Growing interest to set up #familyoffice in Singapore
According to a report by Boston Consulting Group, Singapore’s millionaire population expanded at the fastest rate last year. Singapore has the highest proportion of millionaire households, followed by Switzerland, and Qatar. According to a study done by PricewaterhouseCoopers LLP, Singapore will become the world’s top management centre by 2013.
Family offices from the U.S. and western and central Europe are keen to set up shop in Asia, particularly Singapore. Family offices that have set up units in Singapore include Tano Capital, the financial advisor of the founders of Franklin Templeton Investments, and London-based Alta Advisers Ltd., the family office of Swedish billionaire Hans Rausing.
The first family office was established in the U.S. by oil baron John D.Rockefeller in 1882 to manage his family’s assets. Much of the wealth in Asia was created after World War II and many of these ageing entrepreneurs now need to decide on how to pass on their business and financial assets to the next generation. In many countries in Asia, family businesses are still being run by the first generation of entrepreneurs.
Asian Family Office Forum 2012 will be held on 12 March 2012 at Grand Hyatt, Singapore. It is a closed door forum exclusively for family offices. Asian Family Office Forum 2012 is a comprehensive closed door forum where International and Asian family offices, family businesses, entrepreneurs and family advisors will discuss the challenges and success stories of setting up a family office, succession planning, family governance and wealth management.