Private Wealth Management Association (PWMA)

🚀 Exclusive Benefit for PWMA Members! 🚀   We are thrilled to launch the inaugural issue of our bi-annual Regulatory Newsletter, exclusively for our valued PWMA Members. This comprehensive newsletter is your go-to resource for essential updates on key regulatory topics impacting the private wealth management industry.   In this first issue, we've teamed up with @Linklaters to bring you an in-depth look at the regulator's strategic priorities, as they set the stage for what lies ahead. Included are expert insights on enhanced guidelines covering emerging product types, such as ESG and tokenized products, which give rise to new emerging risks. You'll also find crucial updates on conduct of business requirements, market sounding, and an exploration of the regulator’s supervisory priorities.   As the industry association for the private wealth management sector, PWMA are committed to providing you with the knowledge and tools needed to navigate the evolving regulatory landscape and make informed decisions. Don't miss out on this exclusive member benefit! PWMA members can access the Regulatory Newsletter in the Members Square – Reports and Newsletters section: https://lnkd.in/gvbaM_rd   #RegulatoryUpdates #PrivateWealthManagement #ESG #TokenizedProducts #IndustryInsights #PWMA #Linklaters

PWMA wishes you a Merry Christmas and Happy New Year!

PWMA Apprenticeship Alumni Association Year-End Networking Drinks On 14 December 2024, the PWMA Apprenticeship Alumni Association hosted a fantastic Year-End Networking Drinks for apprentices, alumni, and those intrigued by Private Wealth Management.   We are thrilled to see the growing PWM community and the increased number of applications for the Apprenticeship Programme this year, with around 1,450 students eager to join. To nurture the next generation and foster connections, we provided like-minded participants with networking opportunities to meet new people, deepen connections, and expand their network beyond work and studies during the festive season.   The evening was filled with fun and laughter, with the lucky draw being the highlight of the night. A huge Thank You to our CEO, Vivien K. Khoo for generously sponsoring the Wine, and to our organizing committee Gordon Wong, David L. Wang, Tony Au, Chloe Chan, Kristy Cheng, Leo Fu and Phoebe Yeung for making the event a memorable success. Congratulations to our lucky draw winners Helen Liu, Hau Yin Hanry NG, Ivan Lee, Carman Wong and Gordon Wong.   All participants had a great time catching up and are already looking forward to the upcoming badminton tournament and an exciting 2025. #PWMA #PWMAApprenticeshipProgramme #PWMAApprenticeshipAlumni #FosteringPWMGrowthAndDevelopment #NextGen #TalentManagement #LearningAndEducation #PrivateWealthManagement

We hosted our annual Wealth Management Summit on Friday 22 November, the largest one to date. During the Summit, we announced our partnership with Blackstone to launch a certified educational programme on private market fundamentals for wealth management professionals. Additionally, we warmly welcome Blackstone as PWMA’s newest member and look forward to Ed Huang from Blackstone joining PWMA‘s Advisory Council. The Council chaired by Nick Yim at Goldman Sachs, is an important body comprising of senior representatives of PWMA member firms, provide advice and implementation strategy to the PWMA Executive Committee on strategic initiatives. We look forward to continuing to build out a good representation of senior representatives on the Advisory Council to support key PWMA initiatives going into 2025. Please see the press release for more information on the PWMA and Blackstone Educational Partnership: https://lnkd.in/gd9ZCM_N

At PWMA we are deeply committed to advancing education and setting the highest standards of competence for our practitioners. We believe that continuous learning and professional development are key to achieving excellence in our field. Our Vice Chairman Horace Yip, #CPWP certified practitioner, recently spoke to Hong Kong Economic Journal about the #CPWP (Certified Private Wealth Professional) certification, which aims to enhance the level of competency of Relevant Practitioners in the private wealth management (#PWM) industry. Horace encourages professionals wishing to pursue a career in #privatewealthmanagement - across a wide range of functions including assistant roles, middle and back-office personnel, as well as professionals from other industries and students – to consider obtaining the Certified Private Wealth Professional Associate (CPWPA) certification to showcase their skills and meet the rising demand for talent as the industry continues to grow.   The CPWPA certification is primarily for those who have successfully completed the Enhanced Competency Framework (#ECF) Module 1 and 2 examinations, however have not yet fulfilled the three years of relevant experience required for full CPWP certification. For more information on the CPWPA and CPWP certification, please visit the PWMA website: https://lnkd.in/g_zumhJx Read the article here: https://lnkd.in/gaWszGJw   #PWMA #certification #CPWPA #ECF #WealthManagement #ProfessionalDevelopment #HighNetWorth #CareerGrowth Education #ContinousLearning #AchievingExcellence #HongKong #WealthManagementHub Vivien K. Cilla Luke, CIMA®

As noted in the ninth annual Hong Kong Private Wealth Management report (Link: https://lnkd.in/dXhAf6Ny), one of the key opportunities for Hong Kong’s private wealth management industry to grow further is to explore markets such as the Middle East, an increasingly attractive destination for investors. We recently co-hosted a training session with FTSE Russell, An LSEG Business on “Seeking Diversification – Investment in the Middle East Markets”, where industry leaders including Tony Wong from CSOP Asset Management, Angelina L. from St. James's Place Wealth Management, and market experts from FTSE Russell, An LSEG Business Miko Huang, Sian Wei and Tianchu Jia from CITICS , with Zhu Liu as moderator shared their views on recent developments and available opportunities in the region. Key takeaways from the session include: - An overview of investment initiatives in Gulf Cooperation Council (#GCC) countries, primarily Saudi Arabia, the United Arab Emirates and Abu Dhabi. - Insights into how GCC countries, particularly Saudi Arabia, the largest economy in the Middle East, attracts foreign investments through cultural and diversity changes, government initiatives, and global social events. - Perspectives on the current geopolitical conflicts in the Middle East, as well as the impact of #USelections on rising oil prices due to higher taxes and tariffs. - Two-way exchanges between Saudi Arabia and China & Hong Kong, including the recent launch of two ETFs investing in Hong Kong listed on the Saudi Exchange, one of which has already become the largest and most liquid ETF in the #MiddleEast. - How Hong Kong’s extensive financial infrastructure and robust regulatory and legal systems attract Middle Eastern investors. We’d like to extend our heartfelt gratitude to The Executive Centre for providing the venue and generously sponsoring food and beverages for our networking session! Belinda Leung Jean Kua Barbara Lee Cherrie Lau Vivien K. Cilla Luke, CIMA® Cherry Chan

Last Friday, the PWMA Wealth Management Summit 2024 kicked off in style at the brand-new 5 star Hopewell Hotel, marking the first sizeable event at this luxurious venue. The atmosphere was electric, the setting magnificent, and every detail worked together to create an unforgettable day. With record-breaking attendance of over 1000 attendees, the Summit reinforced its status as the premier platform for collaboration, innovation, and insights within the private wealth management industry. The agenda showcased an impressive lineup of topics and speakers. In her welcoming remarks, our Chairman Amy Lo, JP highlighted our new education partnership with Blackstone and the extension of our #CPWP certification to Mainland China through a pilot programme with our member banks who have an onshore presence. The Financial Secretary’s impactful key-note speech underscored Hong Kong’s role as a leading global wealth management hub, highlighting Hong Kong’s many strengths and vast potential. We also heard from the Chief Executive of the HKMA and SFC on key regulatory priorities and insights from global and regional PWM leadership. Key discussions revolved around regulatory priorities, alternative investments, family office opportunities, China’s emerging markets, and the transformative potential of AI. Breakout sessions covering philanthropy, digital assets, private credit, and infrastructure investments offered attendees practical and actionable insights. Memorable highlights include the presentation of the Annual PWMA Wealth Management Report via an AI-generated version of our CEO Vivien K. thanks to LIBERTIFY. The Summit ended with a session on Art Investments  where Sotheby's brought a banana and spoke about the famous duct-taped banana recently sold for $6.2 million—sparking laughter and thought-provoking discussions on art's evolving form and value. Reflecting on this extraordinary day, it’s evident that the Summit continues to serve as a cornerstone event for our industry. A heartfelt thank you to everyone who contributed to its success. We look forward to welcoming you again next year! #PWMA2024summit #PWMA #PWMA2024 #WealthManagement #PrivateWealth #FinancialLeadership #HongKong #Networking #AI #NavigatingNewNorms #Innovate #Drive #Connect #Transform Jia Ning Song, CFA CPA FRM CAIA Julia Leung Eddie Yue Iqbal Khan Keith Pogson Raj Dhanda Jean Salata Sueann Yeo, CAIA Ronald Lee Marco Pagliara Harshika Patel Matt Shafer Andy Xie Eric Yip Wilfred Yiu Carmen Cheng Alex Wong Mathieu Forcioli Jeremy Hall Ed Huang Stephen Pak Carly Lau Jack Wong Jason Fong Andrew Lo Aik-Ping Ng Bernard Wai Angelle Siyang-Le Margaret Zhao Michael Stanhope Felix Kwok EQT Group PGIM LSEG (London Stock Exchange Group) Mishcon de Reya LLP

This morning at the Private Wealth Management Summit, attended by over 1,000 senior executives and industry members, KPMG’s Jia Ning Song, CFA CPA FRM CAIA and Vivien K. from the Private Wealth Management Association (PWMA) had a lively discussion and fielded audience questions about the key findings of this year’s Hong Kong Private Wealth Management Report. Released today, the report is based on a survey of 35 of the PWMA’s PWM institution members, as well as interviews with senior industry executives, front office personnel, in-house technology staff, and technology vendors. You can read the full report here: https://lnkd.in/gW_sAQBF #WealthManagement #WealthIndustry (Photo credit: Private Wealth Management Association) 

#PWMA collaborated with KPMG to co-author the ninth annual Hong Kong Private Wealth Management Report released on 22 November 2024. The report reveals 2023 marked a turning point for the #privatewealthmanagement industry, with a return to AUM growth following strong inflows nearly tripling those from in the previous year. Key findings include: - Hong Kong’s status as a leading wealth management centre remains strong, with firms reporting regulatory concerns dropping significantly. - Majority of firms see the family office sector as a growing source of business. To strengthen Hong Kong’s position, the industry should continue to provide targeted feedback to the government. - Multi-shoring remains a popular risk management strategy for clients. The industry largely views this as being complimentary to Hong Kong’s growth, rather than a competitive risk. - The Chinese Mainland remains the dominant source of wealth, however 21% of firms are targeting new corridors of wealth in Southeast Asia, and 15% are focusing on the Middle East. - The majority of PWM firms are in a “wait and see” mode on virtual assets, with more work to be done among industry, government and regulators to improve client access to a wider product range. - The number of firms targeting the lower US$ 5M – 10M wealth segment will see the biggest jump over next five years, with AI aiding in personalised services and reduced client acquisition costs. - Majority of firms report that their current implementation of AI is either improving or drastically improving customer satisfaction, with onboarding and KYC identified as the main focus areas. Key challenges include regulatory compliance, data privacy concerns, cybersecurity, and training. Additionally, survey respondents emphasized the need for upskilling in AI competencies among professionals in the wealth management sector. The report underscores the importance of continued collaboration between the industry and government to address these challenges and leverage new opportunities. Link to the Report: https://lnkd.in/gH8c889P #PWMA #KPMG #privatewealthmanagement #pwmindustry #wealthmanagement #familyoffices #ai #technology Amy Lo, JP Horace Yip Edmund Kam David Shick Alex Ng Nick Yim Rickie Chan Peter Tung Kanas Chan Gabriel Tam Ernest Ho Lemuel Lee Vivien K. Cilla Luke, CIMA®

🌟 𝗝𝗼𝗶𝗻 𝗨𝘀 𝗮𝘁 𝘁𝗵𝗲 𝗣𝗪𝗠𝗔 𝗪𝗲𝗮𝗹𝘁𝗵 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗦𝘂𝗺𝗺𝗶𝘁 𝟮𝟬𝟮𝟰! 🌟 Under the theme “𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝗡𝗲𝘄 𝗡𝗼𝗿𝗺𝘀: 𝗗𝗿𝗶𝘃𝗲, 𝗖𝗼𝗻𝗻𝗲𝗰𝘁, 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺”, the 𝗣𝗪𝗠𝗔 𝗪𝗲𝗮𝗹𝘁𝗵 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗦𝘂𝗺𝗺𝗶𝘁 𝟮𝟬𝟮𝟰 will explore the latest shifts in the wealth management landscape and HK's role as a premier hub for private wealth and family offices. 🗓 Date: 22 November 2024 📍 Venue: 16/F, Hopewell Hotel, HK 💡 Agenda Highlights: • 𝗞𝗲𝘆𝗻𝗼𝘁𝗲 𝗯𝘆 𝗧𝗵𝗲 𝗛𝗼𝗻. 𝗣𝗮𝘂𝗹 𝗖𝗵𝗮𝗻 𝗠𝗼-𝗽𝗼, Financial Secretary of HKSAR • Insights from the 𝗣𝗪𝗠𝗔 𝗔𝗻𝗻𝘂𝗮𝗹 𝗪𝗲𝗮𝗹𝘁𝗵 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗥𝗲𝗽𝗼𝗿𝘁 𝟮𝟬𝟮𝟰 • Regulatory Fireside chat with 𝗦𝗙𝗖 and 𝗛𝗞𝗠𝗔 • Fireside chats and speeches with industry leaders from 𝗨𝗕𝗦, 𝗘𝗤𝗧, 𝗣𝗚𝗜𝗠 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀, 𝗟𝗦𝗘𝗚, 𝗠𝗶𝘀𝗵𝗰𝗼𝗻 𝗱𝗲 𝗥𝗲𝘆𝗮 𝗶𝗻 𝗮𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 𝗞𝗮𝗿𝗮𝘀 𝗦𝗼 𝗟𝗟𝗣 and more • Discussions on the 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀, 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗲𝗾𝘂𝗶𝘁𝘆, 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗶𝗼𝗻 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴, 𝗮𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀, 𝗔𝗜 𝗶𝗻 𝘄𝗲𝗮𝗹𝘁𝗵 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁, 𝗳𝗮𝗺𝗶𝗹𝘆 𝗼𝗳𝗳𝗶𝗰𝗲𝘀 and the intersection of 𝗮𝗿𝘁 𝗮𝗻𝗱 𝘄𝗲𝗮𝗹𝘁𝗵 • 𝗧𝗵𝗼𝘂𝗴𝗵𝘁 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗕𝗿𝗲𝗮𝗸𝗼𝘂𝘁 covering 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗰𝗿𝗲𝗱𝗶𝘁, 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗽𝗵𝗶𝗹𝗮𝗻𝘁𝗵𝗿𝗼𝗽𝘆, 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀 and 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝗮𝘀𝘀𝗲𝘁𝘀 This flagship event will unite senior executives, regulators, and thought leaders to discuss strategies for thriving in a rapidly evolving financial landscape. 🔗 Register now to gain insights, network with industry leaders, and shape the future of wealth management. https://lnkd.in/gpE3Nu5u #PWMA #pwma2024summit #PWMA2024 #PWMAAnnualReport2024 #WealthManagement #PrivateWealth #FamilyOffices #HongKong #Investing #AI #Philanthropy #SuccessionPlanning #AlternativeInvestments #FinancialLeadership #DigitalAssets #Infrastructure #PrivateEquity #PrivateCredit EQT Group PGIM LSEG (London Stock Exchange Group) Mishcon de Reya LLP Howden Apollo Global Management, Inc. Goldman Sachs Asset Management Brookfield Oaktree Wealth Solutions Ares Wealth Management Solutions Blackstone EY HSBC Asset Management Longbridge Whale Robeco Lioner International Group Ltd. Suntera Global The Hong Kong Polytechnic University Invest Hong Kong Samsung Electronics