Private Wealth Management Association (PWMA)

We had the pleasure of co-hosting an online session with EY on “How Can Private Wealth Managers in Hong Kong Successfully Navigate the Great Wealth Transfer?” According to the 2024 EY Global Wealth Management Industry Report one analysis forecasts that by 2030, clients with over US$5m could have transferred up to US$18t, so it’s more important than ever for wealth managers to overcome the underlying challenges and prepare for the opportunities ahead. During this session, #EY experts Angelina Ng, Olaf Toepfer, and Sam Farage shared research and insights on the following: - Key opportunities for private banks in Hong Kong arising from the transfer of wealth from baby boomers to younger generations, including increased capture of intergenerational wealth and acquisition of new clients - Key threats including delaying engagement with donors and prospective inheritors, as well as different demands and needs of the next generation. - Guiding principles for private bankers in helping donors secure their legacy Categorizing next generation inheritors - Measures that can be implemented during intergenerational wealth transition Thank You to all our members who attended! Stay tuned for our future events! 2024 EY Global Wealth Management Industry Report link: https://lnkd.in/gbze8775 Vivien K. Cilla Luke, CIMA® Cherry Chan Patricia Tay #pwma #EY #ErnstAndYoung #NextGen #WealthManagement #WealthTransfer #MultigenerationalWealth 

Last week our Chairman and CEO participated in a significant delegation led by the Financial Secretary, Mr. Paul Chan, arranged by Financial Services Development Council, with a group of 110 to Saudi Arabia, promoting business opportunities for Hong Kong in Saudi Arabia and to further strengthen ties between Hong Kong and the UAE. The delegation also attended the 8th edition of the FII Institute Summit introducing Hong Kong's unique role and functions as a "super connector" and "super value-adder".   The delegation includes representatives from government bodies: Belt and Road Office, regulators, exchange, technology organisations, private sector and professional bodies, hosting multiple meetings, roundtable discussions, roadshows, and receptions with local political and business leaders. The group witnessed the successful cross-listing on the Saudi Exchange of the first Hong Kong exchange-traded fund (ETF) which tracks an index comprising major Stock Connect eligible Hong Kong-listed stocks.    Our chairperson Amy Lo, JP led part of the delegation to meet with the Ministry of Investment . During the meeting, it was discussed the role of Hong Kong as a connector between corporates, investors, and market participants to tap into the broader Asian markets, among other topics. It was a valuable opportunity to learn about the progress of Saudi Arabia’s economy, investment landscape, some of the priorities as part of Vision 2030 and its partnership with Hong Kong and China. The group discussed potential avenues for further collaboration in areas of knowledge sharing, capacity building and widening product choices.    As indicated in our Private Wealth Management Association (PWMA) Annual Report, member firms have set their sights on international sources of wealth. The top two regions outside mainland China identified as potential targets for expansion are Southeast Asia and the Middle East. To that end, PWMA is co-hosting a session today with LSEG (London Stock Exchange Group) with speakers from CSOP Asset Management on “Investment Opportunities in the Middle East” which will provide further insights on the UAE markets. #UAE #collaboration #wealthcorrdior #FII8

We were thrilled to partner with FinTech Association of Hong Kong for the third consecutive year as part of Hong Kong FinTech Week to co-host a satellite event on “Collaborative Innovation: FinTechs and Banks Shaping the Future”. This year, prominent industry leaders Rocky Mui from Clifford Chance, Florian M Spiegl from EVIDENT and Florian LANG from LIBERTIFY along with our moderator Jessica Liu from #FTAHK shared their insights around driving innovation in wealth management. During the panel discussion, several key themes emerged around the transformative power of collaboration between FinTechs and traditional banks. Highlights of the panel include: - Business Insights: A glimpse into the tech savvy service offerings of leading FinTechs LIBERTIFY and EVIDENT. - Opportunities: Changes disrupting the traditional finance industry, and how players are collaborating with FinTechs to enhance product offerings and client experiences. - Challenges: Navigating the regulatory landscape to meet obligations and mitigate risks. - Future Trends: A growing number of end users embracing AI, driving demand and adoption. A heartfelt thank you to our member LSEG (London Stock Exchange Group) for generously providing the venue and refreshments for the networking session! #PWMA #FTAHK #FinTech #Innovation #Collaboration #Banking #FutureTrends #Evident #Libertify #HKFTW Vivien K. Cilla Luke, CIMA® Cherry Chan Steffanie Yuen Kevin Li Kermit Yau Belinda Leung

As the tech-savvy and entrepreneurial generation of high-net-worth individuals (HNWIs) enters the wealth management world, virtual assets (VA) have seen growing interest among the private wealth managers. The incorporation of VA into investment portfolios offers several benefits, including enhanced diversification, improved risk-adjusted returns and reduced custody risk. The expanding range of investment products within the VA segment is also met with increased regulatory scrutiny, which helps bolster investor confidence in the volatile VA market. Successfully navigating the complex landscape of VA requires wealth managers to exercise prudence and foresight in order to support informed decision-making. #virtualassets #HNWIs #investment #tech

We’re excited to bring you a Hong Kong FinTech Week (#HKFTW) Satellite Event in conjunction with FinTech Association of Hong Kong! The session "Collaborative Innovation: Fintech & Banks Shaping the Future" is set to take place on Wednesday October 30. The session will feature prominent industry leaders, including: Florian LANG, Founder & CMO at LIBERTIFY; Florian M Spiegl, Founder & CEO at Evident; as well as Rocky Mui, Partner at Clifford Chance; and Jessica Liu, #FTAHK Board Member. The theme revolves around the critical collaboration required between FinTechs and Banks to drive future innovation in the financial sector. PWMA members can sign up at our Members Square: https://lnkd.in/e78HGA4c

Today kick start the Swiss Banking - Schweizerische Bankiervereinigung x Private Wealth Management Association (PWMA) "Swiss Talent Exchange Program" ("Program") where our CEO Vivien K.led a twelve people delegation from Hong Kong meeting with CEO, Deputy CEO, Vanessa Dubra Nino Feltscher and the SBA team in Zurich The Program was first held in Switzerland in 2019, with the most recent one held in 2023 in Hong Kong. This year's Program has representatives from UBS Bank of China (Hong Kong) Julius Baer and Standard Chartered. The delegation will gain valuable insights into Switzerland’s financial centre through meetings with Swiss authorities, SBA member banks, and other financial market players during the one-week-long program. On the first day, the delegation received a detailed briefing on SBA and Swiss Financial Centre, Regulatory Framework, Political System, Digital Finance and the group met with representatives from SIX and Swiss National Bank respectively. A big thank you to SBA, UBS, Julius Baer, EFG International LGT Private Banking, and all corporate partners of SBA for their support to the Program to make it a success. #HongKong #Switzerland #TalentExchange

Last year, the #HKMA and #SFC issued a joint circular on a streamlined approach for suitability obligations in relation to Sophisticated Professional Investors (#SPIs). In response to member feedback, PWMA collaborated with both regulators to create an industry-led FAQ to assist our members in operationalizing the SPI scheme. We recently hosted an information session in conjunction with the Hong Kong Securities and Investment Institute (#HKSI) to discuss some key considerations when implementing the Circular. We were very fortunate to have esteemed speakers Richard Mak, Yolenda Yu, and Tom Jenkins each speak from a different industry perspective, with our CEO Vivien K. moderating the discussion. Highlights from the session included: - Key aspects of the SPI regime - Considerations for institutions, such as client experience, competitive advantage, and necessary controls and processes - The importance of maintaining an agile compliance framework - Benefits and challenges faced by institutions, including cost-effectiveness Thank you to our members for attending this session; we look forward to seeing you at our future events! #pwma #hksi #webinar #regulatory #investors #compliance #client

Recruitment Day for the 2025 Apprenticeship Programme   We’re excited to announce that the 2025 Apprenticeship Programme for Private Wealth Management is now open for registration!   We will be holding a Recruitment Day event to share more information about the programme. This event is open to full-time undergraduates in their first to third or penultimate year of study in any disciplines of Hong Kong universities (see registration link below for more information).    Seize this opportunity to meet HR and other business representatives from 15 Private Banks to learn more about the Programme and visit on-the-spot career clinics for tips to write effective CVs and interview preparation. It's never too early to start career planning. Ensuring you work with the right people and the right cultural fit is the first step to a happy and successful career.   Registration Link for 9 Nov Recruitment Day (deadline: 3 Nov): https://lnkd.in/g7nEnzpb

Welcome to the latest issue of PWMA Digest, where we share recent news and developments from the regulatory landscape, along with highlights of PWMA training sessions and events.

PWMA fully support the Banking Industry Integrity Charter Program (“Charter Program”), a joint initiative by ICAC, HKMA and HKAB launched yesterday. The Charter Program aims to promote integrity culture and strengthen banks’ capability in fighting and preventing corruption through public-private partnership. Enhancing integrity and combat corruption within the banking sector reinforces Hong Kong's status as a leading international financial center. At the launch ceremony yesterday, HKMA Deputy CE Mr Arthur Yuen moderated a fireside chat on “how collaboration through public-private partnership can help banks to combat and prevent corruption”. ICAC Deputy Commissioner, representatives from HKAB, PWMA and Chinese Banking Association also shared their experience and perspectives on topics such as building integrity culture and enhancing governance structure for managing conduct risk (including corruption risk), how it fits into the overall context of risk management and the benefits of public-private collaboration. During the fireside chat, our CE Vivien Khoo, FSERA® provided examples on bribery risks specific to the wealth management sector given the nature of its client base, what are considered acceptable practices across different regions and how firms of different size and nature may face in terms of challenges in implementing the Charter Program. It was highlighted that the Independent Commission Against Corruption (ICAC) will provide resources to support participating banks, such as thematic training and risk management tools. The Charter Program will also provide a platform to facilitate exchange of good practices among banks. Integrity serves as the cornerstone upon which trust is built and sustained. The collaboration between ICAC, HKMA, HKAB and PWMA exemplifies a united front against corruption, emphasizing that integrity is a shared responsibility across sectors. Media coverage: https://lnkd.in/giin_4yk #pwma #hkma #icac #hkab #banking #anticorruption Amy Lo, JP Horace Yip Edmund Kam David Shick Alex Ng Nick Yim Lemuel Lee Rickie Chan Kanas Chan Gabriel Tam Ernest Ho Peter Tung