The webinar – When Family Office Meets ESG on 29 July 2020 (Wednesday) was well attended by close to 260 participants on two panel discussion sessions to investigate future trends in family office and ESG development in Hong Kong respectively. The event was organized by the Financial Services Development Council (FSDC), and supported by Hong Kong Green Finance Association (HKGFA).
29 July 2020
Panel Discussion on Family Office
Moderator:
- Dr. Rocky Tung, Head (Policy Research), FSDC
Speakers
- Mr. Rex Ho, Mainland China and Hong Kong Financial Services Tax Leader, PwC Hong Kong
- Mr. Ronald Lee, Managing Director, Investment Management Division, Goldman Sachs (Asia) LLC
- Ms. Helene Li, CEO & Co-Founder, GoImpact Capital Partners
- Mr. Peter Stein, Managing Director, Private Wealth Management Association
Panel Discussion on ESG
Moderator:
- Ms. Gloria Chan, Senior Manager (Policy Research), FSDC
Speakers:
- Ms. Chaoni Huang, Vice President and Secretary General, HKGFA
- Mr. Bruno Lee, Regional Head of Retail Wealth Distribution, Wealth & Asset Management, Asia, Manulife Investment Management (Hong Kong) Limited
- Mr. James Robertson, Head of Asia (ex-China & Japan), Signatory Relations, Principles for Responsible Investment
- Mr. Gabriel Wilson-Otto, Head of Stewardship, Asia Pacific, BNP Paribas Asset Management
- Mr. Pat-nie Woo, Partner, KPMG
Key takeaways
- Climate change issues, favorable government policies, taking a more fundamental risk mitigation approach on ESG assessment, etc. contribute to growing demands for ESG globally.
- The demand for ESG investments may expand at a quicker pace in the coming decades as the future generations may deploy more capital on such investments.
- Capacity building and training of financial experts on ESG skillsets are necessary measures to embrace the upcoming expansion in the ESG market.
Ms. Chaoni Huang, Vice President and Secretary General, Hong Kong Green Finance Association emphasized the importance of clear and supporting government policies with assistance from industry associations to gather public and private resources and talents. ‘Policies have to facilitate market development for sustainability. For associations like HKGFA, we are here to act as a bridge between policymakers and the financial sector to accelerate sustainable finance.’
Mr. Bruno Lee, Regional Head of Retail Wealth Distribution, Wealth & Asset Management, Asia, Manulife Investment Management (Hong Kong) Limited analyzed the push factors behind rapid ESG development in Hong Kong. ESG assessment is no longer a value-added, but a measure to reduce risks in the eyes of risk management firms and investors with rising climate change catastrophes and pollution incidents.
Mr. James Robertson, Head of Asia (ex-China & Japan), Signatory Relations, Principles for Responsible Investment observed various trends in the upcoming development of ESG investments. Asset managers may be required to integrate climate practice issues into their risk management process and disclose the related information. There will be a more structured approach to risk management.
Mr. Gabriel Wilson-Otto, Head of Stewardship, Asia Pacific, BNP Paribas Asset Management felt positive about the ESG investment trends during the COVID-19 period. With ESG investments outperforming throughout the timespan, the direct financial benefits of investing in ESG-related products become clear to asset managers and investors, boosting demands for these products in the long run.
Mr. Pat-nie Woo, Partner, KPMG remarked that capacity building should be a major focus in expanding the ESG market going forward. As financial experts in the past might not be deeply involved with ESG concepts, there need to be interlinkages of the skill sets of ESG technical experts and existing financial experts to exert the talents and resources of both parties.