More than 100 decision-makers from global family offices and their professional teams gathered at a wealth summit in the Hong Kong Special Administrative Region (HKSAR) on Friday. The popularity of the event further underscored the Chinese city s appeal as a world-leading international asset and wealth management hub and its long-term promising prospects amid an unfolding bank crisis in the US and Europe, which have been left reeling from financial chaos and a slew of bankruptcies.
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With the world's attention focused on the biggest US bank failure since 2008, central banks in the region rush to reassure investors that local banking systems remain resilient. Some asset owners like NPS acknowledge they have direct investments in Silicon Valley Bank.
Hong Kong authorities hope the upcoming banking summit will live up to the hype and reinvigorate the city’s status as a reopening financial hub. It faces a handful of roadblocks to success spanning Covid, politics and social-related factors.