Exclusive | Julius Baer sets up Hong Kong office as Swiss private bank follows super-rich clients eyeing investment visas, tax concessions
- ‘We have existing clients who have already set up family offices here and we have seen plenty more who are exploring the opportunity,’ a senior executive says
- The Zurich-based private bank will officially open its Quarry Bay office on April 19 to better serve its wealthy clients
“We have existing clients who have already set up family offices here and we have seen plenty more who are exploring the opportunity,” Eleanor Yuen Man-suet, managing director and head of wealth planning of Julius Baer, said in an interview with the Post. “I often meet clients who are very interested in learning how to obtain residency in Hong Kong. They are not just from the Greater Bay Area, but people from around the globe.”
The wealth manager for ultra high-net-worth clients will officially open its new office in Quarry Bay, on the eastern side of Hong Kong Island, on April 19 as part of its expansion to leverage on the vast opportunities in family offices.
The Zurich-based firm managed 424 billion Swiss francs (US$478 billion) of clients’ money globally at the end of 2022, according to its annual results. Its operations in Asia represented a quarter of its global business.
Family offices are set up by wealthy families or individuals to invest their fortunes, manage their succession plans or pursue their philanthropic endeavours.
Hong Kong has always been a favourite city in Asia for family offices due to its low tax regime and deep pool of talent, said David Shick, head private banking for Greater China at Julius Baer. The city also has some unique roles, chiefly as a gateway to mainland China, he said.
