Topaz

What Topaz does

Topaz Family Office (瑭明家族辦公室) is a Hong Kong-headquartered multi-family office serving ultra-high-net-worth families across Greater China, Asia, the Middle East, Europe, and North America. Founded in 2012 by Jim Kwok and Alan Mak (both formerly of HSBC Broking Services Asia), the firm transformed from a single-family office to a multi-family office in 2014 and launched a hybrid External Asset Management (EAM) channel in 2018 to broaden access to its private-market strategies. The firm is structured around Topaz Investment Strategy Limited (parent) with three wholly-owned Hong Kong subsidiaries — Topaz Financial Group Limited (SFC Type 1, 2, 4, 5 licensed for global brokerage and advisory), Topaz Capital Management Limited (SFC Type 9 licensed asset management with approximately USD 1 billion AUM as of October 2020), and Topaz Family Office Limited (UHNW family solutions) — plus UK-based T&E Partners for Greater China-Europe cross-border services.

Topaz operates a diversified product and technology stack. Core offerings include global securities brokerage across Hong Kong, mainland China, Japan, Singapore, the US, UK, Germany and other markets; full discretionary investment accounts; advisory mandates; external asset management delivered via international private bank partnerships (notably Julius Baer); IPO subscription; funds; bonds; and futures and options. The proprietary technology layer includes in-house automation tools and robotic systems for client activity management and back-office operations, plus an AI-powered stock selection system (developed by Rex Tsang, CFA) that runs the Julius Baer TopazGo AI Dynamic Equity Portfolio. Exclusive alternative-investment deal flow — including Hong Kong luxury villa mezzanine financing (Plantation Road, Peak Road), an Abu Dhabi Mamsha Gardens SPV (via Aldar Properties), Osaka Airbnb development (with S&T Partners), and technology co-investments (Horizon Robotics, FundPark, Oscar Choi's macro fund) — differentiates the firm from mainstream private banks.

The revenue model blends recurring fee streams with transaction- and gain-based income. Advisory services account for approximately 70% of revenue, discretionary mandates approximately 30%, and EAM services approximately 25% of income (note: these overlap as different cuts of the same client relationships). Brokerage commissions on global securities, futures and options trading, plus capital gains and distributions from alternative co-investments, layer in additional non-fee revenue. Pricing is not publicly disclosed but typical client allocation sizes range from USD 3 million to USD 20 million, with approximately 500 HNW clients and approximately USD 2 billion in AUM as reported in 2025. The firm monetizes this through direct sales-led relationship management, event-driven client acquisition (Topaz Cup golf tournament, Precious Collection Night with Christie's and the Hong Kong Jockey Club, HED China Summit participation, and Greater Bay Area Wealth Conferences), and referral networks anchored by 150+ business partners and the CEO's position as Vice Chairman of the Family Office Association Hong Kong.

Name

Topaz

Legal name

Topaz Investment Strategy Limited

Website

https://topaz.hk

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

Topaz Family Office (瑭明家族辦公室) is a Hong Kong-based multi-family office founded in 2012 that serves approximately 500 ultra-high-net-worth families across Greater China and globally with discretionary investment management, advisory services, external asset management via private bank partnerships, brokerage, alternative investments, and family succession and education programming.

Ownership category

akta.pro rank

Product category

Multi-Family Office Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Trust, Fiduciary, and Custody Activities (523991), Trusts, Estates, and Agency Accounts (52592), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Investors, Nec (6799)

akta.pro primary industry

Family Office Services (Single & Multi-Family Office) (FSABADAF)

akta.pro secondary industries

Family Office Advisory & Outsourced CIO (OCIO) (FSAAADAC), Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest) (FSAAADAH), Family Business & Succession Advisory (FSAAADAL), Family Office Technology & Data (Portfolio, Reporting, Cybersecurity) (FSAAADAN), Family Wealth & Multi-Generational Planning RIAs (HNW/UHNW-lite) (FSAAACAH)

Keywords

• Multi-family office services
• Wealth management services
• Asset management advisory
• Private equity investments
• Global securities brokerage

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Advisory / Consulting Services: Advisory business constitutes approximately 70% of Topaz's revenue. The firm provides advisory services helping clients deeply participate in investment decisions while building trust. Services include global securities, bonds, futures and options trading, fund management, and IPO subscription.
2. Discretionary Investment Management: Discretionary investment services constitute approximately 30% of revenue. The firm manages client portfolios on a fully discretionary basis, making investment decisions on behalf of clients based on their risk tolerance and return objectives. Includes 'fee holiday' periods to allow clients to experience service quality before full commitment.
3. External Asset Management (EAM): EAM services account for approximately 25% of Topaz's income. The firm works with international private banks (e.g., Julius Baer) through External Asset Management programs, providing professional investment strategies while private banks provide custody and execution infrastructure. Allows HNW clients to participate in private equity and primary market opportunities at lower thresholds.
4. Licensed Securities & Futures Brokerage: Through Topaz Financial Group Limited (licensed for Type 1, 2, 4, 5 regulated activities under SFC), the firm earns commissions and fees from global securities, bonds, commodity futures and options trading across Hong Kong, Japan, Shanghai, Shenzhen, Singapore, US, UK, Germany, and other markets.
5. Asset Management: Through Topaz Capital Management Limited (SFC Type 9 licensed), the firm provides comprehensive investment management services to institutional and high-net-worth clients, charging management fees and performance fees on AUM. Target AUM cited as approximately USD 1 billion as of October 2020.
6. Private Equity & Alternative Investments: Topaz participates in private equity investments and direct project investments as part of its alternative investment strategy, including Osaka Airbnb property development, Abu Dhabi real estate via SPV, and technology investments (e.g., Horizon Robotics, FundPark). Revenue from these investments is realized through capital gains, distributions, and development profits.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Topaz Family Office is a multi-family office providing comprehensive wealth management, investment advisory, asset management, and global brokerage services to ultra-high-net-worth families across Hong Kong, Greater China, and globally. Core offerings include global securities brokerage across 10+ markets, discretionary and advisory investment management, External Asset Management (EAM) through private bank partnerships, private equity and alternative investments (luxury real estate, technology, SPV structures), and family office solutions covering succession planning, tax/legal advisory, and next-generation education. Revenue mix is approximately 70% advisory, 30% discretionary, with EAM contributing about 25% of income.

Product overview

Topaz Family Office operates as a multi-subsidiary financial services platform comprising Topaz Investment Strategy Limited (parent company established 2013), Topaz Financial Group Limited (brokerage with Type 1,2,4,5 SFC licenses), Topaz Capital Management Limited (asset management with Type 9 license, approximately US$1 billion AUM), and Topaz Family Office Limited (family office solutions). The core product portfolio centers on global securities brokerage services including Hong Kong Stocks, Global Stocks, Hong Kong Futures, Global Futures and Options, Bonds, IPO Subscription, and Funds. These are complemented by wealth management services through Discretionary Investment Accounts and External Asset Management (EAM) programs conducted via international private bank partnerships. The family office segment offers comprehensive solutions including family asset management, governance structure, wealth inheritance planning, tax/legal advice, and member affairs support. T&E Partners extends the platform to UK/Europe markets, while the Hong Kong Topaz Inheritance Academy (launched October 2024) provides specialized education services for next-generation family members.

Differentiator

Problem solved

Functional benefit

Brands

• T&E Partners: UK presence of Topaz Family Office Hong Kong, providing cross-border family office services for Greater China, UK and Europe regions.

Products and services

• Global Securities Brokerage Brokerage services covering multiple local and international markets including Hong Kong, Japan, Shanghai, Shenzhen, Singapore, Philippines, Thailand, Malaysia, Australia, Germany, UK and US for high-net-worth and family office clients.
• Hong Kong Stocks Trading Trading services for stocks listed on Hong Kong Exchanges and Clearing Limited, covering blue chip stocks, red chip stocks, and state-owned enterprise stocks.
• Global Stocks Trading International stock trading services across multiple global markets including Japan, US, UK, Germany, Singapore, Australia, and others.
• Hong Kong Futures Trading services for Hong Kong index futures including Hang Seng Index Futures and Options, Mini-Hang Seng Index Futures, China Enterprises Index Futures, Small State-owned Enterprises Index Futures, and USD/CNY (Hong Kong) Futures.
• Global Futures and Options Trading services for futures products across five categories: metal futures, foreign exchange futures, energy futures, index futures, and agricultural futures, covering exchanges including CME, CBOT, NYMEX, SGX and LME.
• Bonds Trading Fixed-rate products including corporate bonds, government bonds, perpetual bonds, and callable bonds, primarily traded in USD or HKD.
• IPO Subscription IPO subscription services enabling customers to check allotment from trading accounts on IPO date.
• Funds Distribution Wide selection of funds providing flexibility to achieve investment goals for high-net-worth clients.
• Discretionary Investment Account Full discretionary investment services where Topaz manages accounts and makes investment decisions on behalf of clients based on risk tolerance and return goals. Represents approximately 30% of revenue.
• External Asset Management (EAM) Private bank account services for high-net-worth clients with asset management and investment planning through partnerships with international private banks (e.g., Julius Baer). Represents approximately 25% of Topaz's income.
• Capital Investment Entrant Scheme (CIES) Immigration-linked investment services providing opportunities for eligible persons to relocate to Hong Kong through a 7-year investment program.
• Topaz Family Office Solutions (TFO) Holistic family office services and solutions for ultra-high-net-worth families, including family asset management, governance structure, wealth inheritance planning, tax and legal advice, and member affairs support.
• T&E Partners (UK Family Office) UK presence of Topaz Family Office Hong Kong, providing comprehensive family office services to families across Greater China, UK and Europe with deep expertise in global asset management.
• Hong Kong Topaz Inheritance Academy Education and training institute providing services including youth growth planning, family successor programs, high-altitude cognitive education, life education, character development, and talent cultivation for ultra-high-net-worth families.
• Julius Baer TopazGo AI Dynamic Equity Portfolio AI-powered stock selection system managed by Rex Tsang combining financial engineering and automated investment decision-making, offered in partnership with Julius Baer.

Quantifiable outcome

• AUM of approximately USD 2 billion (excluding certain family clients), as reported by Citywire Asia in June 2025
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Aldar Properties PJSCcoreStrategic or Co-development Partner · 1 August 2024Aldar Properties PJSC is the largest real estate developer in Abu Dhabi, established and owned by the Abu Dhabi government. Topaz partnered with Aldar for the Mamsha Gardens project on Saadiyat Island, purchasing an entire building through an SPV. Aldar also participated in the '77th Floor Sky Feast' investment event co-hosted by Topaz in Shenzhen, where Aldar representatives presented Abu Dhabi real estate opportunities to Topaz clients. The partnership provides Topaz clients with preferential access to Aldar's prime residential developments in Abu Dhabi.
• Gaw Capital (基匯資本)coreStrategic or Co-development PartnerGaw Capital is a prominent Hong Kong-based real estate investment firm. Topaz collaborated with Gaw Capital at the Abu Dhabi investment dinner in September 2025, where Gaw Capital's Managing Director Harry Ip participated in a panel discussion alongside Aldar and Topaz. Gaw Capital had previously invested in an entire building in the Abu Dhabi Mamsha Gardens project, providing validation of the investment thesis and joint commitment to the Abu Dhabi market.
• S&T Partners (Japan)coreStrategic or Co-development PartnerS&T Partners is a Japanese fund management company with extensive experience in real estate investment in Osaka. Topaz partnered with S&T Partners for Osaka Airbnb property development projects. Topaz's investment team conducted a site visit to Osaka in 2025 with S&T Partners' local management team. The partnership enables Topaz to acquire premium land parcels in Osaka's prime locations, develop them into Airbnb-compatible properties, and generate returns through land value appreciation and short-term rental income.
• Christie's (佳士得)coreGTM or Marketing PartnerChristie's is a leading global art auction house. Topaz and Christie's co-hosted the '珍萃之夜' (Precious Collection Night) private dinner at the Shenzhen Bay No.1 Peninsula Club in May 2025, bringing together dozens of business leaders and art enthusiasts. Christie's experts presented on fine wines, Hermès handbags, jewelry and jade, and Patek Philippe watches. The partnership provides Topaz clients with access to Christie's auction insights and serves as a networking platform for client acquisition and relationship building.
• Hong Kong Jockey Club (香港賽馬會)coreGTM or Marketing PartnerThe Hong Kong Jockey Club is Asia's most influential non-profit organization, active in sports, culture, and philanthropy. Topaz and Christie's co-hosted the '珍萃之夜' event at the HKJC Shenzhen Junxin Club (瑞心臺會所), with HKJC providing the exclusive venue for the event. The partnership enables Topaz to access HKJC's elite member network for client engagement.
• New World Development (新世界發展)minorGTM or Marketing PartnerNew World Development is a leading Hong Kong real estate developer. Topaz partnered with New World Development at multiple events including the Guangzhou private session (September 2025) and a luxury tasting event (June 2025) at Deep Water Pavilia (滶晨) in Hong Kong. New World representatives introduced Topaz clients to prime Hong Kong property projects including滶晨 (Deep Water Pavilia), 瑧博 (House Muse), and other developments, with Topaz providing investment advisory on these properties.
• Hong Kong University of Science and Technology (HKUST / 香港科技大學)minorStrategic or Co-development PartnerHKUST is a leading research university in Hong Kong. CEO Jim Kwok was invited as a guest lecturer for the HKUST Family Office and Family Business graduate course (FINA5690) in November 2025, delivering practical insights on Hong Kong's family office industry. This academic partnership positions Topaz as an industry leader and supports talent pipeline development.
• Hang Seng University of Hong Kong (香港恒生大學)minorStrategic or Co-development PartnerTopaz was confirmed as a senior member of Hang Seng University of Hong Kong in February 2024. CEO Jim Kwok accepted the position, representing the firm's commitment to education and talent development. The partnership acknowledges Topaz's contribution to university development.
• DAMAC PropertiesminorGTM or Marketing PartnerDAMAC Properties is an international real estate developer. DAMAC co-sponsored the inaugural 瑭明杯 (Topaz Cup) Golf Tournament held at Macau Golf & Country Club in April 2026, providing event support and luxury lifestyle brand alignment with golf's prestige and vision. DAMAC is known for high-quality lifestyle developments.
• MalbonminorGTM or Marketing PartnerMalbon is a fashion-forward golf brand. Malbon co-sponsored the 瑭明杯 Golf Tournament, providing premium golf gifts and equipment that added vitality and taste to the event. The partnership aligns Malbon's stylish and professional brand image with Topaz's brand positioning.
• Chung Yi (中藝香港)minorGTM or Marketing PartnerChung Yi (中藝香港) is a leading Hong Kong retailer specializing in premium jade, gemstones, and antique crafts since 1959. Topaz and Chung Yi co-hosted a Christmas event in December 2025 at The St. Regis Hotel, discussing the 'true code of family longevity' through the lens of cultural heritage and art collection. The partnership connects Topaz's wealth management expertise with Chung Yi's cultural legacy positioning.

Scale indicators6 records

Recent moves10 records

Expansion highlights7 records

Broad incumbents

• Julius Baer: Swiss private bank with deep Greater China presence and a leading External Asset Manager platform; Topaz already partners with Julius Baer for the TopazGo AI EAM mandate, illustrating the partner/incumbent dual relationship.
• HSBC Private Bank: Global private bank serving UHNW clients in Hong Kong and Greater China with discretionary mandates, brokerage, lending, and family office solutions; represents the incumbent competitive context in which Topaz operates and from which several Topaz leaders originated.
• AIA Wealth Management: Hong Kong-headquartered life-insurance-led wealth and savings franchise increasingly offering wealth advisory and family office-style services to HNW/UHNW clients in Greater China; competing for the same HNW wallet share.
• Pictet Wealth Management: European-headquartered private bank with a sizable Asian UHNW practice offering discretionary mandates, advisory, and family office services; broader portfolio than Topaz but competing for the same client wallets in Hong Kong and Singapore.

Direct peers

• Hywin International: Hong Kong-headquartered multi-family office and wealth manager serving UHNW clients across Greater China with global asset allocation, private equity, and EAM-style services; closely comparable in scale, geography, and product mix to Topaz.
• Loyal Group / Loyal Family Office: Hong Kong-based family office and wealth management firm providing investment advisory, family succession, and lifestyle services to UHNW families in the Greater Bay Area; comparable scale and Hong Kong anchoring.
• Opus Family Office: Hong Kong-based multi-family office providing wealth management, succession planning, and cross-border investment solutions to UHNW families in Greater China; comparable niche positioning and target segment.
• ARIA Family Office: Asia-focused multi-family office serving HNW and UHNW clients with cross-border wealth, tax, and succession services; comparable in client profile and Asian hub-and-spoke delivery model.
• Raffles Family Office: Singapore-headquartered multi-family office with a strong Hong Kong/Greater China presence offering discretionary portfolio management, alternative investments, and family office services to UHNW Asian families; directly comparable in client segment and service breadth.

Regional players

• Coutts & Co. (Asia): UK-headquartered private bank with a London-anchored Asia practice serving UHNW families; comparable in serving cross-border China-UK wealth corridors where Topaz's T&E Partners also operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Topaz