{"id":9912,"date":"2020-08-11T05:42:58","date_gmt":"2020-08-11T09:42:58","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/singapores-growing-appeal-to-family-offices\/"},"modified":"2020-08-12T04:03:47","modified_gmt":"2020-08-12T08:03:47","slug":"singapores-growing-appeal-to-family-offices","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/singapores-growing-appeal-to-family-offices\/","title":{"rendered":"Singapore’s growing appeal to Family Offices"},"content":{"rendered":"
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Bloomberg Singapore recently hosted a virtual Family Office Forum, which examined the city state’s increasing prominence in a sector which is expected to see US$15 trillion transition to the next generation between now and 2030. Asian ultra-high-net-worth (UHNW) families are expected to account for a significant share of first generation owners crossing 60 years of age.<\/p>\n

In his welcome remarks, Bloomberg\u2019s ASEAN Head, Steven Yankelson<\/strong>, pointed to the growing appeal Singapore offers to investors in terms of access to pan-Asian and global opportunities and how it is attracting more US and European family offices, in addition to Asia-based families.<\/p>\n

Monetary Authority of Singapore\u2019s Deputy Director Spencer Hsu<\/strong> in his keynote speech noted that the number of family offices in Singapore grew five-fold between 2017 and 2019.<\/p>\n

More than 150 participants across Singapore, Hong Kong and ASEAN attended the forum from a mix of single family offices, multi-family offices, consulting firms and private banks. According to results of the live audience poll, the prime mandate of Singapore-based family offices is in investment returns and asset allocation (47%) , private equity or direct deals (19%) and 9% are in managing private bank accounts.<\/p>\n

Only 11% of family office managers indicated that they were involved in family succession or legacy planning \u2013 and only 4% considered their family office to be \u201cvery well\u201d prepared for succession planning and inter-generational wealth transfer while 45% said they were either only a \u201clittle\u201d or \u201cnot at all\u201d prepared for these future transitions.<\/p>\n

When asked to rate \u2013 from 1-5 \u2013 the level of discretion given to them by their principals, 64% of participants in the forum indicated that they have relatively high levels of discretion. Raffles Family Office Managing Partner Kendrick Lee<\/strong> sees this trend continuing and expects a shift among family offices in Asia towards more discretionary mandates in the next 10 years.<\/p>\n

Mr. Yankelson sees Bloomberg playing a part to support this burgeoning market. He said: “We are seeing more professionals from asset management and hedge funds joining family offices and, as a result, the technology stacks required have also become increasingly sophisticated. We are excited to support the growth of this sector and will continue to play our part to be a technology partner for family offices.\u201d<\/p>\n

A panel discussion moderated by Diksha Gera, Sector Head of Global Financials Research at Bloomberg Intelligence<\/strong>, brought together Kendrick Lee, Managing Partner at Raffles Family Office; Peter Golovsky, Managing Director, Head of Private Wealth & Family Offices Asia at IQ-EQ<\/strong>; and Raza Jafree, Head of Markets for Private Bank and UHT trading at Asia Pacific Credit Suisse<\/strong>.<\/p>\n

Watch the webinar replay here<\/a>.<\/p>\n\n<\/div>\n

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L-R (Top row)<\/em> Diksha Gera, Bloomberg Intelligence; Kendrick Lee, Raffles Family Office; L-R (Bottom row)<\/em> Peter Golovsky, IQ-EQ, Raza Jafree, Credit Suisse<\/figcaption>\n<\/figure>\n<\/p>\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"Bloomberg Singapore recently hosted a virtual Family Office Forum, which examined the city state’s increasing prominence in a sector which is expected to see US$15 trillion transition to the next generation between now and 2030. Asian ultra-high-net-worth (UHNW) families are expected to account for a significant share of first generation owners crossing 60 years of [...]","protected":false},"featured_media":9915,"template":"","format":"standard","categories":[86],"press_tag":[79],"class_list":["post-9912","press","type-press","status-publish","format-standard","has-post-thumbnail","hentry","category-bloomberg-professional-services","press_tag-press-announcements"],"yoast_head":"\nSingapore's growing appeal to Family Offices | Press | Bloomberg LP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/company\/press\/singapores-growing-appeal-to-family-offices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore's growing appeal to Family Offices | Press | Bloomberg LP\" 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