[Sponsored Article]
As the demand for family offices continues to grow, there is a need to learn more about how they are organized, and how effective they are. However, studies on the subject are few and far between in academia, partly due to the fact that privacy and confidentiality are important in running family offices.
In this edition of Biz @ HKUST, we will take an insider’s look at some of the best-known family business leaders to see how their family offices were first set up, and are managed today. We will also explore the many different roles that a family office can play.
Every family is different, and there’s no one-size-fits-all solution in setting up a family office. Each founder has a unique story to tell. Three of these stories come from members of our School Advisory Council. Michael JEBSEN, our Council Chairman and Chairman of Jebsen Group, believes that hiring outside parties to manage the family office is the key to its success. Vincent LO, Chairman of Shui On Group, is a strong believer in developing a viable family constitution early in the process. Sukanto TANOTO, Chairman of RGE Group, believes that a family office will play a crucial role in building his legacy and delivering a plan for his family and business.
The other two stories come from members of two families well-known for their long-standing commitment to giving back to society. Ronnie CHAN, Chairman of Hang Lung Group, believes that families should give away their wealth, and thus looks at the roles of family offices in a different way. Lawrence CHAN, former CEO of Park Lane Hotels International and Founder of the Seal of Love Charitable Foundation, uses a family office to propagate his personal values and to do good for society.
These five family office founders represent the unbroken spirit of their families originated from Hong Kong, Thailand, Indonesia and Denmark. Rooted in Asia today, they take their own or their family businesses to new heights, and at the same time define the concept of family offices in Asia.
