Campden Research launched the first annual Asia-Pacific Family Office Survey on Tuesday 21 February 2012 at the UBS Business University, Singapore. A second launch will take place on Thursday 23 February 2012 in Hong Kong.
The new study was conducted through an in-depth analysis of family offices in the region, using survey data and information gathered from personal interviews with more than 35 members of the family office community. The survey includes detailed case studies of family offices in the region. Participants varied from long-established operations servicing at least four generations of the same family across multiple jurisdictions – and with an extensive range of investment, advisory and personal services – to newer establishments, currently developing their services to second-generation family members, or non-related families. The level of wealth managed by participating offices also varied enormously, from under $100 million to well over $1 billion.
Growing towards maturity: Family offices in Asia-Pacific come of age finds that the rapid growth of the number of ultra-high net worth individuals in Asia – with for example, China having the second highest concentration of billionaires in the world— coupled with the upcoming intergenerational transition of assets and control in the region, points to a boom in the numbers of new family offices over the next few years.
“It is astounding that the family office model hasn’t taken hold in Asia-Pacific to a much greater extent given the dramatic growth in wealth there in the last twenty years,” said David Bain, co-author of the report and Head of Research at Campden Wealth. “But as wealth continues to grow in the region and face more multi-generational pressures there is likely to be a huge demand for the services of family offices, leading to a boom in their numbers.”
Kathryn Shih, CEO of UBS Wealth Management Asia Pacific said: “We hope that the perspectives provided by the UBS/Campden study on the evolution of family offices in Asia will provide a useful reference point for families for whom Asia continues to be a location of choice for their family office. As the family office concept matures in Asia, we believe it should contribute to the continued prosperity and sustainability of Asia’s development as the world's fastest growing region for wealth creation.”
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David Bain is editorial director of Campden Wealth. He joined Campden in July 2010 from Dow Jones, where he worked on Wealth-Bulletin and Financial News, as well as contributing to the Wall Street Journal. He has had 20 years' experience as a journalist and economist working at various organisations, including Schroders and the Economist Intelligence Unit, part of the Economist. He holds an economics degree from London School of Economics.
Simon Murray started his career as an investment analyst in London. He then worked on government sponsored research study at Oxford University into the strategic role and responsibilities of boards of directors in FTSE 100 companies. Since working at Coopers & Lybrand, he has built and run successful advisory businesses in the wealth management, asset management and asset servicing sectors. He regularly writes and chairs roundtable discussions on global investment issues.
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. UBS combines wealth management, investment banking and asset management businesses with Swiss operations to deliver superior financial solutions. Headquartered in Zurich and Basel, Switzerland, UBS has offices in more than 50 countries, including all major financial centers, and employs approximately 66,000 people. UBS AG is the parent company of the UBS Group (Group). The operational structure of the Group comprises the Corporate Center and four business divisions: Wealth Management & Swiss Bank, Wealth Management Americas, Global Asset Management and the Investment Bank.
Wealth Management & Swiss Bank: Wealth Management & Swiss Bank focuses on delivering comprehensive financial services to high net worth and ultra-high net worth individuals around the world – except to those served by Wealth Management Americas – as well as private and corporate clients in Switzerland. The Wealth Management business unit provides clients in over 40 countries, including Switzerland, with financial advice, products and tools to fit their individual needs.
Global Family Office Group: A joint venture between UBS’s Investment Bank and Wealth Management divisions, the Global Family Office Group’s approach to client service offers holistic advisory services, full access to UBS cross-divisional expertise, operational excellence and full accountability with dedicated teams in London, Zurich, Hong Kong and Singapore.
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