Overview
Singapore has emerged as a leading hub for family offices in Asia, with over 400 family offices established in the city-state as of 2021. These family offices manage an estimated S$200 billion in assets, making Singapore one of the largest family office markets in the world.
List of Family Offices in Singapore
- Temasek Holdings: Founded in 1974, Temasek Holdings is one of the largest sovereign wealth funds in the world, with over S$381 billion in assets under management (AUM). Temasek invests in a wide range of asset classes, including private equity, venture capital, real estate, and infrastructure.
- Government of Singapore Investment Corporation (GIC): GIC is another major sovereign wealth fund in Singapore, with over S$380 billion in AUM. GIC invests in a diversified portfolio of assets, including stocks, bonds, real estate, and private equity.
- Lee Kuan Yew School of Public Policy Family Office Fund: This family office manages the assets of the Lee Kuan Yew School of Public Policy at the National University of Singapore. The fund invests in a variety of asset classes, including private equity, venture capital, and real estate.
- Wee Cho Yaw Family Office: This family office manages the assets of Wee Cho Yaw, the founder of United Overseas Bank (UOB). The family office invests in a wide range of asset classes, including real estate, private equity, and bonds.
- Kuok Foundation: This family office manages the assets of the Kuok Group, a multinational conglomerate founded by Robert Kuok. The family office invests in a variety of asset classes, including real estate, private equity, and public markets.
- Chan Family Office: This family office manages the assets of the Chan family, the founders of Hong Leong Group. The family office invests in a wide range of asset classes, including real estate, private equity, and public markets.
- Tanoto Family Office: This family office manages the assets of the Tanoto family, the founders of the Royal Golden Eagle Group. The family office invests in a wide range of asset classes, including real estate, private equity, and public markets.
- Kwek Family Office: This family office manages the assets of the Kwek family, the founders of City Developments Limited (CDL). The family office invests in a wide range of asset classes, including real estate, private equity, and public markets.
- Ng Family Office: This family office manages the assets of the Ng family, the founders of Far East Organization. The family office invests in a wide range of asset classes, including real estate, private equity, and public markets.
- Khoo Family Office: This family office manages the assets of the Khoo family, the founders of Guoco Group. The family office invests in a wide range of asset classes, including real estate, private equity, and public markets.
- Oei Family Office: This family office manages the assets of the Oei family, the founders of the Lippo Group. The family office invests in a wide range of asset classes, including real estate, private equity, and public markets.
- Parameswaran Family Office: This family office manages the assets of the Parameswaran family, the founders of the Indian Bank. The family office invests in a wide range of asset classes, including real estate, private equity, and public markets.
Common Mistakes to Avoid
When setting up a family office in Singapore, it is important to avoid the following common mistakes:
- Not having a clear investment strategy: It is important to have a clear investment strategy that outlines the family’s investment goals, objectives, and risk tolerance.
- Not having a diversified portfolio: Family offices should diversify their portfolios across a range of asset classes to reduce risk.
- Not having a long-term investment horizon: Family offices should have a long-term investment horizon to ride out market volatility and achieve their investment goals.
- Not having a succession plan: It is important to have a succession plan in place to ensure the smooth transition of the family office from one generation to the next.
How to Set Up a Family Office in Singapore
To set up a family office in Singapore, you will need to:
- Determine the family’s investment goals and objectives.
- Create an investment strategy.
- Diversify the portfolio across a range of asset classes.
- Hire a qualified investment manager.
- Establish a legal entity for the family office.
- Register the family office with the Monetary Authority of Singapore (MAS).
- Obtain a license from MAS if necessary.
FAQs
1. What is a family office?
A family office is a private company that manages the financial affairs of a wealthy family. Family offices provide a wide range of services, including investment management, wealth planning, tax planning, and philanthropy.
2. What are the benefits of setting up a family office in Singapore?
Singapore offers a number of benefits for family offices, including a favorable tax regime, a stable political environment, and a skilled workforce.
3. How much does it cost to set up a family office in Singapore?
The cost of setting up a family office in Singapore will vary depending on the size and complexity of the family office. However, it is typically in the range of S$100,000 to S$500,000.
4. How do I choose a qualified investment manager for my family office?
When choosing an investment manager for your family office, it is important to consider their experience, track record, and fees. It is also important to make sure that the investment manager is a good fit for your family’s investment goals and objectives.
