Family Office Introduction
If private banks are at the top of the commercial banking pyramid, then the family office is the apex of this pyramid.
Family office is an organization that gathers senior investment consultants, certified public accountants, lawyers and other professionals to provide a full range of wealth management services for high-net-worth family clients – covering family trust, tax planning, asset management, private legal services, butler services and more – it is the highest-end form of wealth management.
According to data from the Monetary Authority of Singapore, the scale of asset management in Singapore is increasing year by year, reaching SGD $4 trillion in 2019, or approximately USD $3 trillion, making it the world’s largest asset management center. According to another set of data from the Monetary Authority of Singapore (MAS), bank deposits of residents outside Singapore reached a record $62.14 billion in April 2020.
The Singapore government welcomes high-net-worth families to set up family offices in Singapore by providing tax incentives and concessions for successfully established funds.
