Hong Kong picks financier Angel Chia to head city's wealth academy to woo family offices
Angel Chia, who has spent two decades in stockbroking and working with family offices, has been appointed as the executive director of the Hong Kong Academy for Wealth Legacy (HKAWL) to spearhead the city's bid to be the regional hub for multigenerational fortunes.
Chia, the former chief executive of EAM SingAlliance (Hong Kong), has spent more than 20 years in the financial industry, from securities dealing to asset management in Hong Kong, Singapore, Taipei and New York. Less than a year ago, she started NexGenerator, a family office accelerator that educates family offices' next-generation in private wealth management.
The Financial Services Development Council (FSDC) made the announcement on Tuesday. The academy, set up in November, is aimed at catering to family offices, next-generation wealth owners and wealth management professionals.
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"Her extensive experience and expertise in the family office sector, coupled with her passion for empowering the next generation of family principals, will undoubtedly add significant value to the HKAWL in engaging the industry," said Adrian Cheng Chi-kong, the chief executive of New World Development and chairman of the academy's board. "I look forward to working with her to promote Hong Kong's competitiveness as premier family office hub."
An undated photograph of Angel Chia, currently the Chair of the Family Office Association Hong Kong (FOAHK). Photo: Linkedin/ Angel Chia alt=An undated photograph of Angel Chia, currently the Chair of the Family Office Association Hong Kong (FOAHK). Photo: Linkedin/ Angel Chia>
The academy is aimed at nurturing financial talent and augmenting the city's claim as Asia's hub for wealthy family offices. It will foster collaborations through networking, knowledge sharing and talent development via workshops, conferences and networking events.
The Undersecretary for Financial Services and the Treasury Joseph Chan Ho-lim, the FSDC's executive director Au King-lun and Charles Ng Siong-kwong from the office of the Financial Secretary will represent the city.
Industry leaders on the board include Sino Group's deputy chairman Daryl Ng Win-Kong, UBS's Asia chairman of global wealth management 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.
Family offices are growing quickly across Asia-Pacific, and the Hong Kong government has been racing to bolster the city's appeal as an investment hub for the ultra rich.
This included the new CIES, announced on December 20 and commonly known as the investment-migration scheme, that offers a faster route to residency for people who invest at least HK$30 million (US$3.84 million) in the stock market or other assets, excluding residential real estate.
The investment migration scheme has received overwhelming response from wealthy families and high-net-worth individuals globally.
The scheme came off the back of a bill that passed last year that provided tax concessions to family offices, these included a profits tax exemption to family-owned investment holding vehicles (FIHVs) managed by single-family offices.
Hong Kong's position as a "superconnector" both into and out of mainland China has made it a comparatively favourable location.
The Asia-Pacific region is expected to experience the biggest growth in wealth among ultra-high-net-worth (UHNW) individuals by 2026, according to Knight Frank's Wealth Report 2022.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.
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