UBP hires 10 bankers in Hong Kong to target clients seeing to open family offices

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

Sep 18, 2023
1 year ago
UBP

Geneva-based Union Bancaire Privée has reportedly hired 10 senior bankers in Hong Kong to target wealthy clients aiming to set up family offices in the city, the South China Morning Post reports.

The bank was motivated by Hong Kong's recent measures — including tax incentives and even the development of art storage facilities — to make the city a family office hub in the region. The city seeks to attract 200 new family offices by 2025. 

"After the Hong Kong government introduced the tax incentives and resumed the investment migration schemes for family offices, we have found more mainland and overseas wealthy investors expressing an interest in establishing family offices in Hong Kong," said Ivan Wong, UBP's head of North Asia and Hong Kong CEO.

Among the measures focused on mainland Chinese investors is one that allows remninbi-denominated assets to be considered in applications for family offices.

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.