More families are recognising the benefit of having Family Offices and Singapore is an ideal jurisdiction to set up.
In this article, our managing partner Gary Tiernan said: “The problem is that there is a global phenomenon that suggests as little as 10 per cent of family wealth successfully transitions beyond the third generation.
“One common thread in families that do manage to successfully transition wealth beyond the third generation is the existence of a family office.”
He added that Singapore has long been recognised as an important financial centre, with a robust legal system and pro-business policies.
Families have been attracted by the residency and tax schemes here, for instance.
“Over recent decades, strong private banking and trust company professions have been developed. These are well regulated and supported by a skilled labour force,” Mr Tiernan said.
“The foresight in building these professions has extended to family offices.”
Interest has also come from areas outside the region.
Family offices can also be investing assets in a variety of areas. One hallmark of them in Asia is a focus on real estate, noted Mr Tiernan.
But other areas like digital assets are also growing, together with impact investing as focus shifts to sustainability.
Read the full article published here in The Straits Times.