Hopes in Singapore for a near-term containment of the pandemic were dashed in mid-July with a spike in new cases, causing a retightening of controls on social gatherings for a month. Meanwhile its regional neighbors, such as Indonesia and Malaysia, are grappling with rising waves of infections. Amidst this gloom, some good news: Singapore’s economy expanded 14.7% year-on-year in the second quarter, its fastest annual pace in at least a decade, according to the Ministry of Trade and Industry.

“Contrary to popular belief, succession planning goes beyond just the transfer of financial wealth, and should more holistically include the family's social and intellectual capital.”

His observation dovetailed with comments from Gary Tiernan, who heads the multi-family office Golden Equator Wealth as well as Golden Equator’s capital business arm. Among Tiernan’s network of clients, opinions diverge drastically: “Investors are either believers or they’re not. And we certainly can find people within our network that are on both sides of the spectrum.” But he cautioned, “the level of volatility in cryptocurrencies makes it difficult to be a major part of anybody’s portfolio”.

A focus on multi-generational wealth and legacy preservation is the hallmark of investing through a family office. This is made possible through clear alignment of interests with clients, deeper and more comprehensive risk management and a focus on long-term growth and value.

Family offices come in a range of shapes and sizes, but their central mission statement - to manage wealth - rarely varies.

Singapore's growing status as a financial hub is luring increasing numbers of well-heeled families from across the world to set up offices here to manage their money.