Hong Kong-based Raffles Family Office has opened a new office in Singapore, Citywire Asia can exclusively reveal.
Launched on Monday, the new office will service high-net-worth (HNW) families and individuals from Malaysia, Indonesia and Thailand as well as non-resident Indians, CEO Chi Man Kwan told Citywire Asia.
The multi-family office is currently awaiting its capital markets services licence in Singapore, which is expected in December.
Located in CapitaGreen, the Singapore office will be led by Kendrick Lee (pictured), who was previously a director at Indosuez Wealth Management in Singapore.
The office will initially have three relationship managers and two operations staff who will provide pure independent asset management services to clients, Kwan said.
In Hong Kong, Raffles Family Office manages $1.5 billion in client assets, and is the holding company for Raffles Asset Management, Raffles Capital Holdings and Raffles Properties. It currently has 13 relationship managers who predominantly serve Chinese HNW families.
The firm not only provides asset management services predominantly through discretionary accounts, but also offers insurance brokerage, corporate services and real estate investments to clients.
Kwan said going forward the company might venture into onshore insurance brokerage and corporate services in Singapore in 2019, depending on the success of the newly launched unit.
The multi-family office is also looking to grow its assets under management by on-boarding principals of family offices, hiring relationship managers and working with independent trustees on their investment accounts.
Over the years, Singapore has become a favoured destination for overseas HNWIs to set up family offices as way to gain permanent residency (PR) in the country.
Singapore-based family offices managed close to $857 million on average in 2017, data by UBS has revealed.