices and multi-family offices.  The Family Office Association Hong Kong which was founded in November 2020 to promote, represent and safeguard the interests of the family office community, have appointed 3 new Independent Board of Advisors: John Wong (PwC Family Business and Private Client Services Leader), David Chang (Senior Advisor at Franklin Templeton) and Christina Lau (Former Deloitte & PwC Risk Assurance Partner).   The Association also announced the launch of 4 sub-committees: John Wong as Chair of Wealth Planning, David Chang as Chair of Philanthropy, Christina Lau as Chair of Risk Management and Resilience, and Cindy Kao as Chair of Legal (Mayer Brown Partner). (AUM ~ Assets under Management)

“ Family Office Association Hong Kong Membership AUM Reaches $50 Billion“


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Family Office Association Hong Kong

Hong Kong, Asia’s leading financial centre

Since the founding of Family Office Association Hong Kong (FOAHK) in November 2020, the Association has gathered more than 30 Family Offices, of which 20% are Single Family Offices and 80% are Multi-Family Offices.  FOAHK’s membership is registered and located in Hong Kong, Mainland China, Southeast Asia, and Europe. As of mid-July 2021, the combined assets under management of FOAHK’s members has surpassed $50 billion.


Family Office Association Hong Kong Chairman Chi Man Kwan:

Chi Man Kwan, Family Office Association Hong Kong Chairman

“We are proud to be supported by an important group of family offices, whose needs and proactive participation help facilitate the development of the family office ecosystem in Hong Kong. Throughout the pandemic, the industry has demonstrated resilience and maintained robust growth, leveraging Hong Kong’s position as a leading destination for foreign direct investment and generating alpha. As the voice of family offices in Hong Kong, FOAHK will continue to represent and promote the interest of buy-side family offices in the city and contribute to the city’s status as Asia-Pacific’s leading family office hub.

As veterans of the financial services industry in Hong Kong, John, David, and Christina will support FOAHK’s mission through their subject matter expertise and strategic advice. The breadth and depth of expertise enables us to further engage our members and the broader industry on the issues that directly impact family offices, provide best practice guidance, and uphold the family office profession’s highest industry standards.”


John Wong Family Office Association Hong Kong Independent Board of Advisor and Chair of the Wealth Planning sub-committee
John Wong, Chair of Wealth Planning

Mr Wong is Family Business and Private Client Services Leader at PwC Hong Kong. He has more than 30 years of experience specialising in helping high-net-worth individuals and families set up family offices and devising family governance and constitution as well as tax and succession planning.

As Chair of the Wealth Planning sub-committee, Mr Wong will provide guidance on empowering family offices to protect and enhance family wealth across generations in accordance with their values, philosophy, and vision.


David Chang Family Office Association Hong Kong Independent Board of Advisor and Chair of Philanthropy sub-committee
David Chang, Chair of Philanthropy

Mr Chang is Senior Advisor at Franklin Templeton, possessing more than 30 years of experience in banking, trust services, multinational asset management, and NGO affairs. He is actively involved in community work and holds leadership roles at Hong Chi Association.

Mr Chang will be Chair of the Philanthropy sub-committee, focusing on inspiring family offices to advance philanthropic efforts that benefit the community, and impact investments that address the most pressing social and environmental issues of our time.


Christina Lau Family Office Association Hong Kong Independent Board of Advisor and Chair of Risk Management and Resilience sub-committee
Christina Lau, Chair of Risk Management and Resilience

As a former Risk Assurance Partner at Deloitte and PwC, Ms Lau specialises in enterprise risk management, resilience, due diligence, and governance, risk and compliance.

She will chair the Risk Management and Resilience sub-committee, working towards enhancing family office resilience through sound governance practices and robust risk management.



Cindy Kao Family Office Association Hong Kong Independent Board of Advisor and Chair of Legal sub-committee
Cindy Kao as Chair of Legal

The Legal sub-committee will be chaired by Ms Cindy Kao, whose mandate is to advise the FOAHK’s Board of Directors on compliance and oversight, legal and regulatory matters affecting family offices in Hong Kong and the region.

Ms Kao, a partner of global law firm Mayer Brown, plays a key role in the firm’s Family Office Initiative which advocates the development of legal services for family offices in Hong Kong. Ms Kao’s practice focuses on international securities offerings, including debt and equity, and private equity investments. She has extensive experience in advising clients rooted in Greater China on their cross-border transactions.


Hong Kong

Hong Kong, leading financial centre in Asia

Hong Kong is one of the world’s leading financial centre and is ranked #4 in the 2021 Global Financial Centres Index 29 Report (New York, London, Shanghai, Hong Kong).  Hong Kong stock exchange is the most vibrant international stock exchange in Asia, the leading destination for capital and IPOs and is ranked #4 in the world (NYSE, NASDAQ, Shanghai Stock Exchange, Hong Kong Exchange, Japan Exchange Group).  

Hong Kong is also the leading financial hub in Asia to many major banks and investment firms in the world, providing access to Asia and is the main gateway to Mainland China, the 2nd largest economy with $14.3 trillion GDP in 2020, representing 16.34% of global GDP ($87.7 trillion).  Hong Kong is also part of the Greater Bay Area (GBA), comprising of 3 territories of China – Guangdong (includes Shenzhen, Guangzhou), Hong Kong and Macao.  In the 2020 report released by The Hong Kong Financial Services Development Council (FSDC), the Greater Bay Area has a total population of 71.2 million, GDP of $1.64 trillion and GDP per capita of $23,075.



Family Offices

Luxury Mansion, The World of Billionaires

Family offices manage assets of the wealthiest people in the world.  In 2020, there are about 2,800+ billionaires, 290,000 UHNWs and 15,000+ family offices worldwide.  Billionaires and UHNWs setup family offices, with assets ranging from $300 million to $3 billion, and some with more than $10 billion assets.  Newer family offices are also setting up family offices with $20 million to $100 million.

2020 Family Office Series Interviews:


Family Office:




About Family Office Association Hong Kong

Family Office Association Hong Kong (“FOAHK”) is an independent family office trade association established in November 2020. We are a consultative industry body established to lead and drive dialogue between the family office industry, the government and regulatory bodies in Hong Kong. We advocate for legislative and regulatory matters favourable to the development of family office businesses in Hong Kong, with the common goal for the city to become the region’s leading family office hub in Asia-Pacific.

We are committed to providing best practice guidance to uphold the profession’s highest industry standards and compliance, as well as facilitate community collaboration among members, governments and other professional parties in Hong Kong and overseas. Visit: Family Office Association Hong Kong

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2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

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