InvestHK and the Growing Wealth Management Scene in Hong Kong
InvestHK and Wrise's Strategic Move
In a significant development, Wrise, a key player in the wealth management sector, is expanding its operations in Hong Kong following a notable uptick in demand from affluent clients setting up family offices. This expansion signifies Hong Kong's vibrant financial landscape and its appeal to wealthy families from the Middle East and Asia.
Wrise's Growth Amidst Increasing Wealth
- Derrick Tan, Chairman of Wrise, announced the opening of a second office in Lee Garden One, which is four times larger than the initial location.
- Wrise caters to ultra-high-net-worth clients, focusing on investments of at least US$25 million.
- The company's new Wrise Prestige initiative targets clients with assets ranging from US$500,000 to US$5 million.
Attraction of Hong Kong's CIES
According to Tan, the recent growth can be partly attributed to the Capital Investment Entrant Scheme (CIES), which has drawn a significant number of inquiries from affluent families.
- Compared to Singapore's stricter investment migration scheme, CIES presents a more appealing opportunity with a lower investment threshold.
- Authorities project that 500 approved applicants could yield up to HK$15 billion in investments.
The Role of Islamic Finance
Islamic finance is another area where Wrise aims to capitalize on emerging opportunities.
- Tan emphasizes that Hong Kong must enhance its capacity for Islamic finance to attract Middle Eastern investors.
- The growing global Islamic finance market is poised to expand from US$2.2 trillion to US$4.94 trillion by 2025, according to Standard Chartered.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.