Hong Kong transport tycoon reveals secrets of managing family wealth

A commitment to leadership, legacy and philanthropy, as well as risk-averse asset management, is key to how William Louey runs the Kowloon Motor Bus company in Hong Kong.

William Louey, fourth-generation steward of Hong Kong’s Kowloon Motor Bus Company (KMB), does not cling to tradition, whether in business, philanthropy or wealth management.

“I run my business very differently from other family-run companies,” he says, with a warm smile over a video call, his youthful energy belying his 65 years. “It all starts with values, and luck. But mostly, it’s about knowing what you’re good at and finding the right people to help with the rest.”

Under his watch, KMB has evolved from a traditional bus operator into a tech-forward transport provider serving 2.8m daily passengers. Though its publicly-listed parent company, Transport International — of which the Louey family retains majority ownership — the business remains grounded in pragmatism and purpose.

Letting go

Succession, he says, is not about control, but about identity and emotional connection. “Most families lose their wealth by the third generation,” he notes. “I’m the fourth, and my son is the fifth. But we never made the mistake of thinking everything had to stay within the family.”

He attributes their success to a small, close-knit structure, strong values and absence of internal conflict. His great grandfather founded the firm in 1922 after returning to China from Australia, where the family had emigrated. “There were no concubines, no rival siblings, just a simple, Westernised family that got along,” he says.

Raised by a compassionate grandmother after his parents’ bitter divorce, Mr Louey faced early challenges. His father died suddenly when he was just 18, five years after he left for boarding school in the UK. “It was a difficult childhood,” he reflects. “But it taught me diplomacy.”

That experience has shaped the family’s approach to succession. His eldest son, an Oxford-educated biochemist and former Olympic ice skater for Hong Kong, now runs his own fund.  A future board role at KMB is an option, not an expectation. “He grew up seeing our buses all over Hong Kong. That creates a bond. But KMB doesn’t need a rocket scientist,” Mr Louey laughs. “My job is to hire the best professionals to run it day-to-day.”

Philanthropy as leadership training

Denied early influence on the company board due to his young age — he was only 30 when he joined — Mr Louey turned to philanthropy. Inspired by his grandmother, whose “quiet generosity” only emerged after her death, he created a scholarship foundation in 1995. “The highest form of philanthropy is doing good without seeking credit,” he says.

Over three decades, he has funded studies for more than 60 scholars from underprivileged backgrounds in China, contributing more than £6m ($7.8m) of his own wealth to help them attend leading UK schools. Many have gone on to study at Oxford and Cambridge universities, becoming founders, scientists, and leaders in their fields.

Some alumni have launched their own initiatives, including the Pay It Forward Scholarship under the China Oxford Scholarship Fund.

KMB also sponsors education for 50 children of frontline workers, such as mechanics, bus drivers, and other often-overlooked staff. “We want to lift people,” he says. Though he holds no formal management title, Mr Louey is hands-on. “I visit injured staff, go to their homes or hospitals, even take selfies.” Every March, he joins most of the 30 appreciation lunches and dinners hosted for the firm’s 15,000 employees. “It’s my way of shaking hands, showing gratitude, making people laugh.”

KMB’s innovations are people-focused, not profit-led. “It’s not about printing money,” he says. “Our average fare is about HK$7.5 ($1). We serve people. We’re a service provider for the city That’s the pride.”

The firm’s mobile app, designed to help riders avoid extreme weather, features real-time tracking and has more than 8m downloads, overtaking WhatsApp in Hong Kong. It was developed with input from Mr Louey’s global scholar network. “We brainstorm on Zoom like a start-up. They’re in New York, London, Tokyo.”

Other ideas include pet-friendly buses, Olympian-named routes, and an all-women bus captain service. “Eighty per cent of our department heads are women. Not because of quotas, but because they’re good.”

He likens leadership to football: “Everyone plays a different role, but they work together to win. Same in business, same in family.” At KMB, he sees himself as a unifier. “Sometimes managers clash. I play good cop, our CEO — Roger Lee — plays bad cop. My job is to create a comfortable environment.”

Greener and smarter

Sustainability is another priority. Solar panels now power lights and air conditioning on 90 per cent of the firm’s 4,500 buses, cutting fuel use by 5 per cent. The company is also investing in electric vehicles, though Hong Kong’s limited charging infrastructure has slowed the 2040 conversion goal. “We’re ready. But we don’t operate in a vacuum, we work with government.”

KMB’s Green Light system monitors driver behaviour in real time, helping reduce accidents and fuel usage. Top-performing drivers are publicly celebrated, while those falling short receive additional training. “Some haven’t had an accident in over 10 years. That’s real pride.”

Mr Louey’s approach to wealth reflects his preference for transparency and trust in experts.

“I sacked all my private bankers 30 years ago. Too much conflict of interest. They push their bank’s products, not what’s best for me.” He speaks from experience, having served unfulfilling stints in auditing and banking in London. He was later accepted to Central Saint Martins to study fashion design, an opportunity he turned down out of family duty before returning to Hong Kong. Today, photography remains his greatest passion, alongside fashion and interior design, which he continues to pursue in his spare time.

For the past 25 years, he has relied on a multi-family office, formerly Guggenheim, now Alvarium Investments, for transparent, fee-based wealth management. “No hidden fees, no product pushing, they find the best options for me,” he says. “I get the bird's eye view of my assets, and access to opportunities private banks can’t offer.”

He steers clear of emerging markets and speculative bets, focusing instead on the US and Europe. “I want to sleep well. No fluctuations. Developing countries are a big risk, that’s not my style,” he says. “I don't like trading or being a slave to money. I’d rather hand it to experts who know what they’re doing.” He does not believe in bargaining for expertise. “My grandmother used to say, ‘If you pay peanuts, you get monkeys’.”

Mr Louey even invests a portion of his capital with a former scholar who built an AI trading algorithm focused on commodities, liquid assets that can be sold within 24 hours. “He beats my family office most years. But I don’t put all my eggs in one basket.” He has also built a substantial real estate portfolio in Hong Kong, though he is no longer optimistic about the local market.

Beyond the balance sheet

Mr Louey’s legacy goes beyond wealth, it is defined by impact. “I see myself as a catalyst. I don’t need to run everything. I help the right people do what they’re best at,” he says, echoing his grandmother’s advice: “Don’t touch anything you’re not good at.”

Personal loss has deepened his focus on health and wellbeing; his father, grandfather, and great-grandfather all died young. Through expert-led YouTube interviews and an upcoming book, he shares insights into well-being and positive living. He recently launched a new foundation initiative addressing mental health and the academic pressure affecting young men in Hong Kong.

He also keeps a close eye on macroeconomic shifts, from the growing divide between China and the West to rising supply chain costs and geopolitical tensions. But he remains pragmatic. “We’re affected, sure. But KMB tends to do well when the economy is down. People take the bus instead of a taxi.”

Despite rising costs, Mr Louey continues to source buses from the UK rather than relying solely on Chinese suppliers. “You never want to depend on one source,” he says, explaining the firm’s relationship with British manufacturers goes back to 1948.

Reflecting on KMB’s history — through war, riots, economic downturns — he says: “We’ve nearly gone bust several times. But with hard work and some luck, we pulled through.”

Looking ahead, he sees opportunity in autonomous vehicles, the newly emerging low altitude economy and the Greater Bay Area’s development. But his focus remains on people. “If my son wants to run his own business, that’s fine. If he supports KMB from the board, that’s great too. I’m not worried. Between him, our team, and our scholars, I have more than enough successors.”

Anant Deboor, Hong Kong-based head of strategy at global creative agency VML puts it simply: “William Louey has a refreshingly different approach to creating impact. His ‘Pay It Forward’ initiative is a testament to that. He brings in external talent to run the business, and that keeps the family brand young and vibrant.”