![]() On the other hand, a multi-family office is a licensed or registered fund management company. The second is a multi-family office, which provides the same services for several families.Ī single family office is not required to be registered or licensed by the Monetary Authority of Singapore as they do not manage third-party funds. This is a highly tailored organisation that often reflects the characteristics and aspirations of the family it serves, said Deloitte’s private leader for Southeast Asia Richard Loi. The first is a single family office, which provides wealth management services like those offered by top-tier private banks for one family. There are generally two types of such offices. Additionally, the launch of the Global-Asia Family Office Circle network in 2021 allows a “trusted ecosystem” for industry players to collaborate and share best practices, said Ms Foo Mee Har, chief executive of the Wealth Management Institute and Member of Parliament.įamily offices are private organisations set up to manage the wealth of a family. Singapore has also been providing support for family offices through targeted tax incentives. This is attractive to those who desire to be closer to their investments in the region, said Mr Loi. Geography is another reason, with Singapore seen as a gateway to Asia. These include having a stable political and regulatory environment, a developed financial services sector and trained workforce, as well as good living standards with established healthcare and education infrastructure. Observers noted several factors that give Singapore an edge over other financial hubs like Hong Kong, Switzerland and the United Kingdom. They are also drawn to Singapore with its strong track record as a financial and weath management hub, other experts said. The increase has been fuelled by the COVID-19 pandemic, which forced ultra-high net worth individuals and their families to rethink how to safeguard and grow their wealth for future generations, said Deloitte’s private leader for Southeast Asia Richard Loi. “Besides Asian family offices, an increasing number of non-Asian families are coming to Singapore to either set up family offices or satellite offices to capture and support their investments in the region.” “The pandemic has prompted numerous affluent families to reconsider their wealth management and succession plans to better prepare against future uncertainty,” said Bank of Singapore’s head of family office advisory Carrie Ng. Demand from Asia is particularly prominent though, given that private wealth in the region has grown faster than elsewhere in the world, industry observers said. These families are coming not only from Asia, but also Europe and America. Singapore currently has about 700 family offices, up from 400 in end-2020 and up sevenfold from 2017, according to government estimates. SINGAPORE: More super-rich families are setting up offices in Singapore to manage their wealth, with the number of such offices nearly doubling from two years ago. ![]()
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