Asset & Wealth Management

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As a major global financial center, Hong Kong is the largest international asset management and private wealth management hub in Asia. According to the 2019 annual asset and wealth management activities survey conducted by Hong Kong's Securities and Futures Commission (SFC), assets under management in the city grew by 20% year on year. This reflects the resilience of Hong Kong's asset management market despite economic headwinds around the world.

The Hong Kong SAR government has enacted a slew of measures in recent months, including reforming the real estate investment trust (REIT) regime, Open-ended Funds Companies (OFC) regime and tax concessions for private equity funds, to enhance Hong Kong's competitiveness. In addition, the newly established Wealth Management Connect scheme in the Greater Bay Area will further boost the city as a family office hub.

In the second session of Hong Kong's Role as an International Financial Center Series, panelists from government and banking industry will explore opportunities and challenges of Hong Kong's asset and wealth management industry.

Remarks:

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Speakers

Agnes Chen

Managing Director APAC of CSC Global Financial Markets

Ivan Wong

Managing Director Co-Head, North Asia Global Private Banking of HSBC

Joseph H. L. Chan, JP

Under Secretary for Financial Services and the Treasury at The Government of Hong Kong SAR

Peter Stein

Managing Director of Private Wealth Management Association (PWMA)

Tariq Dennison

Managing Director and Responsible Officer of GFM Group Limited

Agnes is Managing Director of CSC® Global Financial Markets, APAC, responsible for APAC region mainly Hong Kong, Shanghai, Shenzhen and Singapore. She has more than 15 years of operational and executive management experience in the banking, trust, wealth management planning/structuring, compliance, and fund administration services sector.
Previously, Agnes served as a board of directors advisory member and non-executive director and council on client structure management, investments, and operational entities, as well as licensed asset management and fund management entities. Throughout her career, she held key roles representing licensed trust companies for corporate and fund services, as well as private and corporate trust companies in Singapore, Hong Kong, and other key jurisdictions.
Agnes earned her B.S. in finance from a Singapore-joint-UK University program, awarded by Open University UK and SIM University Singapore. She is a qualified trust estate practitioner under the Society of Trust and Estate Practitioners (STEP) and is a qualified practitioner in international compliance and anti-money laundering under the Central Law Training. Agnes is also fluent in English and Mandarin.

Ivan Wong is the Co-head for North Asia of HSBC Private Bank. He leads and drives the private banking business in the region with particular focus on the Greater China markets. He also represents HSBC in the Executive Committee of Private Wealth Management Association in Hong Kong.

Mr. Wong joined HSBC in July 2002. Before moving to Private Banking in 2015, Mr. Wong had assumed different regional leadership roles in sales and structuring within Global Markets division in Asia Pacific.

Prior to HSBC, Mr. Wong spent a total of 16 years in different management roles in marketing, structuring, and trading of derivatives and structured products as well as corporate banking and finance, in Citigroup and Chase Manhattan Bank.

Mr. Wong holds a Bachelors degree in Mathematics and Computer Studies from University of Hong Kong and an MBA from Chinese University of Hong Kong. He also completed the International Management Program with New York University and the Advanced Management Program with Harvard Business School. He has been qualified as a CFA since 1994.

Mr Chan was appointed the Under Secretary for Financial Services and the Treasury on 16 August 2017.
Mr Chan has many years of senior executive experience in the banking industry. He was a Managing Director in the Global Markets Division of Credit Agricole Corporate & Investment Bank, and was a Managing Director in Financial Markets of Standard Chartered Bank.
Prior to joining the Government, Mr Chan held multiple roles in a number of public and professional bodies, including Vice President of the Hong Kong Society of Financial Analysts, Director of Hong Kong Securities & Investment Institute, Advisor of the Chinese Gold & Silver Exchange Society, as well as a General Committee member of the Hong Kong General Chamber of Commerce. Mr Chan was also a member of the Central & Western District Council.
Mr Chan holds a Bachelor of Arts in Economics (Hon) and Psychology from the University of Michigan, USA. He is also a Chartered Financial Analyst.

In his role as Managing Director, Mr. Peter Stein oversees all activities of the PWMA, promoting the Association’s priorities and facilitating dialogue between the industry, the government and regulatory stakeholders. He reports directly to the Executive Committee of the PWMA.

Mr. Stein previously worked for UBS AG in Hong Kong, where he oversaw Group Governmental Affairs for Asia Pacific and then served as Head of Regulatory Advisory & Relations, Asia Pacific, before taking on his current role in December 2016. Prior to joining UBS in 2012, Peter was a senior editor and reporter in Hong Kong with The Wall Street Journal, where he had worked for more than 20 years, most recently as Hong Kong Bureau Chief and Associate Editor of the Asian edition.

A native of New York City, Mr. Stein graduated with a Bachelor of Arts from Yale University and speaks both Mandarin and Cantonese.

(Moderator)

Tariq Dennison TEP CFPCM is a wealth manager, investment adviser and financial planner licensed in both Hong Kong and the United States of America at his own firm GFM Asset Management. Tariq’s passion is helping investors understand what we own, and how and high-quality assets generate growing income over decades. Prior to GFM, he served in the wealth management divisions of Societe Generale in Hong Kong, CIBC in Toronto and London, and at Commerzbank, Bear Stearns and JP Morgan in New York. Tariq holds a Masters in Financial Engineering from the University of California at Berkeley, and has been teaching masters-level Fixed Income and Alternative Investments courses at ESSEC Business School in Singapore. Mr. Dennison is a full member of the Society of Trust and Estate Practitioners (STEP), the author of the book “Invest Outside the Box”, and a frequent speaker on RTHK Radio 3’s “Money Talk”.

Tariq is one of the few Hong Kong based specialists in US retirement plans, pensions, and other tax-sheltered investment plans, including IRA, 401(k), 529, and HSA plans and charitable remainder trusts.

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