致同香港会计师事务所发表《香港财富管理热潮：引领全球市场新格局》报告显示，香港在强劲资本涌 入、家族办公室增长、金融科技创新及与大湾区深度融合，有望超越瑞士成为全球最大跨境财富管理中 心。今年上半年，香港超级富豪人数飙22.9%至17215人，成全球顶级财富市场中增幅最大地区。 截至去年底，香港管理总资产规模达到35.142万亿港元，同比升13%，反映财富管理服务需求持续旺 盛。去年净资本流入升至3210亿港元，涨逾6倍，超过54%管理资产总值来自中国内地和香港以外地 区，突显香港多元化全球投资者基础在促进国际资本配置方面的强大优势。 家族办公室已成为财富策略重要支柱，不单提升香港全球地位，还吸引更多资本和人才涌入，推动私人 银行及财富管理业务资产管理规模升15%，于去年达到10.404万亿港元。截至2023年底，香港已有逾 2700间单一家族办公室，其中885间管理资产规模逾1亿美元。香港政府税务优惠及入境便利化等推动， 提前超越2023至2025年间吸引200间家族办公室目标，新目标为于2028年前再吸引额外220间家族办公室 进驻。 至于大湾区有逾51万个资产超过1000万元人民币高净值家庭，以及逾3万 ...

随着全球各地越来越多的家族设立或重组其家办（以下简称为"家办"），可以清晰地看到：每一个家办都是在独特的家族动态、资产结构、价值观、传承 愿景以及战略优先事项的共同作用下形成的。 鉴于家办的低调特性，外界很难获得真实洞见与第一手经验。近期，海外研究机构发布了《全球家办报告》，与16位家族负责人进行的深度访谈后，揭示 了家办的九大特别职能。 嵌入式家办 一、家办作为"战略委员会" 当家族成员在家族企业中担任高层运营职务时，家办可以发挥战略委员会的作用。例如，由兄妹二人领导的家族企业集团的家办就发挥了这样的作用。 除了监督家族的投资组合，并作为商业合同和家族章程的保管机构外，他们的家办还扮演着指挥中心的角色：他们在这里讨论收购、投资和商业计划，并 由来自运营业务内部的强大顾问委员会提供支持。 这对兄妹都是CEO，在某些情况下，他们还担任集团旗下多家公司的联席首席执行官。妹妹回忆道："我们决定在运营业务内部正式组建我们的'内部'家 办，以帮助我们构建各种业务和投资活动，同时在父亲退休后，为家族处理各种复杂的行政、法律和财务事务。" 他们的父亲创立了家族企业——最初是一家塑料公司，后来发展成为一家业务遍及中欧和东欧的 ...

据彭博社最新报道，爱马仕家族办公室Krefeld在成立三年后，又悄然启动新的投资分支，为收购奢侈品巨头爱马仕以外的更多资产铺路，显露出更大的 野心，引发行业的广泛关注。 上周，爱马仕继承人Nicolas Puech 150亿美元财富蒸发引发关注，这并非偶然，而是他长期远离家族、过度依赖理财经理的代价，使得财富被信任的人悄 悄带走。 实际上，自从在2010年成功抵御LVMH老板Bernard Arnault的恶意收购后，爱马仕家族成员于2011年迅速成立H51控股结构，限制家族成员出售股份，确 保控制权永远掌握在家族内部，但Nicolas Puech没有加入。 鲜为人知的是，爱马仕各支系后代逐步整合独立家族办公室与投资载体，并于2022年成立了统一家族办公室Krefeld。 （来源：LADYMAX） 爱马仕家族的野心早已超越了丝巾和铂金包 作者 | Drizzie 困扰最富有欧洲家族的不是如何创造财富，而是如何守住财富。 Krefeld名称取自爱马仕创始人Thierry Hermès出生的德国小镇，由家族后代Matthieu Dumas出任董事长，该机构在大约2024年才开始正式运行，秉持爱马 仕家族一贯低调神 ...

Core Insights - The rise of Dubai, Hong Kong, and Singapore is reshaping the global private capital landscape, establishing a competitive family office ecosystem alongside traditional Western financial centers [1][21] - High-net-worth individuals are increasingly relocating from Europe due to high wealth taxes and regulatory pressures, seeking more favorable environments in regions like Dubai, Hong Kong, and Singapore [1][21] Dubai - Over the past fifty years, Dubai has emerged as a technology, finance, and business hub, with over 81,000 millionaires expected by the end of 2024 [1][6] - Dubai's appeal lies in its low tax rates, golden visa program, and strong growth prospects, making it a preferred destination for high-net-worth individuals [1][6] - The Dubai International Financial Centre (DIFC) has seen a remarkable increase in family offices, growing from 50 in 2020 to over 1,000 currently [6] Hong Kong - Hong Kong is accelerating its family office sector with government initiatives aimed at creating a competitive business environment, including tax incentives and new investment programs [7][10] - The city serves as a unique hub connecting East and West, benefiting from its geographical proximity to mainland China and a favorable tax regime [8][10] - As of 2024, Hong Kong has over 2,700 family offices, with a significant portion managing assets exceeding $100 million [10] Singapore - Singapore has positioned itself as a leading family office base in Asia, with over 2,000 family offices established by the end of 2024, reflecting a 42.9% increase from the previous year [11][12] - The city-state's advantages include a stable political environment, favorable tax policies, and a robust legal framework, making it an attractive location for ultra-high-net-worth families [11][12] - Recent regulatory tightening has prompted Singapore to streamline processes to maintain its competitiveness in attracting family offices [14] European Wealth Centers - European traditional wealth centers are experiencing capital outflows due to high taxes and stringent regulations, with many wealthy individuals relocating to more favorable jurisdictions [21] - London remains a significant financial center, but there is a noticeable trend of wealthy individuals considering relocation, although many family office teams continue to operate from London [15][17] - Countries like France and Germany face challenges in retaining ultra-wealthy families due to high taxes and regulatory burdens, leading to capital flight [17][18] Summary - The emergence of the "family office triangle" with Dubai, Hong Kong, and Singapore signifies a structural transformation in the global private capital landscape, with each city offering unique advantages [21][23] - Hong Kong and Singapore complement each other, enhancing cross-border capital flow and asset allocation flexibility, while family offices increasingly adopt a multi-location operational model [23][24]

Core Insights - The article discusses the transition of Pan Shiyi and Zhang Xin from prominent real estate developers in China to family office operators in the U.S., focusing on a cash flow-driven development model [3][5]. Group 1: Investment Strategy - The couple's family office, Seven Valleys, has been actively acquiring properties in New York, with recent purchases totaling approximately $62.5 million for five adjacent lots, and plans for a total investment nearing $76 million [4]. - Their approach marks a shift from being mere asset holders to proactive developers, emphasizing a low-leverage strategy and cash payments for transactions [5][9]. - The investment strategy is characterized by a long-term perspective, focusing on core locations in Manhattan and Boston, which are seen as resilient and value-retaining [5][8]. Group 2: Operational Characteristics - Seven Valleys operates with a focus on three main areas: core commercial property holdings, urban renewal projects, and investments in cultural and new economy sectors, with assets exceeding $5 billion [8][9]. - The family office's projects are primarily managed through low-leverage, long-term lease agreements, providing stable cash flow [9]. - The decision-making process is independent of personal emotions, involving a professional investment committee and external advisors to ensure balanced risk and return [10]. Group 3: Cultural Integration - Beyond real estate, the family office also invests in cultural and content industries, aiming to integrate these elements into their property developments, enhancing the aesthetic and functional value of spaces [6][10]. - The design of their projects emphasizes the fusion of architecture and art, reflecting Zhang Xin's vision of urban aesthetics [6]. Group 4: Broader Implications - The transition of Pan Shiyi and Zhang Xin symbolizes a broader trend among Chinese entrepreneurs moving away from high-leverage models towards family offices that prioritize wealth preservation and intergenerational transfer [10][11]. - Zhang Xin has taken a more prominent role in the family office, embodying a rational and international investment philosophy that aligns with contemporary family capital values [11].

Core Points - A family office in Singapore has come under scrutiny due to a major fraud case involving the Prince Group, led by Chen Zhi, who established DW Capital Holdings in 2018 to manage family assets exceeding 60 million SGD [1] - The Monetary Authority of Singapore is investigating whether DW Capital Holdings has violated regulations, as the company claims to meet the criteria for the 13X scheme and enjoys tax exemptions [1] - The U.S. is seeking to seize 127,271 bitcoins, valued at approximately 12 billion USD, linked to a transnational "pig butchering" scam operated by Chen Zhi [1] - The Office of Foreign Assets Control has imposed comprehensive sanctions on 146 targets within the Prince Group, which operates a global online investment fraud scheme [1]

Core Insights - The event focused on family offices and their role in addressing intergenerational conflicts and enhancing management capabilities [1] Group 1: Intergenerational Conflict Resolution - Intergenerational conflicts in family businesses arise from differences in upbringing and risk preferences between founders and their successors [2] - Solutions include employing professionals with psychological expertise in family offices to facilitate communication between generations [2] - Emphasizing the importance of early exposure for the third generation to family business operations to foster understanding and connection [2][3] Group 2: Family Office Management Capabilities - Family offices should act as a "glue" for family cohesion, especially post-sale of family businesses, by engaging in strategic charitable activities [4] - Not all family businesses require a family office; the effectiveness depends on the core members' ability to set a positive example [4] - Family offices are encouraged to focus on impact investing, balancing financial returns with social benefits, particularly in sectors like environmental protection and healthcare [4][6] Group 3: Strategic Wealth Management - Recommendations for wealth distribution include retaining 70% of core assets under the first generation's control while allocating portions for exploration and philanthropy [3] - Family offices should evolve into "chief architects" that not only promote strategic philanthropy but also support the development of future generations through various tools [4] - The development stages of family offices should align with client needs, focusing on practical family requirements such as education and healthcare [5]

Core Insights - Hong Kong has successfully attracted over 200 family offices, surpassing the target set in the 2022 Policy Address, with a new goal to increase this number by at least 220 by 2026-2028 [1][2] - The capital market in Hong Kong has shown significant growth, with IPO fundraising reaching HKD 182.9 billion this year, a 229% increase from last year [1][2] Group 1: Advantages of Hong Kong for Family Offices - Hong Kong's unique approach allows family offices to manage global assets from a local base without relocating physical assets, appealing to internationally diversified families [3] - The legal environment in Hong Kong, based on common law, provides a reliable framework for international investors, enhancing asset protection [3] - The currency peg to the US dollar offers monetary stability, supported by foreign exchange reserves equivalent to 1.7 times the money supply, ensuring liquidity even during financial crises [3] Group 2: Ecosystem and Policies - Hong Kong's flexible ecosystem allows family offices to collaborate with various professional institutions without a centralized licensing system, fostering diverse family office models [4] - The strategy of "bringing in and going out" is supported by a network of over 60 top international and Chinese financial and professional institutions, facilitating investment opportunities both into and out of China [4][5] Group 3: Non-Financial Core Competencies - Family offices are increasingly focusing on non-financial aspects such as family governance, education for the next generation, and philanthropy, with Hong Kong providing a robust legal framework for charitable activities [6] - The establishment of charitable foundations in Hong Kong not only optimizes tax structures but also serves as a platform for training future generations in responsible wealth management [6] Group 4: Development Stages and Future Vision - The development of family offices in Hong Kong is categorized into three stages: 1.0 focuses on empowerment and narrative, 2.0 emphasizes the synergy between family businesses and family offices, and 3.0 aims to create a complete capital lifecycle ecosystem [7][8] - The long-term vision includes establishing Hong Kong as a hub for the entire capital journey, from early-stage financing to post-IPO asset management [7][8] Group 5: Unique Value for Chinese Families - Hong Kong offers unique resources and expertise for Chinese families, particularly those transitioning from the first to the second generation, integrating Eastern and Western practices [9] - Financial and legal tools, such as international trusts, are available to help families manage ownership and control, ensuring smooth transitions and effective distribution of interests [9]

Core Insights - Singapore is increasingly becoming a key destination for businesses and individuals looking to expand internationally, with foreign direct investment (FDI) reaching a record high of $143.4 billion in 2024 [1] - A significant number of Chinese enterprises, including Alibaba, Tencent, ByteDance, and Ant Group, are using Singapore as a strategic base to enter the ASEAN market, which has a population of nearly 700 million [1] - The number of family offices in Singapore has surged by over 40% in 2024, surpassing 2,000, attracting global billionaires like Ray Dalio, Sergey Brin, and Mukesh Ambani [1] Group 1: Financial Landscape - Singapore is recognized as a leading financial center in Asia, particularly in fintech and digital assets [2] - The upcoming research trip from October 28 to November 1 aims to explore Singapore's advantages in global asset allocation by visiting eight prominent financial institutions [2] - Participants will engage with experts from OCBC Bank, Yincubator, and other organizations to understand the economic outlook and market opportunities in Singapore [7][8][10] Group 2: Opportunities for Chinese Enterprises - Yincubator focuses on accelerating the internationalization of Chinese tech companies in AI, Blockchain, Cloud Computing, and Data Analytics [9] - The SEGA initiative, launched in collaboration with Singapore's Economic Development Board, aims to support Chinese new economy companies in establishing a global presence through Singapore [9] - New companies are provided with comprehensive solutions for cross-border operations, including tax planning and compliance, by firms like Lotusia Group [10] Group 3: Wealth Management and Family Offices - The research will cover the role of Singapore and Hong Kong in global asset allocation, highlighting their differences [12] - BC Capital, founded by experienced bankers, manages over $3 billion in assets and focuses on wealth management and investment banking [13] - Merit Asset Management specializes in global asset allocation and disruptive technology investments, with a strong presence in both Asia and the U.S. [16] Group 4: Fintech Innovations - Moomoo SG, a digital brokerage and wealth management service, has launched cryptocurrency trading on its platform, reflecting Singapore's advancements in fintech [19] - A leading global digital asset exchange will also be visited, showcasing Singapore's position at the forefront of blockchain and Web3 innovations [20]

Group 1 - The Hong Kong Investment Promotion Agency announced that it has achieved its goal of attracting 200 new family offices by the end of 2025 ahead of schedule, demonstrating Hong Kong's strong appeal and efficient execution in the family office sector [1]