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A Leading Hub for Family Offices

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A Leading Hub for Family Offices 3 Why Hong Kong P.4 A leading private wealth management (PWM) hub in Asia Premier international asset P.12 management centre Regional centre for philanathropy P.24 and sustainable finance Ideal environment for P.28 Family Office operations 01 A leading hub in Asia, serving the burgeoning PWM market 5 Family Office (FO) is more than just wealth management Why set up Family Offices? Family wealth protection Clarifying governance over how the family stewards its wealth Improving family cohesion and generational transition Managing the personal affairs of family members Managing investment risk Only around half of the FOs have succession plans Asia Pacific 49% 51% Europe 54% 46% North America 48% 52% Succession plan in place Succession plan not in place Source: PWC Family Office Services, The UBS/ Campden Wealth Global Family Office Report 2019 6 FO is gaining popularity among ultra-high-net-worth individuals (UHNWIs) In 2019, a survey conducted by UBS and Campden Wealth suggested that: • Over two-thirds (68%) were only founded in 2000 or later • Just over 10% were founded before 1970s Generations the FO has served (now or in the past) 70% 61% 60% 53% 50% 48% Most families with an FO have up to 40% 3 generations only. 30% 25% 20% 10% 12% 5% 4% 1% 0% 1st Gen 2nd Gen 3rd Gen 4th Gen 5th Gen 6th Gen 7th Gen Don’t know Source: The UBS/ Campden Wealth Global Family Office Report 2019 A leading hub in Asia, serving the burgeoning PWM market 7 Strong growth in Asia-Pacific HNWIs population and financial wealth Number of HNWIs by region million 7 6.5 6.3 6 5.2 5 4 3.4 3.3 3.1 3 2 1 0 2010 2019 Asia-Pacific North America Europe US$ trillion HNWIs financial wealth by region 25 22.2 21.7 20 16.7 15 11.6 10.8 10.2 10 5 0 2010 2019 Asia-Pacific North America Europe Note: HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables. Source: Capgemini Financial Services Analysis, 2018, 2019, 2020 8 Greater China is the key wealth creation region in Asia Guangdong-Hong Kong-Macao Greater Bay Area (GBA) as the largest bay area in the world, has huge growth potential 1 2 4 3 1 2 3 4 San Francisco Bay New York City GBA Greater Tokyo Area Area GDP (US$ trn) 0.8 1.7 1.5 1.8 Area (sq.km) 17,900 783 56,000 36,800 Population (mn) 7.6 8.6 70.0 43.8 Source: Fung Business Intelligence, China Council for the Promotion of International Trade, Hurun Wealth Report in Nov 2019 A leading hub in Asia, serving the burgeoning PWM market 9 GBA contributes to the strong wealth growth momentum in Greater China UHNW families in Greater China 84,000+ UHNW families in the GBA +20% 19,300+ • 84,000+ UHNW families in >1/5 of Greater China, increasing Greater by around 20% in the past 3 China years • 19,300+ UHNW families are in the GBA (>1/5 of the entire Greater China) Note: UHNW family is defined as family with assets over US$30 million. 10 Hong Kong is at the centre of Asia’s burgeoning PWM market Total assets of the private banking and PWM business in Hong Kong US$ billion 1,200 1,153 1,000 1,000 973 50% 800 667 612 600 587 400 Sourced from 50% outside of Hong Kong 200 0 2014 2015 2016 2017 2018 2019 Note: From 2017 onward, the scope was extended to cover the total assets under private banking and private wealth management clients’ accounts generated, managed or served by Hong Kong relationship managers of licensed corporations and registered institutions which are part of a larger banking group, or for which the relationship managers are accountable. In previous years, the figures include the private banking business of registered institutions and private client funds of licensed corporations and registered institutions. Source: Asset and Wealth Management Activities Surveys (SFC) 2019, Hong Kong Private Wealth Management Report 2019 (KPMG & PWMA) A leading hub in Asia, serving the burgeoning PWM market 11 Hong Kong is Asia’s largest cross-border PWM centre; second largest globally after Switzerland All top 15 global private wealth managers (by AUM) are present in Hong Kong Cross-border wealth (US$ trillion) 2.4 2017 2.3 2019 1.9 1.1 1.1 0.9 0.8 0.7 0.3 0.3 0.3 0.3 Switzerland Hong Singapore US Luxembourg UK Kong Source: Global Wealth Report 2018, 2019, 2020 (BCG), Wealth Management Competitor Analytics (Global Data), HKMA 02 Premier international asset management centre with great access to investment deals 13 Hong Kong is an ideal platform to serve the asset allocation needs of FOs Average asset allocation for FOs globally 35% 33% 32% 2018 2019 30% 25% 20% 19% 19% 18% 17% 16% 16% 15% 10% 8% 7% 5% 5% 5% 0% Bonds Equities Private equity* Real estate** Hedge funds Cash or equivalent * Include both direct investment and investment through private equity funds ** Include both direct investment and investment through REITs Source: The UBS/ Campden Wealth Global Family Office Report 2019 14 Leading international asset management hub Home to 70 of top 100 global money managers HK’s asset under management (US$ trillion) Number of licensed asset managers in HK 2019 3.7 2019 1,808 2015 2.2 2015 1,135 2010 1.3 2010 798 2005 0.6 2005 475 2000 0.2 +18.5x 2000 203 +8.9x Private Equity capital under management in 2019 US$ billion 600 591 500 400 300 200 160 102 100 75 72 43 40 9 0 India Japan China Australia Singapore Malaysia Hong Kong South Korea Source: SFC, Investment & Pensions Europe, HKMA, Asia Venture Capital Journal (AVCJ) Premier international asset management centre with great access to investment deals 15 Asia’s deepest international capital market World’s largest equity fundraising centre 3rd largest bond centre in Asia ex-Japan HK’s market capitalisation 2019 Asia ex-Japan bond issuance US$ billion US$ billion 6,000 4,500 4,000 3,889 5,000 4,893 3,500 +4.7x 4,000 3,000 3,165 2,500 2,702 3,000 2,000 2,000 1,500 1,047 1,000 739 1,000 560 492 500 341 0 0 2005 2010 2015 2019 Korea Mainland Thailand China Hong Kong Singapore Source: HKEX, ADB 16 A comprehensive banking platform Assets of HK banking industry 3,500 3,136 3,000 3.7x 2,459 2,500 2,000 1,576 US$ billion 1,500 929 1,000 854 500 0 2000 2005 2010 2015 2019 Source: HKMA In 2019, there are over 190 Authorised Institutions in Hong Kong … … coming from around 30 countries, including nearly 80 of the world’s top 100 banks 8 new virtual banks formed by financial and non-financial firms Premier international asset management centre with great access to investment deals 17 More channels to enhance financial connectivity with Mainland China Going forward Mutual access of wealth management products Bond Connect (GBA) International investors can 2017 trade and clear China bonds using HK Shenzhen-HK Stock Connect 2016 Extension of Stock Connect to cover SZSE Mutual Recognition of Funds Chinese and HK investment 2015 funds can be distributed to each other’s public after Shanghai-HK Stock streamlined approval Connect International investors 2014 can trade Shanghai stocks through HKEX and Chinese investors can trade HK stocks through SSE RQFII Extension of QFII to 2011 allow RMB Mainland-Hong Kong In 2019, there are over 190 Authorised Institutions in Hong Kong … Closer Economic Partnership Arrangement 2003 (CEPA) … coming from around 30 countries, including nearly 80 of the world’s top 100 banks Preferential trade & investment policies 8 new virtual banks formed by financial and non-financial firms QFII Invest in onshore equity & bond markets 2002 after opening onshore accounts 18 Greater China market dominates Asia Pacific private equity (PE) deal flows Strong growth in Asia Pacific PE deal China (including Hong Kong) made up count and value in recent years close to 40% of the Asia Pacific PE deal flows Asia Pacific PE Deal Flows Value Total Asia Pacific PE Count Deal Flows in 2019 (by value) US$ billion 300 6,000 South Japan Korea Australia 7% 12% 6% Others 250 5,000 3% China (including Hong Kong) South East Asia 39% 9% 200 4,000 India 24% 150 3,000 100 2,000 50 1,000 0 0 2014 2015 2016 2017 2018 2019 Source: AVCJ Premier international asset management centre with great access to investment deals 19 Ideal platform for PE investments Strong momentum in investment in Home to over 500 PE and venture internet/tech sector in Greater China capital firms, including 15 of the top 20 global PE Managers USD$ 2010-19 Global ranking billion growth PE Managers in Hong Kong Priviate equity investment deal value in (2019) Greater China 175 1 Blackstone 2 The Carlyle Group 125 3 KKR 1.6x 4 CVC Capital Partners Other sectors 5 Warburg Pincus 75 6 Bain Capital 7 EQT 25 13.6x 9 Apollo Global Management Internet and technology 10 Neuberger Berman Group 0 12 TPG 2010 11 12 13 14 15 16 17 18 19 15 Apax Partners 16 General Atlantic 18 Permira Advisers 19 Advent International 20 Silver Lake Source: AVCJ, Asia-pacific Private Equity Report 2020 (Bain & Company), PEI, HKMA 20 GBA Initiative creates an integrated financial and innovation zone around Hong Kong Hong Kong will benefit from the development of GBA Population, trade and Strengthen Hong Enjoy mutual financial capital flows create Kong’s status as a market access in the opportunities for global offshore RMB GBA payment, banking and business hub wealth management services Shenzhen China’s “Silicon Valley” Hong Kong International Financial Center Guangdong Province The World’s Factory Source: Constitutional and Mainland Affairs Bureau Premier international asset management centre with great access to investment deals 21 Unparalleled access to GBA investment opportunities The number of unicorns in GBA and Mainland China supports the engagement their valuations are growing of Hong Kong PE funds in the financing of innovation and technology enterprises in GBA Number of Unicorns in GBA Valuation of Unicorns in GBA +83% RMB RMB 614 335 billion billion 2017 2017 2019 Q3 14 2019 33 Note: “Unicorn” refers to a startup with at least US$1billion valuation Source: Hurun Greater China Unicorn Index 2017, 2019 Q3 22 Strong pipeline of local startup investment opportunities… The number of startups in Hong Kong as well as their operation scale continue to grow Total no.
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