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ASIAN FAMILY OFFICES 2015


Thailand, Vietnam and the Philippines All three countries lag in wealth and development, although Thailand does have a comparatively large number of HNWIs. Vietnam’s economy is expected to continue to grow rapidly, suggesting potential for financial service investment in the future. However, wealthy people from these countries are likely to look to Hong Kong and Singapore for such services.


Intergenerational change Awareness of family office solutions in Asia widely differs between generations. Wealth is mostly held at present by first-generation entrepreneurs who are still involved in their family business. This generation focuses on running the business and on creating wealth, but not on spending it. The second generation is strongly influenced by


the first generation’s way of thinking. It feels deeply responsible for the family business as well as for the family wealth. But it seems to be more open-minded with respect to family office solutions. The third generation have often benefitted from


an excellent education and from the opportunity to go abroad in order to make contact with other cultures and ways of thinking. This means they are more financially sophisticated and open-minded towards family office solutions. In short, heritage and wealth transition, like selling


the family business, can be perceived as a trigger event that facilitates the set-up of a family office. In a majority of Asian cultures, it is customary for the


“Heritage and wealth transition can be perceived as a trigger event that facilitates the set-up of a family office”


South Korea and Taiwan Moderate GDP growth, average saving rates and a well- performing stock market have seen South Korea’s HNWI population grow strongly in recent years. The report identifies it as “a promising segment for family offices”. Much the same is true of Taiwan.


Malaysia and Indonesia These two countries both have comparatively large and growing HNWI populations, making them potentially attractive markets for family offices. Being in each case predominantly Muslim, Islamic financial services are especially promising.


22 FAMILY OFFICE: ASIA TOMORROW


eldest son to inherit most of the family wealth and to succeed his father as the head of the family. However, the influence of this social and cultural system is softening, which means that heritage and succession are becoming fairer for the children, especially for the daughters, but also more complicated.


The market in 2015 The report predicts that the market for Asian family offices in 2015 will be very dynamic. It will need to factor in the cultural differences


between and within various Asian nations. There will clearly not be one single (hybrid) family office design that can be successfully rolled out all over Asia, but a variety of different (hybrid) network models. All of the experts interviewed for the report believe that most of the family offices in 2015 will be run from Hong Kong or Singapore.


The Evolution Of The Asian Family Office Market is based primarily on a survey of and interviews with a panel of about 30 family office experts based in Singapore, Hong Kong, Dubai and Europe, who hold various positions in banks, single and multi-family offices, advising and asset management firms, the law and regulatory authorities. It is available at www.vpbank.com/htm/1397/de/Publikationen-Detail.htm?Articl e=17439&ArticleReturn=589


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