EY and HKIMR convene industry leaders to advance Hong Kong’s family office ecosystem

Ernst & Young Transactions Limited (EY) recently co-hosted the industry forum “Beyond wealth: advancing Hong Kong’s family office ecosystem through philanthropy, impact investing and risk management”¹, in collaboration with the Hong Kong Institute for Monetary and Financial Research (HKIMR) and the Hong Kong Academy of Finance. The event followed the release of HKIMR’s latest research report of the same name and was also co-organized by the Treasury Markets Association (TMA) and the Alternative Investment Management Association (AIMA), underscoring a shared commitment to strengthening Hong Kong’s family office ecosystem through innovation, sustainability and strategic risk management.

As family offices rapidly evolve, their focus is broadening beyond traditional wealth preservation to place greater emphasis on social impact, responsible investing and risk management. To better understand these trends, EY provided strategic support to the development of the HKIMR report, delivering key data and insights through a comprehensive survey of 101 respondents, comprising single-family offices, multi-family offices, ultra-high-net-worth individuals and financial institutions, alongside 35 in-depth interviews with key industry stakeholders.

Jasmine Lee, EY Hong Kong and Macau Managing Partner, says: “As a leading international financial center, Hong Kong possesses the ideal DNA to support the development of an ecosystem and infrastructure that are crucial for family offices. EY is honored to support HKIMR in compiling the report. Together, let’s strengthen Hong Kong's family office ecosystem to empower families in managing their wealth and creating lasting legacies for future generations.”

During the forum, Chris Chan, EY² Strategy and Transactions Partner, presented the findings from the survey and interviews, which highlight the evolving investment priorities and future trajectories of family offices in the region.

The forum featured keynote addresses by Dr. Giorgio Valente, Head of HKIMR, Chordio Chan, CEO of the TMA, and Michael Bugel, Managing Director and Co-Head of APAC at the AIMA, underscoring the strong collaborative partnership among these leading institutions in advancing Hong Kong’s family office ecosystem.

The forum concluded with a dynamic panel discussion, themed “Beyond wealth: how Hong Kong families invest, give back and stay ahead”, moderated by Chan, featuring distinguished speakers Janet Hung from Nan Fung Trinity, Yvonne Lim from DBS Private Bank, Scott Chang from Standard Chartered Global Private Bank and Margaret Lo from BNP Paribas Wealth Management, which further explored how families approach long-term stewardship and giving back to society.

Key findings from the survey and interviews:

• Strong local anchor with global reach: Hong Kong remains the central anchor for regional wealth, with 57% of single-family office and ultra-high-net-worth individual wealth originating in Hong Kong and 25% from the Chinese mainland. Geographically, 91% prioritize investments within Hong Kong while maintaining deep global diversification.
• Appetite for alternative assets: While equities and fixed income continue to serve as portfolio anchors, family offices are actively seeking higher-return alternative assets. Currently, 77% of respondents invest in private equity and venture capital, while 55% invest in private credit. Over the next three years, 36% of respondents intend to increase their allocation to private credit and 28% plan to increase exposure to digital assets.
• A shift “beyond wealth”: Private social investments are gaining strong momentum. The proportion of family offices engaged in philanthropy is projected to jump from 45% to 64% in the next three years. Furthermore, impact investing, which targets measurable social or environmental impact alongside financial returns, is expected to grow significantly, with 43% planning to engage in it in the near future.
• Trust in Hong Kong for risk management: As portfolios grow in complexity, 78% of respondents have purchased or plan to purchase investment risk management products in Hong Kong, citing the reputation of service providers, potentially superior risk-adjusted returns and the diversity and quality of product features.

Chan notes: “The focus of family offices is moving ‘beyond wealth’. It is evident that family leaders are increasingly aligning their wealth with their core values and life missions, emphasizing social impact through philanthropy. Families are willing to contribute more to society, but they need education, networking, expert project matching and sophisticated risk management solutions to realize these goals.”

To address these evolving market needs and close talent gaps in specialized areas like family governance and environment, social and governance (ESG) integration, EY remains fully committed to supporting the ecosystem. The dedicated EY Family Office Task Force unites top talents across assurance, tax, strategy, transactions and consulting to provide seamless, end-to-end professional support to family office leaders.

1. Full report: https://www.aof.org.hk/docs/default-source/hkimr/applied-research-report/forep.pdf
2. Ernst & Young Transactions Limited

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