In Greater China’s private wealth landscape, the balance between risk and opportunity is shifting fast. Slowing economic growth in mainland China, widening interest rate gaps with offshore markets, and an appetite for new asset classes are prompting high-net-worth (HNW) clients to rethink their strategies. Avenue Family Office, led by Chief Executive Officer Eric Pong, is adapting to this new reality by combining deep cultural insight, investment breadth, and operational agility to help clients diversify and preserve wealth. Pong sees a clear trend: clients are increasingly willing to look beyond familiar markets and traditional instruments in favour of global, multi-asset portfolios. In this conversation with Hubbis in Hong Kong, he shares how Avenue is leveraging its people, platform, and positioning to respond to these shifts – and how Hong Kong’s evolving family office ecosystem is opening up fresh opportunities for growth.
Turning Domestic Challenges into Global Opportunities
For Pong, weaker domestic conditions are not necessarily a constraint. Instead, they are a trigger for portfolio rebalancing and cross-border diversification. With mainland interest rates at record lows, investors are increasingly drawn to higher-yielding offshore assets.
“In the past, convincing mainland clients to open offshore accounts was difficult because the yields at home were already attractive,” he explains. “Today, the situation is reversed. Offshore investments offer both yield and diversification, and that demand is growing.”
This shift is changing not only where clients invest but what they invest in. Historically, many preferred domestic bonds or Hong Kong-listed stocks tied to familiar companies. Now, they are exploring alternatives such as hedge funds, private credit, and select digital assets. “It’s a gradual process,” Pong notes. “Clients may begin cautiously in unfamiliar markets, but once they see positive results, they are willing to increase allocations.”
A Multi-Family Office with Agility at its Core
Avenue’s positioning as a Multi-Family Office (MFO) gives it an advantage in this environment. The firm combines access to a broad range of asset classes with independent advice and execution flexibility. Unlike larger private banks, Avenue’s investment consultants are active practitioners who manage portfolios directly, enabling faster decision-making.
“When markets move, we can engage with clients in real time, without the layers of approval that slow down larger institutions,” Pong says. This ability to act quickly resonates with clients navigating volatile markets, where timing can make a material difference to returns.
The Offshore Yield Advantage
The widening interest rate gap between mainland China and offshore markets is another powerful driver of demand. US Treasuries currently yield over 4 percent, while high-grade bank bonds offer around 5 percent with relatively low risk. For clients looking to preserve capital while generating income, the case for reallocating offshore has rarely been stronger.
This yield differential is not just attracting seasoned global investors; it is drawing in clients who previously had little exposure to international markets. Many now view offshore allocation as a hedge against domestic economic uncertainty, rather than simply a search for higher returns.
Broadening Horizons: From Public Markets to Alternatives
Pong has seen a clear shift in client mindset toward diversification across both geography and asset class. While Greater China remains Avenue’s core market, more clients are exploring investments in the US, Europe, and Southeast Asia. “The mindset is changing. Investors are less inclined to put all their capital into one geography or one type of asset,” he says.
Alternatives are increasingly part of this conversation. Avenue recently launched a fund of hedge funds, giving clients access to top-tier managers while spreading risk. An upcoming fund of private credit will further diversify the offering. These products are particularly appealing to clients seeking exposure beyond traditional equity and fixed income, but who want to maintain a prudent risk profile.
Technology as a Competitive Advantage
Managing over 100 client relationships and hundreds of accounts across multiple custodians requires more than just people – it requires infrastructure. Nearly a decade ago, Avenue began developing its own Client Lifecycle Management (CLM) platform, customised for the demands of a multi-custodian structure.
The system integrates with professional-grade tools such as Bloomberg and Seeking Alpha, enabling the team to monitor markets, track performance, and manage portfolios with efficiency. “Technology isn’t about replacing people,” Pong says. “It’s about enabling us to handle complexity while keeping the client experience seamless.”
Regulation as a Catalyst
Beyond market trends, Hong Kong’s policy environment is creating new opportunities. The government’s family office incentives, supported by agencies like InvestHK, have positioned the city as an attractive hub for both local and global ultra-high-net-worth families. For Pong, this regulatory push is a rare example of policy directly boosting competitiveness.
“The ability to structure investments here with tax advantages makes Hong Kong a natural base for clients looking to consolidate and grow their wealth,” he says. “We’re already seeing interest from families who might otherwise have looked to other jurisdictions.”
Licensing that Enables Market Access
Avenue’s own licensing further strengthens its proposition. Holding a Securities and Futures Commission custodial and brokerage licence since 2019, the firm can participate in Hong Kong IPOs and offer clients direct access to capital market opportunities. This capability complements its advisory work, enabling a seamless link between strategy and execution.
For clients, this means not only receiving advice but having a platform to act on it swiftly – whether that involves taking part in new listings or adjusting portfolios in response to market shifts.
Staying Relevant in a Competitive Hub Landscape
As global wealth centres compete for market share, Pong sees Hong Kong’s agility as a defining strength. “Singapore is a strong competitor, but I believe Hong Kong’s financial professionals tend to react faster and adapt more quickly to market changes,” he says. “Healthy competition pushes both cities to improve. We’ve even seen some families who relocated to Singapore reconsidering Hong Kong.”
For Pong, the challenge – and opportunity – lies in maintaining relevance in a fast-moving environment. “Markets, regulations, and client priorities can shift in months,” he says. “The firms that thrive will be those that can move with the changes while keeping clients’ long-term interests at the centre of their strategy.”
Pong frames Avenue’s growth strategy around three pillars: talent, investment capability, and technology. Each is essential to meeting the evolving needs of a more sophisticated and globally oriented client base.
The first priority is talent with cultural fluency. Most of Avenue’s new clients are from Greater China, and serving them effectively requires deep understanding of the region’s culture, business practices, and investment mindset. “We’ve brought in senior bankers from leading institutions who have spent decades working in the mainland,” Pong says. “They bring trusted relationships and insight that can’t be replicated by technical expertise alone.”
The second is investment depth. Avenue’s investment consultants are also active portfolio managers, which allows them to engage with markets directly and provide timely, actionable advice. This is a departure from the layered research structures of larger banks, where investment views often pass through multiple committees before reaching clients. “Our structure gives us speed and precision,” Pong says.
The third pillar is technology as an enabler. Avenue’s proprietary CLM platform streamlines the management of complex, multi-bank client portfolios. Integration with platforms such as Bloomberg and Seeking Alpha supports real-time market analysis and decision-making. “Technology gives us the infrastructure to handle complexity without losing the personal connection clients expect from us,” Pong notes.
Together, these priorities form a strategy designed to meet clients where they are – geographically, culturally, and financially – while preparing them for where they want to be.
Into the Future: Strengthening Hong Kong’s Position in a Global Wealth Hub Race
Looking ahead, Pong sees a competitive, interconnected network of global wealth hubs. Dubai, while still developing its financial infrastructure and talent base, is attracting increasing attention from HNW clients. “It’s growing fast and will continue to draw interest, but it’s not yet at the level of Hong Kong or Singapore,” he says.
Singapore remains Hong Kong’s most direct rival, with strong political stability, regulatory clarity, and a well-developed financial ecosystem. Yet Pong argues Hong Kong retains advantages in execution speed and the adaptability of its professionals. “In this industry, speed matters. Clients value fast, informed responses,” he says.
Policy will also play a decisive role. Recent incentives for family offices, coupled with proactive promotion by InvestHK, have enhanced Hong Kong’s appeal to both domestic and international clients. As global tax regimes tighten – with jurisdictions like the UK and Thailand introducing higher levies on offshore income – Hong Kong’s favourable structures stand out.
For clients, Pong expects the future to mean greater global diversification, more tailored structures, and faster decision-making. For advisors, it will demand adaptability and the ability to integrate opportunities from multiple markets into cohesive strategies. “Conditions can change in months. Firms must stay ready to act when opportunities emerge,” he says.
Born in Zhejiang and raised in Hong Kong from the age of five, Pong has spent his life in the city, from early schooling through to his master’s degree. Before entering finance, he worked in the Hong Kong government’s Architectural Services Department, later moving into banking in 2005. He spent a decade at HSBC across premier and private banking before founding Avenue Family Office ten years ago.
Outside the office, Pong prefers a straightforward lifestyle. He devotes much of his free time to his nine-year-old daughter and enjoys simple activities like hiking Victoria Peak with friends. “I’m not a smoker, I rarely drink – I just like a quiet life,” he says.
His passion for investing extends well beyond business hours. While he continues to monitor Hong Kong equities, recent years have seen him dedicate more time to the US markets, which he feels have outperformed. “You need to understand different markets if you want to be a better investor,” he notes.
