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Eldest son of Jameson Alers Hankey, Algy was born on 9 Mar 1862 at Wimborne Minster, and was baptised there on 4 April. In 1871 he was at a boarding school at Headington, Oxford and later attended Charterhouse School.
As a young man, he acted for his father’s firm Gellatly, Hankey & Co, opening agencies at Sawakin, Aden and Arabia (living mostly at Jeddah).
He was later a partner of Lee, Hedges & Co, rubber dealers of Colombo, Ceylon, and retired in 1911.
He married in 1906 Edith Frances Ward, daughter of S Ward; no issue. Of 71 Lissenden Mansions, Highgate Road (1922, 1934), he died in 1940.