Private Wealth Management Association (PWMA)

Welcome to this month’s PWMA Digest, where we deliver to you the critical news in Hong Kong’s wealth management world!

A big thank you to Joyce Liu and team from Office of the Privacy Commissioner for Personal Data, Hong Kong (PCPD) 香港個人資料私隱專員公署 (#PCPD) for providing an overview of the recently published “Artificial Intelligence: Model Personal Data Protection Framework”. Co-hosted by #PWMA and the Hong Kong Investment Funds Association (#HKIFA), over 200 participants dedicated time to enhance their understanding of challenges posed by AI to personal data privacy and how these risks might be mitigated.   Key highlights include: - The challenges faced by financial organizations, such as cyber threats and data breaches - Strategies for balancing privacy with the ethical risks and opportunities presented by AI - Recommendations for procuring, implementing and using third-party AI Solutions - An overview of the Ethical Development and Use of Artificial Intelligence paper by PCPD   These valuable insights were informative and helpful as we navigate the evolving landscape of AI in the private wealth management industry. If you missed this training session, stay tuned for future sessions as we continue to explore these important topics together!   #AI #DataProtection #PCPD #PWMA #HKIFA #Privacy #ArtificialIntelligence #ProfessionalDevelopment 

With the widening geographical base of clients, the single greatest wealth transfer in the human history and the rise of family offices, the private wealth industry landscape in Hong Kong is set to be radically transformed. Wealth managers that can adapt to these shifts and offer tailored solutions will be well-positioned to thrive in this dynamic and rapidly evolving landscape. 

Over 120 attendees eager to learn more about the benefits of trusts, why they have been increasing in popularity with Hong Kong clients and how they can best be moulded to best fit client needs packed #LSEG’s Central Hong Kong Office for a seminar on “The Benefits of Trusts and Relevance to Asian Clients” jointly hosted by #PWMA and Society of Trust & Estate Practitioners (STEP). A big thank you to our distinguished speakers, Christiaan de Bruyn and Brent York, for sharing their valuable insights on: - Fundamentals of Trusts: Understanding the basics of trusts, their structures, and the key roles involved. - Why Clients Need Trusts: Exploring the benefits of trusts for asset protection, tax planning, and family governance. - Real-World Applications: Case studies showcasing how trusts can resolve family issues and address situations in the absence of a will. Also special thanks to LSEG (London Stock Exchange Group) for generously providing the venue and sponsoring the networking session! #PrivateWealthManagement #EstatePlanning #Trusts #SuccessionPlanning #HongKong #PWMA #STEP #Learning&Development

Apprentice Graduation Celebration   PWMA congratulates the 2024 Apprenticeship Programme for Private Wealth Management Class following their second summer of successful on-the-job training! Jointly organized by the PWMA and the Hong Kong Monetary Authority (HKMA), the Programme offers undergraduate students in Hong Kong the opportunity to gain training and practical experience at PWMA member firms, preparing them for potential careers in private wealth management.   On 9 August 2024, a celebratory drinks event for the graduating Apprentices was held at Liberty Exchange Kitchen & Bar. We were delighted to have Peter Tung, PWMA Executive Committee Member and Vivien K., CEO of PWMA address the attendees at this event. Jacky Cheung from Citibank N.A., and Chiara So from UBS, two of the graduates from the Class of 2024 also spoke about their apprenticeship experiences and expressed their appreciation.    Thank you to all our guests including some new joiners and representatives from participating firms Alex Ng, Candy Tang, June Choi, Swati Krishnan, as well as representatives from participating universities Anna Wong, Kenny Leung and Yuki Cheung for joining us to recognise their achievements and celebrate our programme graduates.   #PWMAApprenticeshipProgramme #Apprentices #GraduationCelebration #PWMA #HKMA #NextGen #YoungTalent #HongKongTalent

Synergies and Challenges: Exploring the Dynamic Relationship Between Family Offices and Private Banks On 2 August 2024, #PWMA and the Family Office Association Hong Kong co-hosted “Synergies and Challenges: Exploring the Dynamic Relationship Between Family Offices and Private Banks” for around 70 PWMA Apprentices and FOAHK Interns. The panel started with a fireside chat session with Steffanie Yuen, Head of Hong Kong from Endowus and Pak-Sun Ting, CEO of Votee AI moderated by our CEO Vivien K. on how technology is disrupting traditional finance and the way companies are integrating AI and other rapidly evolving technologies. The theme of “Future is Digital” is particularly relevant to the audience given younger investors are expected to have more digital engagement with their finances and for the audience to be aware of the latest trends and market developments The second panel goes into a deeper dive on the role of banks and intersection with family offices, the difference on what to expect working in a private bank and a family office and how the career path for both these options offer valuable training from different perspectives. Thanks to the different panelists Christophe Lee, CEO of Sun Hung Kai & Co. Limited, Yves Klenk, Head of Investment Advisory & Products from Julius Baer, Kenny Ho, Director from #FOAHK moderated by Jim Kwok, Vice Chairman from #FOAHK, for the passionate sharing of their own experiences and stories, their career journeys and insightful updates on market developments. All speakers provided practical tips on how best to deal with issues and situations, useful resources for Apprentice and Interns, and with real life examples that cannot be learned through textbooks and lectures. A great collaboration between #PWMA and #FOAHK Grant Ko and Andrea Au. The event provided great learning and networking opportunities to our Apprentices and FOAHK Interns which we hope will help to equip them better as they consider career options and start their professional career.

Welcome to this month’s PWMA Digest, where we introduce the latest development of Hong Kong as a wealth management hub.

Thanks to all the members who attended our ESG event! We had a great turnout and an engaging discussion. Considering the fast-evolving nature of ESG and related investment opportunities in Hong Kong and globally, the ESG Committee felt it was important to identify meaningful actions to foster the growth and development of this exciting sector. Our speakers representing PWMA ESG Committee Leesa Youl, Mariam Ashroff from LGT Private Banking, Angus Choi from KPMG, Reg Tech Entrepreneur Andre Leung from FinTech Association of Hong Kong provided valuable insights. Some of the key areas covered include: - Overview of the sustainable investing landscape in Hong Kong and changing demographics and client preferences - Key challenges faced by private banks in addressing the concerns of relationship managers such as lack of standards and training - The roles of FinTechs in providing solutions to help private banks enhance their ESG offerings The speakers also delved into the current government initiatives to promote Hong Kong as a green finance hub, as well as the need for more standardized reporting and transparency to meet growing client demand. A big thank you to KPMG for generously providing their venue for this important event! We're grateful for the opportunity to facilitate these critical discussions around sustainable finance. #ESG #PWMA #sustainability #greenfinance #ESGproducts

PWMA Apprentice Community Service & Networking Lunch with Executive Committee and Mentors In the spirit of community engagement, #PWMA empowered the #PWMA2024Apprentice cohort to devise community service projects with mentor guidance, which they could implement over the summer. We’d like to congratulate our Apprentices for their thoughtfulness, energy and dedication in bringing together different firms to make this exercise a resounding success! Apprentices were able to share their experiences from the Arts with the Disabled Association Hong Kong Community Arts Partnership Food Modelling Workshop and Ronald McDonald House Charities Hong Kong with the #PWMAExecutiveCommittee - Alex Ng, Ernest Ho, Gabriel Tam, Lemuel Lee, Nick Yim, Peter Tung, Rickie Chan and other industry leaders Selina Chan, Judy Chan Anna Wang over lunch, where their efforts in planning and implementing Community Service Projects were recognized. Alex Ng, Chair of PWMA Training and Talent Development Committee and Vivien K. also recognized the special efforts of Anna Wang #BNPParibas and Judy Chan #BOCHK for their mentorship, time and effort. We also appreciate the ongoing support from the Apprenticeship Alumni Association co-chaired by Gordon Wong and David L. Wang in organizing different activities and promoting the Apprenticeship Programme. Jacky Cheung En Chieh Peng Alice Lau Janice FAN Jamie Wong Vivien K. Cilla Luke, CIMA® Phoebe Yeung #PWMAExcoMembers #CommunityService #PWMAApprenticeship #ChinaClub #Nextgen #TalentManagement #FosteringPWMGrowthandDevelopment

Social and Business Etiquette Workshop for the PWMA Apprenticeship Program   Our highly anticipated Social and Business Etiquette Workshop took place on July 9, designed exclusively by YiLi International Etiquette for #PWMA apprentices and #PWMA Apprenticeship Alumni.   Hosted by #PWMA, this interactive workshop in the #PolishedProfessionalSeries aims to equip attendees with essential skills for making a positive first impression, navigating cross-cultural communication, and how to present a professional corporate image Participants gained valuable insights into nonverbal communication including body language and attire, as well as networking skills such as introductions and small talk. An overview of Chinese business culture and differences to Western practices was also provided. These learnings helped to boost confidence in social business settings and by mastering these skills, participants can enhance their professional relationships and adapt to diverse cultural contexts.   Special thanks to etiquette expert Patrizia Yeung, founder and chief consultant of Yi Li International Etiquette and our PWMA Apprentice Alumni David L. Wang, Gordon Wong, Kristy Cheng, and Leo Fu for their help in organizing this successful event. Stay tuned for more workshops on fostering professional growth and success.   #Etiquette #BusinessEtiquette #SocialEtiquette #PWMAApprenticeshipProgram #PWMAApprenticeshipAlumni #NextgenTalentManagement #FosteringPWMGrowthandDevelopment