From Komfie Manalo, Opalesque Asia – The rising number in Asian rich will help push a boom in the number of family offices in the region, a new study by UBS and Campden has revealed.
Family offices are private companies that manage investment and trust for high-net worth families with over $100m in investible assets.
"The rapid growth of the number of ultra high net worth individuals in Asia, coupled with the upcoming inter-generational transition of assets and control in the region, point to a boom in the numbers of new family offices over the next few years," Today Online quoted the report as saying.
Currently, there are an estimated at least 100 family offices operating in Asia, which is relatively small compared to the U.S. and Europe, where the majority of the estimated 2,500 family offices globally are based.
Amy Lo, managing director and head of ultra high net worth (Asia Pacific) at UBS, commented on the report, "One of the key challenges for the family office is obviously family succession planning and legacy building."
Add to that to the expected boom in Asian family offices are the current trend amongst European family offices to relocate to Asia, particularly in Singapore.
According to Channel News Asia, the joint research poi......................
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