Growth in the number of new external asset managers and multi-family offices in Asia seems to be slowing due to the rising cost of compliance and talent, say private bankers.
Tag : multi-family office
Kee Kin Onn resigned last week after 12 years with the Malaysian group, reflecting the trend for senior private bankers to strike out on their own. He told AsianInvestor about his plans.
Taurus Wealth Advisors recently hit $1 billion in assets under management and has applied for a licence to operate in the Middle East with a view to winning more clients there.
The multi-family office is relying less on stop-losses and more on currency trading to mitigate potential losses on debt holdings. And it's not only bond investors suffering from thin volumes.
A growing number of European families are putting offices in Asia with a view to diversifying their asset base and investment exposure. Fund firms and other service providers are taking note.
Two EFG executives, including the Asia head of investments of the funds arm, are leaving the Swiss bank to set up an external asset management business next month.
Swiss asset and wealth manager Union Bancaire Privee has added a duo from DBS for its new multi-family office unit, including Joerg Hansen as Singapore head.
Swiss private bank Union Bancaire Privée has hired the founder and former head of a family office with a view to building a team in Hong Kong and Singapore.
The single-family office model is more likely to be successful in the region, says Grégoire Imfeld of Pictet & Cie. But there is evidence of multi-family offices thriving.
