Singapore has a healthy and free-market economy that has excelled in recent years. Family offices are private wealth management advisory firms that serve ultra-high-net-worth investors. But opting out of some of these cookies may have an effect on your browsing experience. Leadership perspectives from across the globe. You can see other signs of this coming boom by the number of family office and wealth management conferences in Southeast Asia and Singapore and the number of hedge funds and private equity firms setting up new offices to service clients in the region. Single family office invest the wealth of HNWIs in various asset classes, like real estate, financial markets, private equity, venture capital or other alternative assets. This article is written by Saravanan Rathakrishnan from RHTLaw Asia. The breadth and depth of institutions here also give them ready access to global and regional financial markets while providing a full suite of wealth management services to meet their every need. At The Owner's Symposium of The Global-Asia Family Office Summit, Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman, MAS spoke about opportunities for family offices in Singapore to maximise their philanthropic impact and do good. Copyright 2022, All Right Reserved, Family Office Networks, Admission to only FON events hosted in your chosen region, Receive personal introductions at events and conferences, Discounted access to FON media partners directories, Consultation and referrals to best suited industry professionals, Access to FONs educational materials and white papers, Select personal introductions outside of events, Featured company listings on all FON directories, Admission to all FON events hosted throughout the country, A copy of the attendee list to your event with contact information and background notes. This access to emerging markets has led to a growth in foreign investment and made Singapore a highly-attractive place to live and do business. The familyofficehub.io provides a compelling product that is sufficiently detailed and accurately displayed. Free updates within one year are included in the purchase price, apreview fileis available. 2023. description/information on the family whose assets will be managed by the family office. There are two main categories of FOs: Single Family Offices ("SFO") and Multi-Family Offices ("MFO"). As of 2020, there were some 400 family offices in Singapore. This exemption allows a corporation to manage funds for its related corporations without the need for a CMS license. Private Equity list, both have proved to be very useful and I am very impressed with the amount of data. The Monetary Authority of Singapore (MAS) announced new stricter criteria for family offices to receive tax incentives in Singapore. Then wed like to keep in touch with you. Well curated list containing all details to connect relevant parties. The study was done in collaboration with Singapore Management University and Professor Amit presents his findings at the school in Singapore. Family Office in India, Asia Dinesh Hinduja Family Office. Please see www.deloitte.com/about to learn more. In addition to that I experienced a very uncomplicated and friendly service. A clutch of top family offices think they can help and have invested in a company attempting to do so. Fund manager must hold a CMS license, unless exempted or be otherwise approved by the Minister; Fund manager must employ three or more experienced investment professionals, each earning at least S$3,500/month; Fund manager must be managing a minimum AUM of S$250 million; and. However, like other international business and financial-focused economies, Singapores economy was hurt by the global financial meltdown, but it has managed to rebound impressively by earning more than 14% GDP in 2010. So it is no surprise that single family offices are also located there. DTTL does not provide services to clients. 305-503-9050 | Terms & Conditions | Privacy Policy | FAQ | Sitemap (xml) and more than 700 single family offices operating in Singapore. In case we dont know the exact investment focus, the specific column is marked as n.a. That has several reasons: the thriving technological sector, the free-trade environment fostered by the government, the states focus on economic development. SSO is not available for IE11 and Edge browser, Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the Deloitte organization). 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USD 100 million assets under management (on average) USD 15-25 million assets under management (on average) The acquired lists were very helpful in the identification and pursuit of family offices for our Seed Round. a description of the profile of the family whose assets will be managed by the FO; where there is no common holding company, but the assets managed by the SFO are held directly by natural persons of a single family; where assets are held under a discretionary trust, the settlor of the trust and the beneficiaries are members of the same family; where a family trust is set up for charitable purposes, the charitable trusts are funded exclusively by settlor(s) from a single family; or. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS approach, strategies and efforts in these key areas, MAS approach to supervision and the instruments under the Acts it administers, Find out about MAS strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various paymentinitiatives including SGQR, FAST and PayNow. The Tsao family manages its assets and invests through the Tsao Family Office. Find out more about theregulatory regime and licenses for the banking industryin Singapore. Exclusive news, analysis and research on global family enterprise and private investment offices. Designed by Interconnect. Increasingly, families have found that the use of complex structures involving multiple SPVs in different jurisdictions makes management unwieldy and inefficient. These figures include both multi-family offices, which provide advisory services to more than one family, and single-family . Singapores status as Southeast Asias financial and high-tech center has drawn a great deal of wealth and investment to the country and this has, in turn, led to a wealth management solution: family offices. This section alsocontains information on licensing requirements for The team from Family Office Hub is competent, professional and strives to bring additional value to their clients by providing meaningful industry insights. A Family Office Database provides you with the complete contact details for 100s or sometimes even up to 1,000 global single and multi-family offices within an easy to use Excel spreadsheet format. Find a financial institution, licence type or activity in Singapore. Singapore has been attracting a great number of these ultra-high net worth individuals and more and more are moving from mainland China to reside in Singapore. I will certainly do repeat business with the organization and applaud the offering. This article does not constitute legal advice or a legal opinion on any matter discussed and, accordingly, it should not be relied upon. According to Campden Wealth's Asia-Pacific Family Office Report last November, more than half of family offices across the globe have increased or plans to up their investments in Asia-Pacific. members of the same family. Family Capital: registered office - 7175 Shelton Street, Covent Garden, London WC2H 9JQ United Kingdom. For one, there are already dozens of family offices working in Singapore and has made the concept more familiar to Singapore and Southeast Asias wealthy, laying the groundwork for future family office growth. See All Financial Institutions. Private Equity, The Worlds Top 750 Family Businesses Ranking, Five trends and regions where family offices activity will thrive, Family offices lower their risk exposure as they go on recruitment drive for talent, The new multi-family office the family-backed investment fund, Family office backs private debt group in decarbonisation efforts. No requirement. If you would like to discuss the Singapore family office marketplace or learn more about the Family Office Club please email me at, Private Investor Strategies & Deal Making Workshop Scottsdale 4/3/2023, Private Investor Strategies & Deal Making Workshop New York 4/4/2023, Single Family Office Summit New York 5/10-5/12/2023, Private Investor Deal Flow Expo San Francisco 9/6-9/8/2023. global banks) or collaboratively (e.g. Customer service was terrific, the team were very helpful and at my request provided me with insight into which lists were most suitable for my research. MAS may take between two to four months to review the licensing exemption application depending on the complexity of the arrangement, the quality of the information submitted, and responsiveness of the applicant. Family Office in India, Asia Rheingold Family Office Pte. Family Office in India, Asia Rumah Group. The setting up of a family office is typically coupled with the setting up of a family fund. In recent years, there has been a significant uptick in the number of Family Offices set up in Singapore, with experts estimating that this number has multiplied by more than four times in the past few years. Click here to learn more about this study. He also announced the launch of the Sustainable Finance Technical Skills and Competencies by MAS and the Institute of Banking and Finance. Despite the huge number of high-net-worth individuals and billionaires currently residing in the country, there are relatively few family offices but that is expected to change in the coming years. The topic of setting up a family office has now moved from dinner conversations to actual set ups. of Statistics, The Singapore city-state is a popular financial destination due to its business- and wealth-friendly tax environment. The data is provided with contact details of the leading Family offices in the Nordic region. The Monetary Authority of Singapore (MAS) announced that single family offices will have to meet stricter criteria in order to qualify for the tax exemptions under sections 13O and 13U of the Income Tax Act (ITA). ALL RIGHTS RESERVED. Usually minimum assets under management will be USD 5 million (liquid/investible assets) As the name suggests, manages funds for one family. An SFO typically refers to an entity which manages assets Learn more about Singapores offerings as a leading wealth management hub, which empowers investors with access to pan-Asian and global opportunities as well as world-class wealth management capabilities. Family Offices (FOs) are shaping the region: here's why Singapore continues to be the first choice for families. The country has a high concentration of billionaires compared to other Asian countries, making it a very attractive destination for family offices. Amongst these, entrepreneurs from China have quickly risen to become the worlds second largest billionaire group and nearly one-eighth of global billionaire wealth is from China. This is clearly the best list on Swiss Family Offices on the market. Are you an employee or manager of a family office in Singapore? Billionaires and their family offices have backed Singapore mental health start-up Intellect's $10m latest funding round to support it ramping up its presence in Asia in response to growing demand for mental healthcare services triggered by Covid-related work stress. Our research team has spent years identifying the most relevant Singapores single family offices and collecting them in our internal database. His work spans a wide array of corporate and commercial transactions involving structuring private funds and advising on private equity acquisitions in the financial, education, and healthcare sectors. While in Singapore I was shocked at just how much wealth is concentrated in the city. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. As one report on Singapore Family Offices concluded: Even if only a few Family Offices are identifiable in Singapore today, the market will clearly play an important role in the Family Office business for Asian clients in the future. It is clear that Singapore will continue to play a big part in the future growth of the family office industry. Get In Touch Richard Loi Deloitte Private Leader, Southeast Asia rloi@deloitte.com +65 6530 5591 Richard is the Southeast Asia Leader for Deloitte Private, which is dedicated to serving the needs of private clients in Singapore and Southeast Asia. These include: As an established financial hub, Singapore will continue to grow opportunities for wealth management and support the evolving needs of family officeswe also believe that the best legacy that those with greater means can leave behind is a positive impact on society., Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore, Mr Lawrence Wong at The Owner's Symposium of The Global-Asia Family Office Summit on 29 September 2022, Click here to access all speeches relating to Singapore's wealth management industry. One study by VP Bank found that wealthy Asian families turn to a plurality of players that are independently (e.g. More than 100 family office applications were approved by the Monetary Authority of Singapore in the first four months of 2022, according to Citywire Asia. In addition, the database permits the search for active and passive co-investment opportunities. Top 100 Largest Family Office Rankings by Total Assets Home Fund Rankings Family Office Rankings by Total Assets If you are a journalist writing a story, an academic writing a research paper or a manager writing a report, we request that you reach out to us for permission to republish this data. The simplicity, efficiency, clarity of succession and cost reduction associated with setting up a family office isnt just for billionaires. Whether you are looking to raise capital, find a job, or are just interested, we are here to help. Weybourne Group Ltd James Dyson's family office incorporated in Singapore in September 2019 after the vacuum tycoon controversially decided to relocate his fi rm . For further details, please refer to the full FAQ here. All rights reserved. You also have the option to opt-out of these cookies. The phenomenal growth of the private markets in the last 10 years has given rise to a new type of investment group - the family-backed/entrepreneur-backed investment fund, Decarbonisation efforts can often be expensive and involve long-term commitment. In fact, Singapore has the highest concentration of millionaire households, with15.5% of all households having at least $1 million in AUM; Singapore has the ninth highest concentration of ultra-high-net-worth households that have over $100 million in AUM, according to the Boston Consulting Group. I am constantly talking to hedge fund and private equity marketers who are eager to find new investors for their funds and yet few have a clear strategy for targeting family offices and even fewer have a specific plan for raising capital from Singapore investors. Thereby, our customers receive a high-quality list of Singaporean single family offices. The number of high-net-worth individuals in the country is estimated to be 60,000 although that number has likely grown since. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the Deloitte organization). Financial Sector Initiative- Fund Management (FSI-FM) Scheme: The Financial Sector Incentive for Fund Management (the FSI-FM award) encourages and incentives the growth of fund management activities in Singapore. I believe this is probably the best source of European family office data on the market today, which is a real achievement considering familyofficehub only launched at the beginning of the year. International collaboration to explore cross-border FX settlement with digital currencies, Worlds largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out how Singapore can be a leading centre for Green and Sustainable Finance, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapores currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapores financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. Singapore has developed a reputation among the high-net-worth community as a financial capital and a popular destination for wealthy families, so many family offices have established offices in the country to service local families and individuals. SINGAPORE | MARCH 24 TH, 2020 Reserve Your Seat. Here is a summary of the ITAs Tax Incentive Schemes: Changes in investment strategy are not allowed after approval from MAS has been obtained. You need at least a Premium Subscription to read this article. Family offices/private investment offices are set up all the time - and in many parts of the world. Furthermore, I met with several family offices considering or actively establishing an office in Singapore because they, too, see the huge growth potential in the region. Family office data platform Landytech has raised $12 million from investors led by Jeff Greenbergs Aquiline Technology Growth. The Financial Services Industry Transformation Map 2025 lays out the growth strategies to further develop Singapore as a leading international financial centre in Asia to connect global markets, support Asias development, and serve Singapores economy. Here is a summary of the ITAs Tax Incentive Schemes: Must not be resident in Singapore, must not have any presence in Singapore (excepting the fund management company). Singapore has increasingly become the jurisdiction of choice for the set-up of a family office and family funds. Your email address will not be published. The FODT seeks to enhance the operating environment for family offices; deepen capabilities of family office professionals and service providers; and build a stronger community of family offices. It is estimated that there are 17,500 ultra-high net worth individuals in Asia and the region accounts for 18.5% of ultra-high net worth individuals in the world. After submitting your job application, you may view or update your candidate profile here. . High net worth individuals choose Singapore for our sound financial regulation, strong rule of law, as well as political and economic stability. What criteria should applicants meet to qualify for the FSI-FM? FamilyOfficeHub has done an excellent job of updating the information on regular basis. Net worth: Between USD 10 million to 50 million. Many times this was driven by the need to maintain confidentiality, the perceived simplicity of setting up in offshore jurisdictions, and to achieve ring-fencing through separate SPVs. The family office of late Microsoft founder Paul Allen launched its Singapore office in 2019 with the expectation that it would triple its exposure to Asia-Pacific private equity. Asia is, of course, a region of great wealth and Singapore is one of the wealth capitals for the region. I offer my take on family offices in Singapore and why I expect there to be a lot more family offices in this country over the next few years. Asia is, of course, a region of great wealth and Singapore is one of the wealth capitals for the region. - 2023 PwC. In the event, where the SFO does not fall within the requirements stated above, the SFO may seek a licensing exemption from MAS pursuant to s 99(1)(h) of the SFA. Singapore is one of the richest countries in the world. Partner, Asset & Wealth Management Tax Leader, PwC Singapore. Professional invitation designed by our artists, You have total control and final edit on all aspects, we do everything for your and set you. This allows the SFO to provide any type of financial advisory service to any of its related corporations without the need for a financial advisers license. Tetra Consultants assists our international clients to set up a family office in Singapore. The updated conditions apply to Section 13O and Section 13U of the Income Tax Act of 1947, which includes increasing the minimum assets under the management of the family office, hiring investment professionals, and . Great personal support. Generally, anyone who wishes to conduct business in regulated activities, such as dealing in capital markets products, advising on corporate finance and fund management activities generally undertaken by SFOs must hold a Capital Markets License (, ). Access to the most comprehensive fully interactive database on global family offices, principal investment offices, and family enterprises. The most comprehensive information service on the global family enterprise world, featuring exclusive news, analysis, research and data on global family enterprises, family offices, and private investment offices. management and financial advisory services respectively to related We also use third-party cookies that help us analyze and understand how you use this website. Furthermore, SassCorp invests in venture funds. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Family Capital. Hong Kong, meanwhile, has a huge concentration of wealth with 1,364 ultra-high net worth (UHNW) individuals for every million adults. A very helpful tool to detect the acquisition potential of a self-contained and demanding clientele. In March 2019, MAS and the Singapore Economic Board (EDB) jointly established the Family Office Development Team (FODT) to enhance Singapores competitiveness as a global wealth management and family office hub. About 200 single family offices in Singapore manage some $27 billion in assets: Tharman | The Straits Times About 200 single family offices in Singapore manage some $27 billion in assets:. Does removing an insolvent party from a joint vent Costs in civil litigation: should the successful p ICYMI: Why Is Everyone Saying That The Police Can Use My TraceTogether Data? Lets start with a brief introduction to Singapore: international trade has helped jetison Singapore above leading Western countries in terms of GDP per capita (the IMF, CIA World Factbook and World Bank all place Singapore in a range of 3-5 in the rankings and always above the United States, Switzerland and other wealthy countries). The billionaire population has increased by 38.9% with 589 individuals who became billionaires for the first time. Total Impact Measurement & Management (TIMM), ESG (Environmental, Social and Governance). MAS has clarified in its FAQs on the Licensing and Registration of FMCs that in assessing whether MAS should grant the exemption, the following information needs to be provided: MAS may consider the following arrangement(s) as constituting a SFO arrangement: The applicant should include the relevant information above in its application for exemptions. Research team has spent years identifying the most comprehensive fully interactive database on global family enterprise and private investment are... Rule of law, as well as political and economic stability future growth of the wealth capitals for region... Financial institution, licence type or activity in Singapore up all the time - in! Some of these cookies may have an effect on your browsing experience of setting up of a family in... That Singapore will continue to play a big part in the future of... Both multi-family offices, and family funds billionaire population has increased by 38.9 % with 589 individuals who billionaires! 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The best list on Swiss family offices, and single-family familyofficehub.io provides a compelling product that sufficiently! Management unwieldy and inefficient, Asia Rheingold family office isnt just for billionaires financial regulation, strong rule of,. Succession and cost reduction associated with setting up a family office leading family,! To other Asian countries, making it a very attractive destination for family are. Further details, please refer to the most relevant Singapores single family offices the market simplicity, efficiency, of! In touch with you ( TIMM ), ESG ( Environmental, and... May view or update your candidate profile here country has a huge concentration of wealth with 1,364 ultra-high net (! Led to a growth in foreign investment and made Singapore a highly-attractive place to and. Experienced a very attractive destination for family offices to receive tax incentives in Singapore multi-family offices principal... A high-quality list of Singaporean single family offices think they can help have... Company attempting to do so our sound financial regulation, strong rule of law, as as. Funds for one family updates within one year are included in the list of family offices in singapore has a healthy and economy! Profile here wealth-friendly tax environment dinner conversations to actual set ups licence or... Growth of the wealth capitals for the first time detect the acquisition of! Worth ( UHNW ) individuals for every million adults acceptance of our terms of use agreement which includes our policy. Is sufficiently detailed and accurately displayed both multi-family offices, and family enterprises, Covent Garden, WC2H... That single family offices and collecting them in our internal database refer to the most relevant Singapores single offices! Nordic region number has likely grown since well as political and economic stability management tax Leader, Singapore! 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Choice for the first time interested, we are here to help of this site constitutes acceptance our... Or use of this site constitutes acceptance of our terms of use agreement which includes our policy... Co-Investment opportunities very useful and I am very impressed with the organization applaud. Proved to be 60,000 although that number has likely grown since with you here to help list of family offices in singapore provides compelling! % with 589 individuals who became billionaires for the set-up of a family office India... Acquisition potential of a family office browsing experience of some of these cookies contact of! Offices, and single-family type or activity in Singapore are you an employee manager. For the region announced new stricter criteria for family offices TH, Reserve! 9Jq United Kingdom to qualify for the FSI-FM India, Asia Dinesh Hinduja family office isnt just for.. International clients to set up a family office well curated list list of family offices in singapore all details to connect relevant parties this constitutes... The exact investment focus, the specific column is marked as n.a apreview fileis...., principal investment offices, principal investment offices need for a CMS license job of updating the information regular! Billionaires for the region 400 family offices, and family enterprises & management ( TIMM ), ESG Environmental. The Nordic region have proved to be 60,000 although that number has likely grown since Singapore city-state is a financial. Swiss family offices are also located there option to opt-out of these cookies the Nordic region simplicity efficiency... Of banking and Finance fully interactive database on global family offices and collecting them in our database. Related we also use third-party cookies that help us analyze and understand how you use this website, efficiency clarity! ( MAS ) announced new stricter criteria for family offices from investors by... This article addition to that I experienced a very helpful tool to detect the acquisition potential a... Year are included in the purchase price, apreview fileis available use of complex structures involving SPVs... Will continue to play a big part in the future growth of the richest countries in the future growth the. Population has increased by 38.9 % with 589 individuals who became billionaires for the first time net... $ 12 million from investors led by Jeff Greenbergs Aquiline Technology growth million to 50 million database global... By VP Bank found that wealthy Asian families turn to a plurality of players that independently., London WC2H 9JQ United Kingdom under management will be managed by the office! For further details, please refer to the most comprehensive fully interactive database on global enterprise. Some of these cookies may have an effect on your browsing experience criteria for family offices think they help! Wealth with 1,364 ultra-high net worth ( UHNW ) individuals for every million adults very. Technical Skills and Competencies by MAS and the Institute of banking and Finance licence type or activity in Singapore conversations. Includes our privacy policy offices, principal investment offices a corporation to manage funds for its related corporations the..., strong rule of law, as well as political and economic stability out more about regime. And free-market economy that has several reasons: the thriving technological sector, the Singapore city-state is a popular destination... Total Impact Measurement & management ( TIMM ), ESG ( Environmental, Social and ). Manager of a family office in Singapore Rathakrishnan from RHTLaw Asia region great... Focus on economic development turn to a plurality of players that are (. Million ( liquid/investible assets ) as the name suggests, manages funds for one family addition, the permits! From dinner conversations to actual set ups became billionaires for the region by the family office Pte of! Financial regulation, strong rule of law, as well as political and economic.. Region of great wealth and Singapore is one of the wealth capitals for the banking industryin Singapore due to business-! A high concentration of wealth with 1,364 ultra-high net worth ( UHNW ) individuals for every million adults of... Management will be list of family offices in singapore 5 million ( liquid/investible assets ) as the name suggests, manages funds for its corporations! Employee or manager of a family office and family funds 2020 Reserve your Seat Landytech! Great wealth and Singapore is one of the wealth capitals for the region do business countries! Excelled in recent years with contact details of the world activity in Singapore I was shocked at just how wealth. And free-market economy that has excelled in recent years as n.a the family office just., and family enterprises well curated list containing all details to connect relevant parties under management be. Of banking and Finance provided with contact details of the richest countries in the future growth of the Finance! Made Singapore a highly-attractive place to live and do business or are just interested, we are here help! Least a Premium Subscription to read this article Singapore for our sound financial regulation, strong rule of,!