Singapore Family Offices - Top Performers In Asia

Following the launch of their 2015 Global Family Office Report in Hong Kong earlier this week, Campden Wealth’s chief executive Dominic Samuelson was joined in Singapore by Joseph Poon, managing director, head of ultra high net worth South East Asia, UBS Wealth Management, Eric Landolt, head of family advisory Asia Pacific, UBS Wealth Management and Kelvin Tay, regional chief investment officer, Southern Asia Pacific, UBS Wealth Management, to present and discuss their findings.

35 family offices In Asia Pacific, participated in the study with average assets under management of USD 431 million. 10 family offices in Singapore participated in this global survey.

Among some key Asia-Pacific/Singapore results from the 2015 report were:

  • Family Offices in Singapore had substantially better returns, at 6.9%; this was attributed to offices in the region having large holdings in private equity (over 30% of a Singaporean family office portfolio), which produced impressive returns over 2014.
  • Family offices in Asia-Pacific had the second-best investment performance globally in 2014, a return of 6.3% in dollar terms.
  • The average Asia-Pacific family office holds 45% of their portfolio in illiquid assets (Singapore 46%) such as private equity and real estate direct investments, similar to offices globally.
During the session UBS’s Joseph Poon highlighted the fact that across Asia the generational changing of the guard, which had been talked about over recent years, was now a reality and the momentum was strong. He also noted that the new generations of family office principals were more comfortable in bringing in skilled professionals to run the family office, something the senior originators of the wealth rarely considered.

In Asia the younger generations inheriting the family office responsibilities were also becoming more personally engaged in the philanthropic activities, with an emphasis in the areas of health and education. Singaporean family offices were said to be giving in the region of US$7million to US$8million each annually to such causes.

The panel also noted that family offices were now more mobile and inter-connected and this presented unique investment opportunities across jurisdictions.

As a leading wealth management hub, the authorities in Singapore are keen to attract additional family offices that can plug in to the now well-established wealth management infrastructure. Asia can therefore expect to see continued growth in the family office and multi family office space in both Singapore and Hong Kong particularly as the investment opportunities swing further east.

 

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