Over the past year alone, Singapore and Hong Kong were two of the fastest growing family office markets globally. "The rich are favoring family offices as they get personalized attention and are able to have a bigger say in the management of their wealth," Reuters reports.
A relatively new concept in the region, there are estimated to be less than 500 family offices in Asia compared to the thousands that have been established throughout the North American and European regions. That being said, the number of family offices in Singapore have quadrupled between 2015 and 2017, and this growth doesn't seem to be slowing down.
"Offshore Chinese wealth will continue to grow, so family office business is going to be a multi-year trend," said Ivan Wong, Head of Investment Services and Product Solutions for Asia Pacific at HSBC Private Bank.
New family offices in Asia rose 15% in the first three quarters of this year over the year-ago period.
Citi, Credit Suisse, HSBC and UBS are reportedly putting plans in place to beef up their teams focused on family office clients.
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