Building the Foundation of a Successful Family Office in Singapore

As the family office sector in Singapore continues to grow, Enfusion hosted an industry event, "Building the Foundation of a Successful Family Office in Singapore," at NTUC Centre 1 on 24 May 2023. Gathering over 60 family office leaders and professionals, the discussion revolved around the city-state's new dawn as a bustling hub for family offices.

Christy Lai, responsible for APAC Partnership & Alliances at Enfusion, moderated the discussion. Panelists included Ryan Lin of Bayfront Law, Christopher Wong of Banjaran AM, Spencer Hsu of EY, and Patricia See of Maybank Investment Banking Group.

The event started with an in-depth discussion of the new regulatory requirements for family offices in Singapore. An estimated 70% of families lose their wealth by the second generation, and as many as 90% of families lose their wealth by the third generation. Well-managed family offices can play a significant role in reversing such figures. As a result, family offices face an increasing need for robust systems for investment management, including accurate, consolidated position tracking. Simply put, having the right system makes a difference.

Dialogue also focused on the changing investment climate. Macro conditions are helping foster the increasing diversification from traditional assets to multi-asset investments. In short, firms are looking at multi-asset investing because equities may be out of favor in the future. This perspective underscores the need for family offices to stay abreast of market trends and adjust strategies accordingly.

Finally, the current climate also highlights the importance of understanding the nuances of investment vehicles across equities, credit, and more. It draws attention to the critical role of technology in managing investments and navigating complex regulatory landscapes, a theme that resonated throughout the family office event.