Family Offices in Asia with Special Focus on Singapore

Abstract

The study undertaken aims to gain insights on the relatively unexplored but growing Family office market in Asia and the opportunities for them in the Singapore wealth management industry. Family offices are set up by ultra high net worth (UHNW) families to manage their private wealth. These concept of these offices is well developed in the west i.e., in US and Europe. However, in Asia it is still in its infancy stage. It is slowly catching up as the wealth of the people is increasing along with which the need for personalized wealth management services is also increasing. Family offices form an integral part of the wealth management industry. The needs of clients of this industry are growing. They not only want their wealth to be managed efficiently but also look out for fulfillment of their emotional needs. In Asia, the wealth is mainly held by first generation entrepreneurs who are still looking for the most efficient ways to manage their wealth. This has paved the way for establishment of these offices in Asia as well. This study is an effort to look into the prevalent wealth management industry in Asia, especially in Singapore and the scope of development of family offices here.

Keywords: family office, Hemal, Mansi, wealth management, Lotia, Jain, Singapore, recession, business, study, HNI, high networth, Asia