Message from the Director (2022)

Director's Message

Family businesses are significant worldwide. In Europe, histories of family businesses and their influences transcend centuries; in the United States, 35% of listed firms in the Standard & Poor's 500 are family-owned; here in Hong Kong, nearly 70% of listed firms are family-owned, while over 60% of GDP in Mainland China is contributed by family businesses, and their speed of wealth creation surpassed other parts of the world in recent years.

On the other hand, while family office is quite matured in Europe and North America, it is at infancy stage in Asia. As the number of billionaires has grown rapidly in Asia in the past decade, the need for an efficient way to pass on family wealth and values, and to maintain harmony within the family, has been increasing. This has resulted in a dramatic increase in the number of Asian family offices. They are gradually creating greater impact and shaping the future of Asia.

Despite their importance, studies of family business and family office in the Asia region has yet to receive the attention it should have had. The research published in top journal is mostly conducted in the western perspectives. Few well-recognized academic studies address issues in Asia, and fewer of them have practical implication. Given the multidisciplinary and privacy nature of both subjects, it added additional challenge to researchers.

Our Center was founded in 2009 by Prof. Roger King, and was named Tanoto Center for Asian Family Business and Entrepreneurship Studies during 2012-2022. In 2022, the Center received a generous donation by the three children of Prof. Roger King – Mr. Stephen King, Ms. Daphne King and Mr. Geoffrey King, and is named “Roger King Center for Asian Family Business and Family Office” permanently – in honor of Prof. Roger King’s decade of effort and passion to the Center’s work.

The new naming of the Center not only reflects our twin foci in Asian family business and family office, but also marks a key milestone of our Center in advancing our mission of becoming the world’s premier research and teaching center in the two areas. Our greatest gratitude to the King family, Tanoto Foundation and our HKUST Business School for their unwavering support in the Center’s development.

May I invite you to join us in the efforts to support the Asian family business and family office related research, education and events. We look forward to many more collaborations and achievements together with you in the years to come.

Prof. Winnie Peng

Director of Roger King Center for Asian Family Business and Family Office

HKUST Business School