Core Viewpoint - Hong Kong is expanding its leading advantage in the family office sector, with expectations to surpass its 2022 goal of attracting over 200 large family offices by the end of 2025 [2] Group 1: Family Office Growth in Hong Kong - Hong Kong's 2025-2026 budget includes more tax incentives for single family offices (SFOs) [2] - The Capital Investment Entrant Scheme (CIES) has been optimized after one year, with a set investment threshold of HKD 30 million, receiving 918 applications and expected total funding exceeding HKD 27 billion [2][6] - Over 2,700 SFOs were reported in Hong Kong last year, with one-third of ultra-high-net-worth individuals having assets over USD 100 million [2][3] Group 2: Comparison with Singapore - Hong Kong's favorable policies and tax reductions contrast sharply with Singapore's stricter tax rules and complex approval processes for family offices [3] - Singapore is expected to see a 43% increase in family offices in 2024, reaching 2,000, despite a projected slowdown in growth due to regulatory changes [6][8] Group 3: Wealth Growth in Asia - The number of individuals with over USD 10 million in assets in Asia is projected to grow at an annual rate of 8.7% from 2024 to 2028, surpassing the global growth rate of 6.9% [8][11] - By 2028, the number of ultra-high-net-worth individuals in Asia is expected to increase by 8.5% to 35,895, representing 32% of the global total [11][12] Group 4: Strategic Position of Hong Kong - Hong Kong serves as a strategic gateway for private banking in the Greater Bay Area and mainland China, with government policies aimed at attracting wealthy individuals and family offices [9] - Southeast Asian wealthy individuals may find Singaporean banks more advantageous for transferring funds overseas [9]

Core Insights - The report by UBS highlights the perspectives of 317 single-family offices globally, with an average net worth of $2.7 billion and average assets under management of $1.1 billion [1] - A significant portion of family offices (79%) are involved in active business operations, primarily in real estate (14%), banking/financial services (9%), and consumer goods (9%) [1] Group 1: Recruitment and Staffing - Trust and personality are prioritized over education and qualifications in recruitment, with 73% of family offices emphasizing the importance of suitable personality traits [6] - The average number of employees in family offices is 12, with some larger offices employing over 50 staff members [13] - Operational costs are expected to remain high, with personnel costs constituting 66% of operational expenses in 2024 [13] Group 2: Risk Management - The global trade war is identified as the biggest risk for family offices in 2025, with 70% of respondents expressing concern [17] - Major geopolitical conflicts and global economic recession are also significant worries, with 61% and 53% of family offices respectively highlighting these risks [17] - Despite concerns, 59% of family offices plan to maintain the same level of investment risk in the next 12 to 18 months [18] Group 3: Investment Strategies - Family offices are increasingly focusing on diversification strategies, with 40% indicating a reliance on various asset classes to mitigate risks [21] - Active management is favored in stock investments, with over one-third (36%) of portfolios being passively managed, varying significantly by region [21] Group 4: Succession Planning - Only 53% of family offices have established wealth transfer plans, indicating a need for improved succession planning [23] - The lack of urgency among beneficiaries is a key reason for the absence of succession plans, with 29% of family offices noting this issue [25] - The complexity of family structures necessitates careful planning, especially for large and intricate family assets [23]

Group 1: Family Office Overview - Family offices in Europe and the US have become a common wealth management vehicle for ultra-high-net-worth individuals, aiding families in wealth preservation and transfer [1] - The Hermansen family office, represented by Michael Zhang, utilizes global asset allocation strategies and robust risk management systems to navigate economic cycles [1] Group 2: Hermansen Family Business - The Hermansen family business has a history of over 170 years, with its largest company, DSD Group, founded in 1855, making it one of Norway's oldest private enterprises [2] - DSD Group was transformed from a regional ferry service into an international company with diverse operations under the leadership of Folke Hermansen [4] - DSD currently employs over 5,600 people, equating to one employee for every 1,000 Norwegians [4] Group 3: Investment Structure - The Hermansen family operates two main investment entities: DSD Group's strategic investment department and the family fund Herfo, both led by Yuhong Jin Hermansen [5] - The strategic investment department focuses on capturing emerging business trends and primarily invests in growth-stage companies, while also seeking acquisition opportunities [7] - Herfo, established in 2005, aims to assist the family in professional global asset allocation, leveraging the advantages of long-term investments [9] Group 4: Global Asset Allocation Strategy - Herfo allocates approximately 50% of its investments to global secondary markets, with the remainder in primary markets and real estate [10] - The family office has increased its investment in primary markets, particularly direct investments, to enhance team capabilities and experience [11][13] - The focus is on identifying quality projects based on the family's resources and advantages, with a keen interest in technology and niche traditional sectors [13] Group 5: Risk Management Strategies - The Hermansen family employs four core risk management strategies: maintaining legal and operational independence between the family business and the family fund, global diversification in asset allocation, liquidity management, and team collaboration [15][16][18][19] - The family office emphasizes the importance of team experience and diverse perspectives to avoid groupthink [19] Group 6: Advantages and Challenges of Overseas Branches - The Hermansen family office is unique in having a branch in China, allowing for long-term engagement in both Chinese and Norwegian markets [21] - The family office aims to leverage its experience in the complex Chinese market to identify and seize investment opportunities quickly [22] - The changing global economic and political landscape presents both opportunities and challenges for the family office in achieving global asset allocation [22] Group 7: Opportunities in Sino-Norwegian Cooperation - There are significant collaboration opportunities between China and Norway in the fields of renewable energy, technology co-creation, and capital co-creation [23][24] - The Hermansen family office has expanded its services to include consulting for Nordic companies entering the Chinese market and vice versa, enhancing its role as a bridge between the two markets [24]

Core Insights - Hong Kong is recognized as a premier global financial hub, particularly in the family office sector, due to its financial strength, strategic location, tax advantages, robust regulatory environment, and comprehensive support ecosystem [1][3] Financial Infrastructure - Hong Kong ranks as the third-largest financial center globally, following New York and London, showcasing unmatched advantages in banking, capital markets, and asset management [3] - The city connects 49 global exchanges and over 50 multinational funds and investment firms, offering thousands of financial products across various asset classes [3] - The financial sector employs over 263,000 people, accounting for 6.8% of total employment and contributing 19.7% to GDP [3] Geographic Advantage - Hong Kong serves as a strategic gateway to China and the Asia-Pacific region, benefiting from its "one country, two systems" policy, which ensures an independent legal and tax system [3] - It is the largest private equity center in Asia, managing assets of $159.6 billion, and a hedge fund center with $69 billion in assets, providing ample investment opportunities for family offices [3] Tax Policies - Hong Kong offers a highly favorable tax environment with no capital gains tax, offshore profits tax, or withholding tax on dividends and interest, and a corporate tax rate of only 16.5% [4] - The introduction of the 2022 Tax (Amendment) (Tax Concessions for Family Investment Control Tools) Ordinance provides tax exemptions for qualifying single family offices with a minimum investment threshold of HKD 2.4 billion [4] - The city has signed double taxation agreements with 43 countries/regions, effectively reducing the tax burden on cross-border investments [4] Regulatory Environment - Hong Kong's common law system and independent judiciary ensure legal transparency and stability, aligning with international standards [4] - The regulatory framework, overseen by the Securities and Futures Commission (SFC), provides a reliable compliance environment for family offices [4] Supportive Ecosystem - The city features a 24-hour trading system, mature capital markets, and a wide range of professional services, including wealth advisors and legal firms [5] - Family offices in Hong Kong can invest in diverse asset classes such as precious metals, real estate, art, and insurance products, catering to the varied needs of high-net-worth families [5] Industry Growth - As of December 2023, Hong Kong hosts over 2,700 single family offices, nearly double that of Singapore, solidifying its position as a leading family office hub in Asia [5] - The Hong Kong government aims to attract 200 new family offices by 2025, with an expected asset management scale of at least $200 billion [5] - The total assets from family offices and private trusts in Hong Kong's private banking and wealth management sector have reached HKD 17.8 trillion [5] Government Initiatives - The Hong Kong government has introduced various policies to support the development of family offices, including the "Capital Investor Entry Scheme" to attract global family offices [6] - The historical presence of family offices in Hong Kong dates back to the late 19th century, contributing to its status as a major cross-border wealth management center [6] Services Offered - Family offices provide comprehensive services, including investment solutions, estate planning, wealth education, risk management, charitable management, and lifestyle consulting [7][8][9]

Group 1: Overview of David Rubenstein - David Rubenstein is best known for co-founding the private equity giant Carlyle Group, which manages $453 billion in assets for various institutional investors [1] - As of May 13, 2025, Rubenstein's net worth is $3.9 billion [1] Group 2: Early Life and Education - Rubenstein was born in 1949 in a low-income neighborhood in Baltimore, Maryland, as the only child of a homemaker and a World War II veteran [2][3] - He graduated high school at 16 and later attended Duke University on a scholarship, followed by the University of Chicago Law School [3] Group 3: Career Path - After obtaining his law degree, Rubenstein worked at the law firm Paul, Weiss, Rifkind, Wharton & Garrison and later served as chief legal counsel to Senator Birch Bayh [4][8] - He was involved in Jimmy Carter's presidential campaign and served as a domestic policy advisor in the White House [8] Group 4: Founding of Carlyle Group - In 1987, Rubenstein co-founded Carlyle Group with two partners, initially raising $5 million to start the firm [11] - Carlyle's first buyout fund raised $100 million by 1990, and the firm has since raised billions for over 100 different funds [11][12] Group 5: Declaration Capital - In 2017, Rubenstein transitioned to a role as co-executive chairman of Carlyle and founded Declaration Capital, focusing on venture capital and growth equity [12] - Declaration Capital has $2.2 billion in assets under management and invests in growth equity and real estate [18] Group 6: Family Involvement - Rubenstein's daughter, Alexa Rachlin, leads Declaration Partners LP, focusing on strategic investments [13][15] - Another daughter, Gabrielle (Ellie) Rubenstein, co-founded Manna Tree, a private equity firm focused on health and nutrition [17] Group 7: Recent Transactions - In 2024, Declaration Partners completed a secondary market transaction, packaging minority stakes in 11 assets valued at approximately $90 million [21] - Rubenstein led a group to acquire the Baltimore Orioles for about $1.7 billion in March 2024 [22] Group 8: Philanthropy and Other Roles - Rubenstein is a prolific author with five published books and hosts several television programs [25] - He is also a significant philanthropist, having pledged to donate over half of his wealth to charitable causes [27]

全球视野下的多元破局：家族资本的下一站？ 记者 黄敏 5月13日，在全球经济格局重塑、资产流动加速的大背景下，由亚洲家族办公室基金会（AFOF）主办 的"全球家族办公室2.0时代高峰论坛"在广州举行。南财记者现场关注到，论坛围绕新时代家族企业"走 出去"与全球资产配置的新挑战与新解法展开，吸引了粤港澳大湾区众多高净值家族、家族办公室从业 者、跨境投融资机构及政策研究者参与，共同探讨"家办2.0"时代的布局逻辑与路径演化。 政策驱动 + 制度红利：香港家办生态圈进入加速期 亚洲家族办公室基金会联席会长黄敏硕表示，中国香港正在凭借"一国两制"的制度优势、国际化的金融 体系以及面向全球资本的税务政策，快速跃升为亚太地区家族办公室最具吸引力的落脚地之一。他重点 解读了"新资本投资者入境计划"与税务宽减政策的实施进展，认为香港正在形成以跨代传承、跨界服务 与合规监管为核心的新型家办生态圈，为高净值家族提供"可迁移、可管理、可传承"的资产战略支撑。 "南沙金融30条"：积极引入主权财富基金、家族办公室等多元化投资机构 值得注意的是，南财记者还关注到，近期中国人民银行、金融监管总局、中国证监会、国家外汇局、广 东省人民政府 ...

最近在不同圈子里，我们都常听到"家族办公室"这个词，听起来好像是一个很厉害、很神秘的地方，像专门为有钱人赚钱。但其实，很多人都对家族办公室 有误解，它并没有那么遥远，也不像想象中那么复杂。说白了，每个家庭其实都有一个自己的"家族办公室"，只是大小不同、做法不同而已。希望在这里向 大家分享一下我作为业内人士的一些看法。 什么是家族办公室？ 家族办公室，说得简单一点，就是一个家庭用来管理自己钱财和生活事务的小团队。这个团队可能是爸爸妈妈两个人，也可能是请了一些专业人士来帮忙。 它的任务就是管好家里的钱，安排好生活，让全家人都过得舒舒服服。 比如，在一个普通的家庭里，爸爸妈妈就是这个"家族办公室"的成员。他们负责赚钱、花钱，还要安排孩子的学习和家里的娱乐。听起来是不是很熟悉？因 为这就是我们每天都在做的事情！ 每个家庭都有自己的家族办公室 你有没有想过，在你家里，谁负责管钱？谁决定怎么花钱？谁安排孩子的学校和周末的活动？很多时候，这些事情都是爸爸妈妈一起做的。他们就像一个小 小的工作团队，决定家里的收入怎么用，怎么存钱，甚至怎么花钱让大家开心。 所以，别把家族办公室想得太高不可攀，也别觉得它跟我们普通人没关系。每个 ...

在"裕泽香江"论坛落幕一周后，方展光接受证券时报记者采访时仍难掩兴奋："今年参会者超过400人，远超预期。"作为香港特区政府投资推广署家族办 公室环球总裁，他的感慨折射出这座国际金融中心在家族办公室(简称"家办")领域的蓬勃发展态势。 家族办公室是香港政府近年着力打造的新招牌。早在2021年，香港特区政府投资推广署便成立了家族办公室专责团队，为有意在港开业的家族办公室提供 一站式支援服务，同时建立涵盖所有市场参与者的完善生态系统，以推动家族办公室的发展。方展光便是该团队的负责人。在加入香港投资推广署前，他 曾在多家银行担任私人银行和财富管理部门的高管，在财富管理领域有丰富经验。 香港特区政府投资推广署家族办公室环球总裁方展光 数据显示，自2021年6月成立家族办公室团队至2025年2月底，香港投资推广署已协助逾160家家族办公室在港开展业务，包括约100家单一家族办公室及60 家联合家族办公室。 目前有147家家族办公室表示正筹备或已决定在港设立及扩展业务，其中来自内地及中国台湾的家族办公室占比超半数，达82家；欧美地区占34家，中东 地区占9家。 家办企业在香港的发展已然驶入快车道。 香港家办历史超百年传承 ...

Core Viewpoint - Hong Kong is positioned as a leading global hub for family offices, leveraging its unique advantages under the "One Country, Two Systems" framework to attract high-net-worth individuals and their wealth management needs [2][4][6] Group 1: Family Office Landscape - There are currently over 2,700 single-family offices in Hong Kong, with more than half established by ultra-high-net-worth individuals with assets exceeding $50 million [2] - The Hong Kong Investment Promotion Agency aims to attract an additional 200 family offices this year [2] - Newly established family offices in Hong Kong could generate an additional $600 million in local business spending annually [3] Group 2: Economic Impact - The development of family offices can expand specialized financial and non-financial services, creating more job opportunities through both internal hiring and outsourcing [3] - The growth of family offices is expected to enhance Hong Kong's financial market and asset management sector, contributing to the sustainable development of finance, technology, culture, and philanthropy [3] Group 3: Regulatory and Tax Environment - Hong Kong's legal system, characterized by its common law framework, provides a secure and stable investment environment for family offices [6][7] - The territory has a simple and low tax regime, with no sales tax, capital gains tax, or inheritance tax, making it an attractive location for family offices [6] - A tax incentive law specifically for single-family offices was passed by the Legislative Council in May 2023 [6] Group 4: Privacy and Security - Hong Kong is recognized for its robust privacy protection laws and high standards of confidentiality, which are crucial for the operation of family offices [7] - The region has a comprehensive regulatory framework, including anti-money laundering and counter-terrorism financing measures, ensuring a secure environment for family office activities [7] Group 5: Future Outlook - Hong Kong aims to attract family offices from both developed and emerging markets, with a focus on regions such as ASEAN and the Middle East [7] - The Investment Promotion Agency plans to host over 260 events in 2024 to promote Hong Kong's advantages and attract more family offices [7]

Group 1 - Hong Kong is increasingly recognized as a vital hub for family offices, with expectations to host around 3,000 family offices in the near future [2][10][11] - The city has over 2,700 family offices, with more than 30% managing assets exceeding $100 million (approximately 780 million HKD) [4] - The Hong Kong government aims to attract over 200 large family offices by the end of the year, with over 160 already assisted in establishing or expanding their operations [7][10] Group 2 - Hong Kong's competitive edge over Singapore in attracting family offices includes its flexible regulatory environment and tax incentives, while Singapore focuses on long-term investment capital [8][10] - The government is planning additional tax incentives for family offices, including exemptions for investments in private loans, virtual assets, and carbon credits, with proposals expected to be submitted for legislative approval [8][10] - The city is positioned to benefit from global investors seeking stability amid uncertainties in the U.S. policy environment [10][11] Group 3 - Hong Kong ranks second globally in the density of ultra-high-net-worth individuals, with 12,546 individuals having wealth exceeding $30 million [11] - The city has shown economic resilience, with a growth rate of 2.5% over the past year and a significant increase in IPO activities, raising 17.7 billion HKD in the first quarter of 2025 [11][12] - HSBC plans to significantly invest in Hong Kong, reallocating $1.5 billion from lower-return markets to focus on wealth management in the region [15][16] Group 4 - The Hong Kong government has signed agreements with 18 key enterprises, projecting an investment of approximately 50 billion HKD and the creation of over 20,000 jobs [17] - Despite challenges such as geopolitical risks and competition from Singapore, Hong Kong's robust legal framework and financial infrastructure position it well to become a leading family office center in the Asia-Pacific region [17]