Landmark Family Office sets up global headquarters in Hong Kong

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HONG KONG — Landmark Family Office (LFO), a private multifamily office, announced the establishment of its global headquarters in Hong Kong as the city’s authorities aim to attract at least 200 family offices by 2025 with a series of incentives.

LFO’s move to pick Hong Kong as its global headquarters comes as the government is trying to transform the city into a global hub for family offices. The announcement was made on Monday.

The Hong Kong government in March introduced a series of measures, including a revamped investment migration scheme, new tax concessions and other incentives, to lure family offices to set up shop in the city. The tax concession scheme, which benefits qualified transactions of family-owned investment holding vehicles managed by single-family offices in Hong Kong, came into effect on May 19.

These family office-oriented measures are part of efforts by the Chinese special administrative region to restore business confidence and investor allure after capital and investors fled to rival financial hubs like Singapore due to strict COVID-19 rules and increased geopolitical uncertainties over the last few years.

The number of single-family offices in Singapore reached 1,100 as of the end of 2022, up 57.1% from 700 a year earlier, the Monetary Authority of Singapore revealed in its annual report published on July 5.

Incorporated in Hong Kong in 2022 to serve founding families and independent clients, LFO is led by Chief Investment Officer Andrew Sharrock, an ex-Asia Pacific CIO at U.S. custodian bank State Street, and CEO Cameron Harvey, who previously held senior management roles at companies across the Asia-Pacific region including UBS and BNP Paribas.

LFO started operations in January this year and has already built offices in Hong Kong and Sydney. The company wants to expand to Singapore and the Middle East in the near future, it said in a statement.

Through the Hong Kong headquarters, LFO is looking to leverage its strategic location to provide a suite of tailored family office solutions centered around investment management across traditional and alternative asset classes.

LFO’s decision to anchor the business in Hong Kong comes from the founding members’ confidence in the city’s “regulatory environment” and “strong government support for the family office sector,” said Sharrock in the statement.

These favorable factors provide “an optimal ecosystem for our family office setup,” said Sharrock. “The family office industry in Hong Kong is developing at a rapid pace, with increasing demand for bespoke sophisticated wealth management solutions for ultra high net worth families and individuals.”

With a team experienced in areas including asset management, private equity, legacy planning and family governance, LFO operates under a private multifamily office model that differs significantly from the typical external asset manager models that are prevalent in the market.

It places a primary focus on investments and asset management to build out a personalized approach for every client, versus the current mainstream approach of relying on the recruitment of relationship managers, and by proxy their clients, from private banks.

Image by: Landmark Family Office

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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