New World's Adrian Cheng to lead HK's first wealth academy

Hong Kong will establish an academy next week to cultivate financial talent and reposition the city’s status as a global family office hub.  

According to a statement by The Financial Services Development Council (FSDC), the Hong Kong Academy for Wealth Legacy (HKAWL) will be launched on 14 November, with New World Development chief executive Adrian Cheng named the chairman of the board of directors. 

Commissioned by the Hong Kong government, the HKAWL aims to invigorate a vibrant ecosystem for family offices worldwide, guiding next-generation wealth owners and professionals in private wealth management with veteran counsel, and establishing Hong Kong as a principal centre for managing family wealth legacies. 

It also aims to foster collaboration, networking, knowledge sharing and talent development across the sector.

Apart from Cheng, seven industry leaders have also been appointed to the Board with effect from 14 November, including former president of Value Partners Group Au King Lun; Sino Group's deputy chairman Daryl Ng Win Kong, UBS's chairman of global wealth management Asia Amy Lo Choi-wan, the Hong Kong University of Science & Technology's adjunct professor of finance Roger King and Jeremy Dinshaw Lam, a partner and the head of financial services at the legal firm Deacons. 

Drawing on their extensive expertise from the family office sector, academia, professional services, and the public sector, these members will provide invaluable guidance on the vision and strategic planning of the HKAWL and solidify Hong Kong as a leading hub for family offices worldwide. 

UBS’s Lo told SCMP that the academy will provide a great platform for Hong Kong's private wealth industry to groom talent and experts to cater to the different needs of family offices, next-generation wealth owners and entrepreneurs in managing their wealth. 

Lo added that family office is one of the most important topics among UBS’ clients, as it is seeing increasing needs for succession planning, family advisory and wealth transfer. 

Don't miss: Hong Kong introduces measures to attract 200 family offices by 2025

This comes as part of Hong Kong plans to introduce a series of policies that are expected to lure at least 200 large family offices to set up or expand their operations by 2025. 

The city's treasury chief Christopher Hui said in March this year that many family offices are interested in learning more about setting foot in Hong Kong. He described that the measures the government is introducing are mainly divided into three aspects, namely "profit", "convenience" and "emotion". 

Hong Kong’s leader John Lee also introduced a series of initiatives to lure family offices during his policy address last October, including tax concessions, talent development and the establishment of a wealth management network.  

Some of the world’s wealthiest families and investors have mulled setting up a family office in Hong Kong, including the Chearavanonts from Thailand.

Photo courtesy: Adrian Cheng's Instagram

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