HKUST Business School Magazine

Professor Hui Kai-Lung, Acting Dean of HKUST Business School (right) and MSc Program Director Chris Tsang Pioneering education in family business and family offices By introducing the first MSc in Family Office and Family Business of its kind in Asia, HKUST is once again a pioneer. The move also ties in neatly with Hong Kong’s aspiration in becoming a leading global family office hub, reflecting broader economic and wealth management trends within the region. “Many well-known, large-scale enterprises in Hong Kong were founded by local families,” Professor Hui said. “Besides managing private wealth, a family office can play a crucial role in preserving family harmony, family values and legacy.” Our MSc program provides generalist training. At the same time, it also aims to develop an international outlook and a broad understanding of different investment options and industries in view of varying family value and legacy. It is widely recognized that as decisions about a family’s wealth are transferred from one generation to the next, the discussions, relationships, and needs become more complex. “Successful succession depends on the ‘three preservations’: preservation of family wealth, family harmony, and family value and legacy, besides continuity of the family business,” Professor Hui said. This involves understanding the importance of business management, family governance, wealth management, family philanthropy, impact investing and the education of younger family members who will be expected to take on greater responsibilities in due course. To this end, the curriculum is interdisciplinary in nature. It covers both financial and non-financial topics and is taught by experts from different disciplines. “We have received support frommany family business and family office leaders and stakeholders. We look forward to having them share their business and management insights with students,” Professor Hui said. The graduates will be equipped with up-to-date knowledge and practical skills, giving them a competitive edge when it comes to helping their own family businesses and family offices, and finding positions working for family businesses and family offices. “They will be prepared for such roles as family business and family office managers, financial advisors, wealth planners, and business consultants,” Professor Hui said. “HKUST boasts a premier research and teaching center dedicated to Asian family businesses and family offices—the Roger King Center for Asian Family Business and Family Office. With our strengths in family business and family office- related research, as well as support garnered from family business and family office leaders, we are well-positioned to offer this innovative program,” he added. Biz@HKUST 56