This article is from WeChat official account:7 o’clock 5 degrees (ID: Asia7_5)< span class="text-remarks">, original title: “Super-rich gathering in Singapore, five times the number of family offices in two years”, title picture from: Visual China
Next you will see:
1. Overweight the Asian market, Singapore family office becomes the first choice
2. In order to promote the family office, Singapore has been deployed 16 years ago
3. Setting up a family office in Singapore may become a big trend in the future
After Haidilao co-founder Shu Ping and Dyson Electric Co. founder James Dyson(James Dyson), the world’s largest hedge Ray Dalio (Ray Dalio), the founder of the Fund Bridgewater Company, is also preparing to set up a family office in Singapore to manage its business in Asia Investment and philanthropy. In October this year, Lianhe Zaobao also reported that more and more wealthy Chinese and Hong Kong people came to Singapore to set up family offices to manage family wealth.
Why do big guys like to set up a family office in Singapore?
1. To increase the size of the Asian market, Singapore family office becomes the first choice
Family office refers to a company that specializes in providing comprehensive wealth management for the super-rich, and enables its assets to be successfully passed on across generations and to maintain and increase in value. According to the statistics provided by the Monetary Authority of Singapore (MAS), From 2017 to 2019, the newThe number of family offices in Canada has increased fivefold. In the market survey reported by Lianhe Zaobao, there are about 200 family offices in Singapore, with assets under management generally exceeding US$100 million, and the total size may be about US$20 billion.
In the past two years, the celebrities who have come to Singapore to set up family offices include Bridgewater Fund founder Rui Dalio, Haidilao co-founder Shu Ping, and Dyson Electric Company founder James Dyson.
Rui Dalio, founder of Bridgewater Fund
According to Bloomberg News, American billionaire and founder of Bridgewater Fund, the world’s largest hedge fund, will set up a family office in Singapore to manage his investment and philanthropy in Asia. Dalio, now 71, ranks among the top 30 richest people in the United States, with a net worth of more than $15 billion.
In 1975, the 26-year-old Dalio was fired by a company engaged in retail brokerage budgeting and set up the Bridgewater Fund in a two-bedroom apartment. After more than forty years have passed, the Bridgewater Fund he founded manages approximately US$148 billion in assets and has become the world’s largest hedge fund. In addition, Bridgewater Fund has created an average annual return on investment of more than 20% and is also known as the most profitable hedge fund in the world. Bridgewater Fund is also a pioneer in a variety of innovative investment strategies, proposing theories of currency management outsourcing, separation of Alpha and Beta strategies, absolute return products, and risk parity. Dalio himself is also known as the “Godfather of Hedge Funds” and the media called him the “Jobs of the investment world.”
The Bridgewater Fund has always been optimistic about the Asian market. At the beginning of this year, it also released a 2020 strategy and market outlook report on its official website, expressing its strong optimism about China and emerging Asian markets. In October of this year, Bridgewater Fund issued its second foreign-funded private equity product in China-the all-weather enhanced China Private Equity Securities Investment Fund No. 2. Dalio’s move to set up a family office in Singapore is also seen as a continued increase in Asia.
Shu Ping, co-founder of Haidilao
Shu Ping, the proprietress of Haidilao, was also revealed by Bloomberg to set up a family office in Singapore. According to reports, Shu Ping set up a family office in Singapore in 2019. According to a document submitted to the Accounting and Corporate Regulatory Authority of Singapore (ACRA), Shu Ping was appointed as Singapore’s capital in July last yearThe sole shareholder and director of the management company Sunrise Capital. In February of this year, Shu Ping added a British-Chinese CEO to his family office, and Shu Ping still holds 100% of the shares.
In 1994, Shu Ping co-founded Haidilao with her husband Zhang Yong and two others, which opened in Jianyang, Sichuan. At that time, Haidilao only had four tables, but because of its enthusiastic service, including marketing methods such as gifting snacks, it quickly attracted the first batch of customers. Since then, Haidilao continued to expand and went public in Hong Kong in September last year. Its share price rose by more than 75%, and the net worth of Shu Ping and Zhang Yong rose sharply. In addition, according to the disclosed prospectus, the nationalities of Shu Ping and Zhang Yong have been changed to Singaporeans.
In the 2020 Global Rich List released by Forbes, Zhang Yong and Shu Ping are the richest men in Singapore, with a net worth of US$19 billion and Shu Ping’s net worth of US$7.7 billion.
James Dyson, founder of Dyson Electric
It was reported earlier that the establishment of a family office in Singapore was also reported by James Dyson, the founder of Dyson Electric. Dyson not only moved the family office to Singapore, but also moved the company headquarters to Singapore.
At the beginning of 2019, Dyson moved its headquarters from London to Singapore. The company claims that it moved its headquarters to Singapore to get closer to the fastest expanding market-Asia. Dyson’s business growth in the Asian market is twice that of most other regions, and the demand is huge. Dyson’s emphasis on the Asian market has long been revealed. In 2003, Dyson’s products have ceased to be manufactured in the UK and moved to Malaysia.
While relocating the headquarters, Dyson also moved its family office Weybourne Group to Singapore and established Weybourne Service Singapore. Weybourne Group was established in 2013 and has approximately 55 employees worldwide, managing Dyson’s family wealth. According to the Sunday Times Rich List for 2020, Dyson, 73, is the richest man in the UK with a net worth of approximately US$21.6 billion.
Second, in order to promote the Asian market, Singapore has established a layout 16 years ago
According to UBS Group(UBS Group AG)
In January 2020, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority of Singapore (ACRA) jointly issued a statement to officially launch the VCC framework(Variable Capital Companies, the framework of variable capital companies) span>. VCC is a brand-new Singapore fund management structure. Simply put, a company that adopts VCC is similar to a free-flowing fund pool. Investors inject assets into the pool and then hand it over to professional fund managers for management to achieve fund investment purpose. According to the (ACRA) data from the Accounting and Corporate Regulatory Authority of Singapore, there are a total of 149 VCC registered so far. Many professionals believe that this framework will help Singapore attract foreign funds to settle in.
3. Coming to Singapore to set up a family office may become a big trend in the future
According to data from the research institute Wealth-X in 2020, the total number of billionaires in Asia has increased from 677 last year to 758, a year-on-year increase of 12%. And their cumulative wealth increased by 11% to 2.4 trillion US dollars. As the wealth of the rich in Asia is accumulating faster and faster, countries are also stepping up to formulate family office related systems. Singapore, which has already been deployed, has already occupied a certain degree of “sucking money” advantage in terms of favorable policies and tax incentives.
In addition, Singapore has long been one of the world’s most competitive financial centers and one of the most suitable countries for business. In addition to the stable social and political environment and the close geographic relationship with China, Singapore has always attractedAttracted many wealthy Chinese people. Zheng Weiming, CEO of technology venture capital firm Sistema Asia Capital, also observed that Hong Kong and Chinese entrepreneurs account for about half of those who set up trusts to manage family wealth in Hong Kong. The number of wealthy Chinese and Hong Kong people who are planning to transfer part of their family properties to the new Singapore this year is estimated to be five times that of last year.
In the future, we can see more super-rich men set up family offices in Singapore.
This article is from WeChat official account:7 o’clock 5 degrees (ID: Asia7_5)< /p>