Family Office News Asia

  • From Entrepreneurs to Dynasties: The Family Office Boom Reshaping Southeast Asia

    From Entrepreneurs to Dynasties: The Family Office Boom Reshaping Southeast Asia

    Southeast Asia is experiencing an unprecedented surge in family office establishments, driven by rapid wealth creation, generational transitions, and favorable regulatory environments.

    This growth represents a fundamental shift in the region’s wealth management landscape, with significant implications for capital markets and economic development.

    Quantitative Growth Metrics

    The expansion of family offices across Southeast Asia has been remarkable in scale and velocity.

    The number of single-family offices in Hong Kong and Singapore, the hubs for such entities in Asia–Pacific, has quadrupled since 2020 to about 4,000 across both jurisdictions.

    Singapore alone demonstrates this explosive growth trajectory, with single family offices growing from just 400 to 1,650, with expectations that new additions in 2024 will surpass the 300 added in 2023.

    This concentration is further evidenced by Singapore’s dominant market position, where 59% of family offices in Asia are located in Singapore, with over 2,000 family offices representing a 43% year-on-year increase.

    The regional impact extends beyond these financial hubs, with family offices now accounting for a third of the region’s investors, up from a fifth in 2020.

    Wealth Creation Drivers

    The proliferation of family offices directly correlates with Southeast Asia’s wealth expansion. The number of ultra-high-net-worth individuals (UHNWIs) in Southeast Asia, defined as those with over US$30 million in assets, grew by 7.5% year-on-year, outpacing North America and Europe.

    This growth has been particularly pronounced in countries like Indonesia, the Philippines, Vietnam, and Thailand, driven by booming real estate, tech entrepreneurship, and family-owned conglomerates.

    The broader economic foundation supporting this wealth creation includes substantial economic growth over the past decade, propelled by factors such as foreign direct investment, urbanization, and infrastructure development in countries like Singapore, Indonesia, and Thailand.

    Additionally, Asia-Pacific private capital grew at 13% CAGR between 2013-2023, fastest compared to other regions.

    Investment Evolution and Market Transformation

    Family offices are reshaping investment patterns across Southeast Asia. The proportion of private market investments rose to over 30 percent in the first half of 2024, up from 18 percent in 2022, with growing investor interest in real estate and infrastructure opportunities in emerging markets.

    This shift demonstrates the sophisticated investment strategies these entities are employing.

    A critical driver behind the family office boom is generational transition.

    Many of Asia’s first-generation wealth creators are now moving businesses or capital to the next generation, with second-generation leaders seeking more governance, strategic planning and professionalisation in how their family’s wealth is managed.

    This transition is supported by advanced planning capabilities, with 65% of APAC family offices having succession plans, significantly ahead of their global counterparts.

    The trajectory suggests continued robust expansion in Southeast Asia’s family office sector. The convergence of wealth creation, favorable regulatory frameworks, generational transitions, and sophisticated investment demands positions the region for sustained growth in this sector.

    This development signifies not just a shift in wealth management preferences, but a fundamental evolution in how ultra-high-net-worth families approach capital preservation, growth, and succession planning across Southeast Asia.

    The data indicates that Southeast Asia’s family office sector has moved beyond emergence into a mature, rapidly expanding ecosystem that will continue to influence regional capital flows and investment patterns in the years ahead.

    FamilyOfficeNewsAsia.com

  • Singapore Ramps Up Philanthropic Push As Family Offices Surge Past 2,000

    Singapore Ramps Up Philanthropic Push As Family Offices Surge Past 2,000

    Singapore is stepping up efforts to channel more charitable giving from family offices, as the number of single family offices (SFOs) in the city-state climbed to more than 2,000 by the end of 2024, a tenfold increase in five years.

    Officials and industry participants say the growth has been driven by tax incentives, regulatory clarity and a deep advisory ecosystem, making the Republic an attractive hub for wealthy families.

    “These conditions make it a trusted hub for high-net-worth individuals to turn their philanthropic ambitions into credible action,” said Mae Anderson, head of philanthropy services, Asia, at BNP Paribas Wealth Management.

    Charitable activity has grown alongside the expansion of family offices. The latest Singapore’s Biggest Philanthropic Organisations List by consultancy Soristic Impact Collective recorded 117 organisations, up from 101 in 2022, with total giving almost doubling to S$431 million.

    Family offices have backed initiatives in healthcare, sustainability and innovation. The Carbon Project Development Grant, co-funded by the Economic Development Board and family office capital, supports local firms in developing carbon credits.

    The Gates Foundation, which opened a Singapore office in May 2025, plans to mobilise at least US$100 million from family offices and foundations to boost healthcare in Southeast Asia.

    Regulators are also building capacity. In 2021, the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance issued skills benchmarks for philanthropy advisers, with co-funding available for training.

    MAS connects new SFOs with charities such as the Community Foundation of Singapore and Community Chest, and in 2023 broadened tax incentives to recognise donations as eligible expenditure.

    The ecosystem has expanded to include groups such as ImpactSG, which launched in 2024 and partnered with multi-family office Farro Capital this year, engaging five families in commitments worth S$600,000 annually.

    FamilyOfficeNewsAsia.com

  • Family Office Forum in Hong Kong Spotlights Succession Planning, Alternative Investments

    Family Office Forum in Hong Kong Spotlights Succession Planning, Alternative Investments

    The Family Office Forum convened family offices, entrepreneurs and business leaders at the Rosewood Hong Kong on Thursday for discussions on succession planning, wealth management and investment strategies against the backdrop of shifting global markets.

    The event opened with remarks from Anna Wong, founder of FEW, and Anina Ho, founder of Web3 and AI company Future One Mena, who underscored the need for family offices to adopt new tools to manage intergenerational transitions.

    Moses Tsang, founding shareholder of FEW and chairman of AP Capital Holdings, said investing should balance returns with purpose and integrity.

    A central panel moderated by Wong explored family succession planning with Richie Eu of Traditional Chinese Medicine group Eu Yan Sang and Joud Aboud of the Ghassan Aboud Group.

    Speakers discussed governance structures, conflict resolution and the benefits of younger family members gaining outside experience before taking roles in family enterprises.

    Lunch sessions highlighted technology and lifestyle offerings for family offices, including Ho’s presentation of an agentic AI platform and a private aviation briefing by Diana Chou of luxury travel firm L’Voyage.

    In the afternoon, a panel featuring Christina Gaw of Gaw Capital Partners and Bong Lee of Seoul Auction Blue examined alternative assets ranging from real estate to art, pointing to growth opportunities in markets such as the Middle East.

    Notable participants included Christina Gaw, Edwin Pun, Douglas Woo, Patricia Tung-Gaw, Alex Jiaravanont and Joanna Lui-Hickox.

    Organizers said the forum provided family offices with a platform to exchange insights on governance, diversification and long-term value creation.

    FamilyOfficeNewsAsia.com

  • Hong Kong Set to Benefit as Family Office Hub Amid Surge in ESG Investments

    Hong Kong Set to Benefit as Family Office Hub Amid Surge in ESG Investments

    Hong Kong is positioned to gain as a family office hub and impact investment center as wealthy families increasingly embrace environmental, social and governance (ESG) investments, industry observers said.

    A new survey showed ESG investments account for at least half the portfolio of nearly 20% of family offices globally, while 60% of these wealth management entities have allocated at least 10% of their investments to ESG-related projects.

    The findings, released by the Hong Kong-based Sustainable Finance Initiative (SFI), suggest family offices – entities established by wealthy families to manage investments, succession planning and philanthropy – are demonstrating “real and genuine commitment to sustainable investment,” said SFI CEO Katy Yung.

    “These figures demonstrate that family offices have not only maintained their focus, but have also refined their strategies to capture the twin benefits of social impact and robust returns,” Yung said.

    The survey of 144 family office representatives from 15 countries was conducted during SFI’s Impact Summit in Hong Kong in May.

    Hong Kong’s status as a financial hub stands to benefit from this trend, according to Tom Chan Pak-lam, permanent honourable president of the Institute of Securities Dealers.

    “The Hong Kong government has been promoting both family offices and sustainable investments in the city in recent years,” Chan said, noting that mandatory ESG disclosures by all listed companies make it easier for family offices to identify impact investment targets.

    The city’s stock market surge – with the Hang Seng Index up 29% this year following an 18% gain last year – has enhanced its appeal.

    Hong Kong also reclaimed its position as the world’s largest initial public offering market in the first eight months of 2025.

    Family offices are increasingly prioritizing nature-based solutions such as reforestation and regenerative agriculture, the survey showed. Food and agriculture dropped to second place from last year’s top ranking, while healthcare came third.

    The Asia-Pacific region emerged as the preferred investment destination for 42% of family offices, followed by Africa at 16% and Europe and North America at 15% each.

    Two-thirds of family offices expect to achieve their sustainable investment goals this year, though 37% anticipate missing their targets.

    For ESG investments, family offices favor alternative strategies, with 25% preferring private equity, 22% choosing direct investments, and the remainder using grants and loans, according to the survey.

    FamilyOfficeNewsAsia.com

  • Singapore’s Tsao Family Office Backs African Private Credit Fund in Second Continent Investment

    Singapore’s Tsao Family Office Backs African Private Credit Fund in Second Continent Investment

    Singapore-based Tsao Family Office, established by the family behind maritime conglomerate Tsao Pao Chee Group, has made its second Africa-focused investment by backing a private credit fund managed by TLG Capital, seeking both commercial returns and social impact.

    The family office invested an undisclosed amount in TLG Capital’s Growth Impact Fund II, which had attracted $75 million in commitments toward its $200 million target by April.

    The fund employs an unconventional approach of partnering with local African banks that have viable but underperforming small and medium-sized enterprises in their loan portfolios.

    Many of these businesses require longer-term U.S. dollar financing to support growth but are burdened with short-term loans carrying high interest costs, limiting their ability to scale effectively.

    Local banks typically cannot provide such long-term dollar loans, creating an opportunity for TLG to step in with longer-dated capital coupled with active operational support.

    In some cases, TLG places team members onsite for the first 100 days of loans to help improve performance, an intervention beyond most banks’ capabilities.

    TLG requires a 100% guarantee on original loan amounts from partner banks, using this both as downside protection and to assess banks’ confidence in borrowers.

    Banks can identify fundamentally sound businesses needing appropriate loan terms through their existing client relationships and financial visibility.

    In return, banks earn guarantee fees and benefit from successful businesses through higher-margin services like foreign exchange and letters of credit.

    One transaction saw TLG extend a $10 million debt facility to Nigeria’s largest aluminum recycler. The company had acquired new machinery but lacked financing for reliable power and relied on manual, paper-based systems limiting scalability.

    TLG partnered with the recycler’s bank to inject capital and implement hands-on business support, with the bank providing a 100% loan guarantee.

    TLG financed new generators, placed a chartered accountant within the company, and helped convert paper inventory and accounting systems to digital platforms.

    The firm also worked with the company to integrate a solar mini-grid for stable energy supply.

    The Tsao Pao Chee Group traces its origins to China in the late 1800s, evolving over four generations from traditional shipping into a multinational enterprise.

    The group relocated to Hong Kong after World War II and moved to Singapore in 1991. The Tsao Family Office, established over a decade ago, manages investments across public equities, fixed income, alternatives and real estate, typically deploying $5 million to $20 million per investment.

    Leslie Lim, who leads Tsao’s fixed-income portfolio, told ImpactAlpha that TLG’s model was unfamiliar and involved some risk, but one the firm was prepared to accept given its impact mandate.

    He noted that structuring loans in U.S. dollars removes currency uncertainty, as rapidly depreciating African currencies in countries like Egypt or Nigeria can eliminate gains for foreign investors measuring returns in dollars.

    Tsao Family Office’s only other African investment was in Chancen International’s Future of Work fund, which supports education in sub-Saharan Africa. Lim said the TLG experience could enable further regional investments as the firm expands its network and deepens market understanding.

    The investment reflects growing family office interest in impact investing across emerging markets, as wealth managers seek opportunities combining financial returns with measurable social benefits.

    FamilyOfficeNewsAsia.com

  • Malaysia’s Iris Capital Seeks $200M as Family Offices Open to Outside Money

    Malaysia’s Iris Capital Seeks $200M as Family Offices Open to Outside Money

    Iris Capital Partners, an investment firm backed by the heir to a Malaysian fortune, is seeking to raise $200 million from institutional investors, marking the latest example of family wealth vehicles opening their doors to outside capital.

    The Malaysia-headquartered private credit solutions provider is targeting cash for a new private credit and private equity fund, managing partner Rachel Lau told Bloomberg in an interview.

    Lau said firms increasingly recognize that family investment alone is insufficient, requiring more permanent capital from insurance companies, pension funds, and sovereign wealth funds.

    Founded in 2020, Iris plans to launch the private markets fund early next year. Family capital currently anchors about 25% of the firm’s assets, with the remainder coming from third-party institutions, according to the Bloomberg report.

    Anchor investors include Kim Dong-won, a scion of the family behind South Korea’s Hanwha Group, and Malaysia’s sovereign wealth fund.

    Lau is the daughter of the late Lau Boon Ann, who built a fortune in real estate and was an early investor in Top Glove Corp Bhd, the world’s largest rubber glove manufacturer.

    She also co-founded venture capital firm RHL Ventures in 2016 alongside Raja Hamzah Abidin, son of former Malaysian politician Raja Nong Chik, and Jojo Kong, whose father David Kong founded funeral service provider Nirvana Asia Ltd.

    RHL, a Malaysian multi-stage VC firm investing across Southeast Asia, also manages The Hibiscus Fund with South Korea’s KB Investment Co Ltd as part of Malaysia’s Dana Penjana Nasional economic recovery program.

    Under the initiative, foreign and private fund managers match government allocations on a 1:1 basis for investments up to 1.2 billion ringgit ($290 million).

    The pivot to private credit represents a strategic shift for Lau, who said institutional partners can be more straightforward to work with than family investors.

    She plans to take majority stakes of 50% to 80% in international companies and assist with their Southeast Asian expansion, particularly U.S. and Chinese businesses entering Malaysia and Indonesia.

    Recent investments include biotech firm Mirxes Holding Co, which listed in Hong Kong in May.

    Lau told Bloomberg that institutional capital is easier to work with because institutional investors are clearer about their objectives and focus purely on financial returns without emotional considerations.

    The move away from venture capital reflects broader market challenges in Asian startup investing.

    Lau said Asian venture capital has been challenging, making private credit and private equity more attractive investment areas while the firm gradually reduces its venture capital exposure.

    The fundraising comes as family offices globally increasingly seek outside capital to scale their operations and access larger deal opportunities in competitive private markets.

    FamilyOfficeNewsAsia.com

  • BNP Paribas Bets on Asia’s Family Office Boom with Dual Wealth Hubs

    BNP Paribas Bets on Asia’s Family Office Boom with Dual Wealth Hubs

    Family offices across Asia are reshaping global wealth management practices as entrepreneurs and multigenerational families seek more sophisticated solutions for succession, governance and alternative investments, according to BNP Paribas Wealth Management.

    BNP Paribas, which operates regional hubs in Hong Kong and Singapore, is positioning its “One Bank” model to capture the region’s expanding wealth base. The bank says it is seeing rising demand from both first-generation entrepreneurs in China, who are focused on diversification and business continuity, and more established families in Hong Kong and Singapore seeking global portfolios and complex succession planning.

    “Asian families are not only writing a playbook rooted in tradition, they’re firmly establishing themselves as future global leaders in wealth stewardship,” said Lemuel Lee, head of wealth management for Hong Kong.

    According to the 2024 Asia-Pacific Family Office Report, published with Campden Wealth, Asian family offices now lead globally in structured succession planning, blending cultural heritage with international best practices. Direct private investments in sectors such as artificial intelligence, healthcare and renewable energy are gaining ground as families diversify beyond public markets.

    BNP Paribas has bolstered its capabilities with the acquisition of AXA Investment Managers, bringing total assets under management to €1.5 trillion (US$1.76 trillion). “The benefits include unparalleled access to private market opportunities, deep sector expertise, and innovative solutions that reinforce our commitment to supporting Asia’s entrepreneurial families,” Lee said.

    Arnaud Tellier, Asia Pacific CEO at BNP Paribas Wealth Management, said the bank’s dual hubs offer clients flexibility across Greater China and Southeast Asia. “Each hub offers distinct strengths, but together they provide seamless access to the region’s most important financial centres,” he said.

    With a growing client base spanning three generations, BNP Paribas is extending its services beyond investment advice to include inheritance design, corporate governance support and education for heirs. “We see Asian family offices not merely as clients but as strategic partners in shaping a more connected, resilient, forward-looking wealth ecosystem,” Lee said.

    FamilyOfficeNewsAsia.com

  • Shinhan Targets Korea’s New Wealthy with Bespoke Family Office Services

    Shinhan Targets Korea’s New Wealthy with Bespoke Family Office Services

    South Korea’s newly wealthy entrepreneurs, who have built fortunes through start-ups and cryptocurrency, are turning to Shinhan Premier Family Office for tailored asset management solutions as they seek to diversify beyond conventional investments.

    While many of the country’s older wealthy families amassed wealth through real estate or traditional businesses, a new generation of “emerging asset owners” is seeking more complex financial products, according to Shinhan Premier Family Office executives.

    “New asset owners do not simply prefer general fund products that follow market indices,” said Lee Jung-min, head of Shinhan’s Gwanghwamun Center, in an interview with local media. “They want extraordinary products that can generate additional profits through flexible management.”

    These include mezzanine instruments such as exchangeable and convertible bonds, unlisted equities, and private equity funds, which can generate steady returns regardless of broader market conditions. Shinhan’s veteran private bankers provide bespoke strategies using both quantitative analysis and market intuition, Lee said.

    Venture founders, in particular, are looking for ways to manage corporate funds efficiently rather than park them in low-yield assets, he added. To meet this demand, Shinhan is combining financing with investment solutions and, through its global network, connecting clients to overseas managers and alternative assets such as loan investments and project financing.

    Traditional wealthy families also continue to turn to the firm, favoring medium-risk products such as bonds and deposits to preserve capital, though many still use mezzanine and stock funds for stable growth.

    Shinhan said it is extending its services across generations, with first-generation owners typically prioritizing stable cash flows, their heirs pursuing private equity and overseas assets, and younger successors gravitating toward technology and global start-ups.

    “We are helping design inheritances such as transfer of shares and succession of family businesses, and supporting stabilization of corporate governance,” Lee said, adding that Shinhan works with tax accountants, lawyers and consultants to cover human, social and economic assets in its planning.

    FamilyOfficeNewsAsia.com

  • Asia-Pacific Family Offices Tilt Toward Growth as AUM Hits $50bn – Report

    Asia-Pacific Family Offices Tilt Toward Growth as AUM Hits $50bn – Report

    Asia-Pacific family offices are increasingly shifting towards growth-focused investment strategies as assets under management in the region reached $50 billion, according to the Asia-Pacific Family Office Report 2024 by Campden Wealth and BNP Paribas Wealth Management.

    The survey of 76 family offices across the region found that more than 40% expect investment returns above 10% this year, supported by optimism over U.S. interest rate cuts and Beijing’s stimulus measures.

    Indian, Chinese and Japanese equities, as well as themes such as defence, cybersecurity and artificial intelligence, topped near- and medium-term preferences.

    Almost 60% of Asia-Pacific family offices now pursue balanced strategies, though many signal a pivot toward growth over the next five years as rising second-generation leadership drives higher return targets.

    “Families can reasonably be expected to double in size every generation,” the report noted, adding that sustaining per capita wealth requires real growth of about 2.5% annually.

    Private equity remains the favoured source of risk-adjusted returns, but higher rates and delayed exits have dampened enthusiasm.

    By contrast, private credit has gained traction, with lending rates seen as sufficient compensation for default risks. Real estate still accounts for 15% of portfolios, but sentiment is weighed by high vacancy rates in China and Hong Kong.

    Philanthropy and responsible investing also play a growing role, with three-quarters of Asia-Pacific family offices making average donations of $4 million and more than half engaged in impact investing.

    Despite concerns over delayed U.S. Federal Reserve easing, the U.S. election and China’s real estate crisis, 85% of respondents said they were satisfied with their offices’ investment management performance.

    FamilyOfficeNewsAsia.com

  • Hong Kong Family Offices Call for Urgent Regulatory Framework to Compete with Rivals

    Hong Kong Family Offices Call for Urgent Regulatory Framework to Compete with Rivals

    Wealthy families and financial service providers in Hong Kong are calling for urgent regulatory reforms to help the city’s family office sector compete more effectively with global rivals for managing ultra-high-net-worth assets.

    The Hong Kong Special Administrative Region needs a solid regulatory framework to build trust and attract wealthy families from mainland China and overseas to establish wealth management offices in the city, according to Mahesh Harilela, family council convenor of the Harilela Group.

    Harilela, whose family represents one of Hong Kong’s most prominent Indian business dynasties with a century-long track record in trade and hospitality, said creating a regulatory framework aligned with family offices would build on Hong Kong’s core competencies in investment management.

    Hong Kong currently manages around $1.3 trillion in offshore assets through more than 2,700 family offices, matching Singapore’s asset levels despite having significantly more offices than Singapore’s fewer than 2,000.

    Gregg Li, an honorary member of the Center for Family Business at the Chinese University of Hong Kong, said the sector urgently requires regulatory clarity, institutional support, talent development, professionalism and a strong brand identity to compete with other global family office hubs.

    Li, who also serves as an ambassador and researcher at the University of Hong Kong’s Laboratory for Space Research, noted that family offices in the city are seeking investment opportunities in technology and innovation industries, particularly where commercialization prospects are strong in the Greater Bay Area.

    The SAR government has allocated HK$1 billion ($128 million) for AI and high-tech project commercialization in the 2024-2025 fiscal year.

    Li said Hong Kong has been a trusted broker because its professionalism makes the city a good bridge between mainland Chinese and Western standards in traditional business trade sectors, adding that the city is positioned to become a hub for data transactions and high-tech project financing as the big data and space economy expand.

    Despite the establishment of Family Office HK under InvestHK in June 2021 to promote the city as a family office hub, recent research by the Chinese University of Hong Kong Family Business Center found the sector is at a crossroads.

    The study, co-authored by Marshall Jen, director of the CUHK Center for Family Business, and Li, identified the need for more structured training regimes and ecosystem development to enhance industry professionalism – key factors for Hong Kong’s competitiveness as a family office destination.

    The research recommended a robust ecosystem supported by public-private partnerships to improve service quality and stakeholder collaboration as the sector seeks to mature and support growth in asset management and diversified high-tech investment portfolios.

    FamilyOfficeNewsAsia.com