The top family offices to work for in Singapore
Singapore is rapidly emerging as Asia’s family office hub, as its low-tax regime and proximity to Southeast Asian growth markets prove a powerful drawing card for many of the world’s ultra rich.
More than 100 family office applications were approved by the Monetary Authority of Singapore in the first four months of 2022, according to Citywire Asia. This adds to the 700 that were in operation at the end of 2021. These figures include both multi-family offices, which provide advisory services to more than one family, and single-family offices.
While multi-family offices are typically larger and have more jobs on offer, roles at single-family offices come with a more glamorous edge as they manage the wealth of a single rich (and often famous) family. If you want to work for a billionaire in Singapore, here’s a selection of some of the single-family offices that have recently set up, or plan to launch, in the country.
Billionaire Mukesh Ambani has joined the ranks of India’s wealthy elite flocking to take advantage of Singapore’s low-tax regime. Although no official announcement has been made, the chairman and managing director of Indian conglomerate Reliance Industries has selected a manager to oversee the family office, according to media reports. The office is expected to be up and running in 10 to 12 months. Ambani, 65, who has a net worth of $87.8bn, laid out a succession plan in August that will eventually see his sprawling business empire handed over to his three children.
Dalio Family Office
Ray Dalio, the billionaire founder of Bridgewater Associates, opened a branch of his family office in Singapore in 2020. Dalio has a family office headquartered in Westport, Connecticut and a satellite office in New York that “supports Barbara and Ray Dalio and their family in their ventures and investments as well as their work through Dalio Philanthropies,” according to the Dalio Office profile on LinkedIn. Dalio had a net worth of $15bn, according to Bloomberg.
Bayshore Global Management
A Singapore unit of Bayshore Global Management was established in late 2020 to oversee the family wealth of Google co-founder Sergy Brin. Bayshore is headquartered in North America with assets under management of $30.1bn. Brin is the world's ninth-richest person with a personal fortune of $86.5bn, according to the BBC.
Billionaire Liang Xinjun is among a growing wave of ultra-wealthy mainland Chinese laying down stakes in Singapore. Liang was the number-two figure at conglomerate Fosun Group before stepping down in 2017 for health reasons. He has since focused his entrepreneurial efforts on blockchain and artificial intelligence, and is said to have weighed up living arrangements in Vancouver, Taipei, and Tokyo before settling on Singapore. Liang reportedly said the proximity to growing markets in Southeast Asia was one of the reasons behind his decision to choose Singapore. Liang has a net worth of $2.2bn, according to Forbes.
British billionaire Sir James Dyson, founder of the eponymous tech company, set up a family office in Singapore in 2019. Dyson is the UK’s second richest person with a net worth of $11.9bn, according to Bloomberg. His own move to Singapore was symbolised by the purchase of a luxury apartment in the Guoco Tower in 2019 for $47.79m, which he reportedly sold in 2020. Recently, he appears to be residing primarily back in the UK, although a unit of his family office continues to be based in Singapore, according to the BBC.
In 2021, the family office behind Nicholas Oppenheimer and his son Jonathan Oppenheimer set up a Singapore unit to bolster its exposure to Southeast Asia and Africa. The family office, which is part of the dynasty linked to diamond producer De Beers, said a physical presence in Singapore would act as a platform to “boost synergies and catalyse investments”. Nicholas Oppenheimer ranked as the richest person in South Africa with a personal fortune of $7.6bn in August 2020, according to Forbes. The Oppeheimer family sold its 40% stake in De Beers to miner Anglo American for $5.1bn in 2011.Photo by Hu Chen on Unsplash
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