Multi-family offices can become major buyers to drive global change, industry leaders say

Multi-family offices can amplify single-family offices' influence to become major buyers and use that scale to drive global change, said Kwan Chi-man, the group chief executive of Raffles Family Office.

Speaking at the family office's annual forum on Wednesday, he noted these entities could boost Hong Kong's wealth management industry by not only expanding assets under management but also nurturing talent.

He expressed confidence in Hong Kong's prospects as a wealth management center, citing its robust legal system, open capital markets and strategic location, with multi-family offices positioned as a key growth engine.

He revealed that Raffles plans to expand its Middle Eastern operations and will host its inaugural family office summit in Rwanda next year.

Meanwhile, Rwanda's Minister of Finance and Economic Planning, Yusuf Murangwa, acknowledged Hong Kong as a benchmark for competitiveness and efficiency at the forum. 

He noted that Kigali, ranked as Africa's third-largest international financial center, aims to become a gateway for credible and reliable investment into Africa, connecting investors with opportunities across the continent. 

He added that Rwanda has prepared its talent pool and will partner with overseas family offices to strengthen its high-end financial capabilities.