Asian family offices tighten purse strings amid virus crisis

Asian family offices tighten purse strings amid virus crisis

Photo by Andrea Natali on Unsplash

In September, as Hong Kong’s streets filled with tear gas and protesters, third-generation heir Tony Yeung remained confident the city’s economy would bounce back from the turmoil. He regularly flew between Asia and Europe helping his family office and partners hunt for deals.

Now, deep in the midst of the economic havoc wrought by the coronavirus outbreak, Yeung is one of many Asian family office executives worried that a rapid recovery is unlikely. As some uber-rich U.S. and European clans rush to buy assets at bargain prices, their Eastern peers are generally more cautious — managing their holdings and hoarding cash in preparation for worse to come.

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