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