Singapore’s solid reputation for strong governance, a robust regulatory framework, and a highly skilled workforce has made it a highly coveted location for private wealth management. This article delves into the reasons why Singapore remains an alluring destination for private funds and family offices and how family offices are transforming themselves to attract more top and dynamic talent.
The Evolving Landscape of Family Offices in Singapore
Digitalisation and Embracing Innovation
The outdated image of family offices no longer holds true. Many are now implementing advanced investment strategies and digitising their operations to manage their wealth. They are also eager to embrace emerging technologies and do so promptly, which has led to attracting top private banking executives who value innovation joining their ranks.
“The outdated image of family offices no longer holds true. Many are now implementing advanced investment strategies and digitising their operations to manage their wealth.”
Collaboration & Co-Investing to Broaden Investment Horizon
The growing appeal of working for family offices may stem from the fact that single or multi-family offices are no longer operating independently. Instead, they are increasingly collaborating and co-investing with each other, creating networks and partnerships to maximise their expertise and resources. This trend has allowed family offices to broaden their investment options, enter new markets, and diversify their portfolios.
Prioritising Alternative Investments and Sustainable Practices
Singaporean family offices are increasingly exploring alternative investments with higher returns, such as private equity, real estate, and hedge funds, while also relying more on in-house talent to manage the associated risks. They also prioritise avoiding investments in companies that harm the environment or society, appealing to growth-oriented candidates who value responsible and entrepreneurial practices.
“Singaporean family offices are increasingly exploring alternative investments with higher returns, such as private equity, real estate, and hedge funds, while also relying more on in-house talent to manage the associated risks.”
The Appeal of Singapore Talent
The talent pool in Singapore is prized by family offices for several reasons.
Education & Multiculturalism: A Winning Combination
Singapore’s robust education system produces a skilled, hardworking, and disciplined workforce, while its diverse, multicultural society offers a unique talent pool that can bring fresh perspectives to family office operations.
Business-Friendly Reputation: A Key Advantage
Singapore’s reputation globally as a business-friendly destination, thanks to its efficient regulatory system, low corruption level and advanced infrastructure, further adds to its appeal.
Vibrant Startup Ecosystem: An Experienced Talent Pool
Singapore’s government strongly supports entrepreneurship and innovation, leading to a vibrant startup ecosystem and a pool of talent experienced in scaling successful companies. Family offices in Singapore can tap into this talent pool for business growth and success.
Multiculturalism and English: A Global Business Bridge
Finally, Singaporeans’ fluency in English, the primary language of business in most global industries, enables effective communication and collaboration with diverse individuals. The country’s location and multiculturalism make it an ideal hub for bridging eastern and western cultures and facilitating global business.
“Singapore’s government strongly supports entrepreneurship and innovation, leading to a vibrant startup ecosystem and a pool of talent experienced in scaling successful companies.”
A Bright Future for Family Office Recruitment in Singapore
Singapore’s business-friendly environment and numerous investment prospects position family offices for sustained growth and contribution to the city’s investment industry. As family offices evolve and broaden their portfolios, we anticipate increased interest among our candidate network.
At Kerry Consulting we focus on providing exceptional talent solutions to clients in various industries and asset classes. We offer comprehensive search and selection services specifically for the family office industry in Singapore. To have a confidential discussion, please contact us today.