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Not just Chinese, more super-rich Indians including Mukesh Ambani are setting up family offices in Singapore
- Singapore’s Farro Capital has amassed more than US$1 billion in assets, with much of its current client base is of Indian origin
- While Singapore has gained recognition in recent years for an influx of wealthy Chinese families, its low levies and relative stability are attracting a menagerie of global tycoons
Farro’s rapid accumulation of assets underscores Singapore’s continuing appeal to the super-rich, despite recent efforts to raise wealth taxes and introduce stricter conditions for tax breaks. While it’s gained recognition in recent years for an influx of wealthy Chinese families, the city’s low levies and relative stability are attracting a menagerie of global tycoons.
“We are targeting families across the region from Japan to the UK and the US – whoever wants to have access to Asia with Singapore as a centre,” Tibrewal said. “We’re looking at adding another 50 families in the next 18 to 24 months”, with an average AUM contribution of US$30 million each, he said.
More than 700 family offices – organisations that manage the lives and affairs of the super-rich – were based in Singapore at the end of 2021, according to official estimates. More have set up there since, despite the imposition of tighter rules last April.
Farro’s base in downtown Singapore is a simple office with a single boardroom, far from the glitzy, art-filled lobbies of many peers. It aims to have 20 staff by the end of the year who are able to do everything from arranging home loans to making portfolios ESG compliant, negotiating bank fees and sourcing deals. Its own fees vary depending on the level of work required.
One of its key targets are family offices whose assets are big enough to have a handful of dedicated professionals but too small to warrant hiring a full-service team. Farro aims to fill the gaps, providing anything from investment opportunities to arranging trusts. One of its co-founders is Mahesh Kumar, who worked at law firm Withers KhattarWong helping private clients on their tax strategies.
We’re seeing more first-generation entrepreneurs than ever before and I would say that’s more prevalent in a place like India
“We’re seeing more first-generation entrepreneurs than ever before and I would say that’s more prevalent in a place like India,” said Nirbhay Handa, head of private clients in Asia at Henley & Partners, which helps wealthy customers set up residency and investments around the world.
“When wealth increases, generally you see an uptick of a lot of families looking at a place like Singapore to set up their wealth structuring outfits.”
Handa said interest among wealthy entrepreneurs of Indian origin to move assets or relocate to Singapore remains high, even though it hasn’t increased at the same rate as that of Chinese peers.
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