On a sweat-laced evening in June, while much of Hong Kong dug into supper, two dozen students snaked their way past ginseng dispensaries and tailor shops to the third floor of an office tower to be schooled in finance’s hottest trend.
By 2025, financial wealth in Asia excluding Japan could outstrip the US, according to a projection by HSBC, which pegged the number at almost $US140 trillion in 2021. Knight Frank predicts Asia will have more wealthy residents than Europe within three years. The reality is that family offices make unique demands of employees, and are notoriously selective. One reason is secrecy – working at one of these firms gives employees an inside view of a clan’s entire existence, so trust is crucial. A former family office executive said they managed their client’s security details, investments, philanthropy and travel across multiple continents.
“If someone needs to pick the mail up or make a cup of coffee for the principal’s friend then you may be required to do that,” Westall said, noting one finance-trained head of a family office is working on the design of a client’s office. “Some people are just not going to be right for that.” In Switzerland, the International Institute for Management Development traditionally ran its flagship “leading your family office” program in Lausanne, with Asian family office owners flying in for it – sometimes with their staff. Since last year, the course has also been taught in Singapore. Over three and a half days in November, they schmooze with peers and learn the ropes, with fees starting at S$17,500.
The success of competing schools and courses may come down to how honest they are about the industry’s harsh truths. Take the need for flexibility: in Wong’s Hong Kong classroom, the ex-head of family office at Invest Hong Kong projects a survey onto a screen that shows professionals spend much of their time performing “administrative tasks”, before sharing that this can cover everything from organising trusts to helping clients get their kids into top schools.