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Alternative Market Briefing

Asia experiencing 'small' explosion of single and multi-family offices

Friday, March 02, 2018

Komfie Manalo, Opalesque Asia:

The sharp rise in the number of high net and ultra-high-net-worth persons in Asia - the biggest growth being in China, with Hong Kong and Singapore in its wake - has seen a small explosion of single and multi-family offices in the region, said Kate Hodson, a partner in Ogier's Hong Kong investment funds team.

Hudson told participants in the latest Opalesque 2018 Japan Roundtable that although family office is a relatively new concept in Asia, the mature regulatory environment in the region is pushing its growth, with Hong Kong and Singapore providing a tax-efficient environment governed by common law.

She added, "We get so many requests from clients in HK, Singapore and China to assist on the set-up of a 'family office' - in reality many of these clients want a management company, a fund and perhaps a few separate holding companies for their traditional businesses. These can be tied together with a holding structure that provides some form of succession planning."

She explained that coming out of the investment banks or their own successful entrepreneurial endeavors, the young to middle aged generation in Asia are interested in managing their own wealth and often that of others.

On the other hand, Japan is an untapped family office destination, she said. Japan has the people and the money, however traditionally, wealthy individuals have tended t......................

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