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Incentives are prompting wealthy families from Middle East, Europe to eye Hong Kong for managing their wealth, industry players say
- Middle East family offices are exploring investment opportunities in Hong Kong, BEA Union Investment Management boss says
- Move that allows Saudi companies to have a second listing in Hong Kong makes the city more attractive still to Middle East investors, lawmaker says
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A growing number of wealthy families from the Middle East, Europe and Asia are considering using Hong Kong to invest their riches after the government and wealth managers have increased their promotional efforts this year, according to industry players.
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“Traditionally, Middle East investors tend to use London to invest their international portfolio,” said Eleanor Wan, the outgoing CEO of BEA Union Investment Management.
“However, after the many roadshows by Hong Kong government officials and the regulators, we have seen some Middle East family offices have started to explore the investment opportunities in Hong Kong.”
Hong Kong Chief Executive John Lee Ka-chiu, Financial Secretary Paul Chan Mo-po and Hong Kong Monetary Authority (HKMA) boss Eddie Yue Wai-man have led separate delegations to various Middle East countries this year to attract investments and forge closer ties.
Wan will soon go to the region to explore opportunities. After heading the BEA Union for 12 years, she will step down and pass the reins to Janet Li on receiving regulatory approval for the transition.
The company, a joint venture between Bank of East Asia and Union Asset Management, Germany’s second-largest asset management company, invests for many Hong Kong and overseas family offices. It managed about US$7.3 billion of assets as of the end of last year.
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