Introduction

In this month’s IMG newsletter, we would like to discuss the launch of the Global-Asia Family Office Circle (“GFO Circle”), a network to support the growth of family offices in Singapore. Aligned with our aspirations for a prosperous Chinese New Year, the GFO circle represents a platform for family office players to collaborate, share best practices and build new capabilities.

About the GFO Circle

Launched in October of last year, the GFO Circle was established by the Wealth Management Institute (WMI), GIC and Temasek and is supported by the Singapore Economic Development Board (“EDB”) and the Monetary Authority of Singapore (“MAS”). Its establishment was inspired by the rapid growth of family offices in the city-state, which saw doubling of new family offices year-on-year to approximately 400 family offices at the end of 2020.

The GFO Circle is intended to strengthen links across sectors of the family office industry, and support the capability development of industry talent pipelines by providing education programmes, research and thought leadership forums. It caters to three different categories of industry players: Family Office Partners and Advisers, Family Office Professionals and Family Principals.

What the GFO Circle offers

Building on WMI’s existing suite of Family Office Programmes for Professionals and Families covering, the GFO Circle has lined up further members-only education programmes and other events covering subject areas such as trusts, governance and family office leadership.

It has already partnered up with the Gates Foundation, established by Bill and Melinda Gates of Microsoft, to host a Philanthropy Masterclass alongside the Community Foundation of Singapore and UBS in 2021. Other Masterclasses hosted include topics such as “Global Giving, Asian Innovation”, “Purposeful Wealth Design” and “Applied ESG (Environmental, Social and Governance) for Family Offices”.

In 2022, the GFO Circle has lined-up further events such as Certification Programmes for Family Office Advisors for the Greater China Markets, Trust Services, Foundation establishment as well as Programmes on Philanthropy and Social Impact, and Applied ESG Investing.

Family office advisors, professionals and principals will be able to make use of the GFO for further learning and advance their family office leadership/governance, investment, sustainability and philanthropic capabilities.  Moreover, with support from government institutions such as EDB and MAS, the GFO Circle is well-placed to strengthen links across players from the family office community with wider opportunities with the philanthropic institutes and business enterprises in Singapore.

Importance of Family Office Network

1. Capability development for family office players

As family offices grow in numbers/assets-under management, there is a parallel need for increased sophistication and knowledge to engage family offices. More and more, the needs and aspirations of family office principals will require well-advised guidance and customized solutions. Training providers and financial institutions are able to offer the resources and expertise to develop the unique skills applicable to the industry, covering financial, legal and tax proficiencies.

A network specifically for family offices serves as a platform to connect such family office advisers, professionals and principals with accredited and recognized training providers such as WMI and the Institute of Banking and Finance (IBF).

2. Increased connectivity

Alongside, Singapore’s stable business and political environment, strong rule of law and established talent pool, the city-state is pro-active in offering investment support by linking investors with business opportunities in the region. Independent of the GFO Circle, EDB and MAS already host multiple initiatives aimed at match-making family office investors with opportunities. For example, ahead of the annual Singapore FinTech Festival, the two institutions organize “Deal Fridays” which connected Southeast Asian start-ups from multiple sectors with potential investors including family officers.

Peer-to-peer learning and knowledge sharing through a trusted network further support cross-sector collaboration. Curated networking events also offer more opportunities to explore investment opportunities for family offices.

3. Thoughtful succession planning

Furthermore, with the intergenerational transfer of wealth seen with many families, effective succession planning entails more than educating the next generation on just financial literacy. A rising trend focuses on impact and sustainable investing, which aims to include families’ frameworks for socially responsible investing based on family values.

Collaborative learning and thought leadership in such key areas will prove to be useful in this galvanization of purposeful wealth.

Find out more about the GFO Circle

For more information about the GFO Circle, please find the link to their website at  https://gfocircle.wmi.edu.sg/.

Our firm’s Family Office Department offers a bespoke and service-orientated approach to our family office needs and is headed by our Managing Partner, Mr Sim Mong Teck, who is a Senior Member of the GFO Circle. Should you or your clients be interested or require any assistance, please feel free to contact our Business Development Team to schedule a consultation with us.