Bernard Rennell and Ka Shi Lau of the Hong Kong Trustees' Association say Hong Kong has the financial, legal, business and human resources for the city to be a global trust services centre

Hong Kong's solid financial and legal structure make it Asia's premier trust services centre, according to the head of the Hong Kong Trustees' Association Limited (HKTA).

Bernard Rennell, chairman of HKTA, an association representing both the corporate and private trustees, says wealthy families in Asia are comfortable using Hong Kong as a trustee for family trusts, charitable trusts or as executors of estate.

"Hong Kong is a premier global financial centre with a sound legal system with a long history in the trust area and strong European and American connections.  We need to let the world know that Hong Kong has the business savvy and the infrastructure for trust administration and other financial services," said Mr Rennell.

He added that the private trustee business is growing in the Asia Pacific region as Asian economies expand and Asian families become richer. Growth in business in recent years is also due to the focus by private banks on wealth management and changes in the offshore world.

Hong Kong's expertise can help China

HKTA's deputy chairman Ka Shi Lau representing the corporate trustees, says Hong Kong has an excellent legal framework coupled with strong enforcement by relevant regulatory bodies to ensure that service providers in industries such as unit trusts, hedge funds, private equity or the mandatory provident funds maintain adequate controls in their daily operation.

"Hong Kong has a good regulatory system and is well known for efficiency, entrepreneurial spirit and good corporate governance.  We also have very competent and experienced professionals in the trust industry," she said.

"With China introducing new initiatives to their major pension reforms, there are many opportunities for the well-established Hong Kong trust industry to share its experience and expertise with the relevant regulators and interest groups in China," says Ms Lau, "Hong Kong can help China in the area of trusteeship, pension & fund administration, systems and technology, compliance and corporate governance."

Incorporated in 1991 as a non-profit organisation, HKTA consists of 90 members representing thousands of professionals working in the trust, legal, banking, tax and accounting fields.

Related link
Hong Kong Trustees' Association