Family offices turn attention towards alternative investments

FAMILY offices in the Asia-Pacific have been in the spotlight in recent years.

Singapore and Hong Kong, the regional wealth management hubs in Asia, have rolled out various incentives and schemes over the last five years to attract the largest family offices to their shores.

This has not gone unnoticed, with the region now home to 9 per cent of the world’s family offices – of which 59 per cent are in Singapore, based on the recent 2023 Global Family Office Compensation Benchmark Report by KPMG.

This growth is being driven by a number of factors, including rising wealth levels in the region, the increasing complexity of navigating financial markets, and the desire for families to have more control over investment strategies.

The need to professionalise the management of their assets has become more pressing amid increasing global uncertainty and geopolitical risks.

Source: The Business Times