UBS has launched a new philanthropy guide at the UBS Family Legacy & Philanthropy Forum in Shanghai.
Taking place on July 10 & 11, the forum will be attended by a highly influential group of over 150 participants and speakers including eminent private philanthropists, social entrepreneurs and other leading representatives of civil society from around the world.
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This year, the forum will discuss the main drivers of philanthropy in Asia and more particularly explore how leading multi-generational philanthropists have successfully created a family legacy through philanthropy.
Family Values play a large role in driving philanthropists’ socially conscious activities. They include an exceptionally strong sense of responsibility towards the well-being of future generations. In a joint study undertaken by UBS and INSEAD on Philanthropy in Asia, the number one reason for engaging in philanthropy in Asia was "ensuring the continuity of family values or creating a lasting legacy for future generations".
Commenting on this emerging theme in Asia, Amy Lo, CEO of UBS Wealth Management Hong Kong, said: "Increasingly, business families who want to create a "living" family legacy spanning multiple generations will find themselves balancing issues of complexity, transparency and control within the family.
Those who achieve this balance often find that one of the greatest tools in building a legacy is philanthropy. Family legacy and "giving back" can help transmit family values from one generation to the next, as well as promote harmony and cohesion. UBS has been working with the wealthiest families in Asia for 50 years and we have seen the growth of philanthropic aspirations of our clients."
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By GlobalDataIn mainland China in particular, philanthropy is a phenomenon that is gaining momentum.China has the second-largest number of billionaire donors behind only the U.S., according to the 2013 Wealth-X and UBS Billionaire Census. Chinese families, as elsewhere in Asia, are increasingly interested in better understanding how they can build a lasting legacy through philanthropy. UBS is committed to playing an important role in developing best practices in this space.
To this end, UBS will be launching the UBS Philanthropy Compass in Asia at our Forum. The Compass, developed in partnership with the Cass Business School and FSG Impact Consultants, is a practical guide to help philanthropists and social entrepreneurs structure their philanthropic journey to bring about meaningful change through their philanthropic endeavors.
Christina Tung, Head of Philanthropy & Values-based Investing, APAC, UBS said: "Philanthropy in Asia is undergoing a critical phase of development that will shape the giving landscape in the region for decades to come. We believe that the UBS Philanthropy Compass is a guide that can be valuable to other advisors, philanthropists and other players in the philanthropy sector who are looking to bring forward new ideas and solutions, both to the social and environmental problems arising from Asia’s growth."
Nurturing emerging leaders in the philanthropy and social investment space is equally important to build a robust and effective social sector in Asia within the next 5-10 years. As a result, UBS has established the 20/20 Social Impact Leaders Group which will be officially introduced at the Forum together with its co-Founders.
"We bring together emerging next generation leaders who are passionate about philanthropy and social investment for joint discussion, exploration and collaboration. One of our missions is to support and incubate new social impact leaders in Asia and empower them with the expertise, resources, and networks to create positive and sustainable social impact through action," added Tung.
The UBS Family Legacy & Philanthropy Forum this year will provide a unique opportunity for top philanthropists to share best practices, exchange ideas and explore opportunities of collaboration in this important area. It will feature a series of engaging presentations and panel discussions on topics such as social innovation, family legacy and next generation philanthropy.
