New Heritage Investments Limited is part of the New Heritage Group, a Hong Kong-based family office that integrates cornerstone investments, ESG philosophies, and a philanthropic foundation focused on intergenerational causes. As a second-generation leader, Richard brings unique insights into transitioning from a family business to a modern family office while balancing profit-driven goals with social impact.

In this exclusive interview, Richard reflects on his journey, explores the challenges of leading a multi-generational family office, and offers practical advice on adapting to change, leveraging technology, and balancing ESG with financial sustainability.

Family Office 2.0 represents a shift toward more future-focused strategies. What are the key characteristics of a family office that can adapt and stay resilient?

Adaptability starts with intergenerational cooperation. For a family office to stay resilient, it’s vital to foster an environment where each generation can contribute its unique perspectives and aspirations. In our case, this means creating opportunities for everyone in the family to find and pursue their individual passions while remaining aligned with the office's broader goals. Equally important is building investment sophistication—developing a deep understanding of market dynamics and risk management. A resilient family office must stay globally connected and attuned to various regional and sector opportunities. That said, a critical element often overlooked is personal well-being. I’ve learned from experience that international exposure and the ability to travel are fundamental to both business and personal growth, but they must be balanced with maintaining health and safety. In today’s unpredictable world, these considerations are just as important as financial performance.

Your family office has successfully transitioned through multiple generations. What are the most important lessons for next-generation leaders?

One of the most valuable lessons I’ve learned is knowing when it’s time to move on. My father, who founded our family business, often emphasized the importance of timing—whether it’s about exiting a business, selling an asset, or stepping aside to allow the next generation to lead. Transitions can be challenging, but they’re essential for long-term success. It’s critical to recognize when an opportunity has run its course and to approach exits as part of the natural evolution of a business. This applies to both private enterprises and public investments. For next-generation leaders, patience and the ability to observe and absorb are invaluable. Spend time understanding the nuances of the family business, from its culture to its operations. This experience provides a solid foundation for making informed decisions in the future.

How can family offices embrace technology while mitigating risks?

The key to adopting technology effectively is to avoid rushing into trends. I’ve always believed in waiting for technology to mature before fully integrating it into operations. When I first introduced personal computers into our family office, the goal wasn’t to chase innovation for its own sake but to streamline processes and improve efficiency. Technology should simplify, not complicate. It’s crucial to strike the right balance between internal expertise and external support to ensure that systems are secure and robust. Cybersecurity is a major concern, and having the right people in place to manage it is as important as the technology itself. A practical approach is to focus on solutions that align with the specific needs of the office, rather than adopting tools simply because they’re popular. This way, technology becomes a true enabler of progress rather than a source of unnecessary complexity.

ESG and impact investing are becoming central to family offices. How can they balance impact with financial sustainability?

Financial sustainability is the foundation upon which everything else is built. Without it, the broader goals of ESG and impact investing cannot be achieved. Our approach has always been to prioritize market-rate returns while carefully evaluating ESG opportunities. Not every initiative labelled “ESG” lives up to its promise, so it’s essential to scrutinize reports and metrics to avoid falling into the trap of greenwashing. The costs of ESG compliance can be significant, and families must be realistic about the resources required. As global standards evolve and converge, patience is key. In the meantime, focus on investments that deliver measurable impact without compromising financial goals. Our family office sees ESG not as a restriction but as a framework for smarter decision-making. It’s about aligning our values with our investments while ensuring that the portfolio remains robust and growth-oriented.

What advice would you give to next-gen leaders, particularly those without a financial background?

My advice is simple: immerse yourself in the family business. Take the time to understand its history, culture, and operations. This hands-on experience is invaluable, even if your long-term role lies outside the day-to-day management of the business. For those without a financial background, it’s important to build a foundational understanding of accounting, corporate governance, and investment principles. Formal education can help, but there’s no substitute for real-world exposure. Engaging with venture capital and private equity ecosystems, for example, offers a practical way to learn about deal structures, market dynamics, and risk management. The most successful next-generation leaders are those who combine technical knowledge with a deep appreciation for the values and vision of the family. This combination enables them to make decisions that honour the past while driving the family office forward.

Philanthropy is a significant part of your family office’s legacy. How do you see its role evolving with the next generation?

Philanthropy has always been a unifying force in our family, and I believe it will continue to play that role as we move forward. For us, philanthropy isn’t just about giving; it’s about creating a lasting impact in areas that align with our values. Our foundation operates on an endowment model, where we focus on donating profits rather than dipping into the principal. This ensures that our philanthropic efforts are sustainable over the long term. Involving family members in the philanthropic process is crucial, particularly those who may not be as involved in the business. It’s an opportunity to bring everyone together around shared goals and to instil a sense of purpose and responsibility in the next generation. By embracing philanthropy as a core element of our legacy, we’re not only contributing to the causes we care about but also fostering unity and continuity within the family.