SINGAPORE: Jurisdiction launches network to support family offices.

As published on businesstimes.com.sg, Wednesday 20 October, 2021.

THE Wealth Management Institute (WMI) has launched a network to support the growth of family offices in Singapore.

Called the Global-Asia Family Office Circle (GFO Circle), the network is a platform for industry players to collaborate, share best practices and build new capabilities, WMI said on Wednesday (Oct 20).

Supported by the Singapore Economic Development Board and the Monetary Authority of Singapore, the GFO Circle aims to support the development of a vibrant family office sector and strengthen Singapore's position as a global family office hub in Asia.

WMI said the GFO Circle will build on the growth momentum of family offices to strengthen links across the different players in the family office community, including family office principals, professionals and advisers. The number of family offices in Singapore has doubled to around 400 as at end 2020 from 2019, it said.

"This will also galvanise the community towards meaningful causes such as philanthropy, sustainable finance and supporting Singaporean and regional entrepreneurship," WMI added.

The GFO Circle will also support capability development through education programmes, research and thought leadership forums, built on WMI's existing suite of programmes.

WMI said it will launch new programmes on global investment strategies and market principles to help build investment capabilities in the sector, in partnership with Dalio Philanthropies and with contributions from investors including GIC and Temasek.

To help guide a more purposeful wealth allocation, it will also work with the Gates Foundation for a philanthropy masterclass, as well as adjunct professor Bill Burnett from Stanford University's Design Program for a new programme on purposeful wealth design.

As for the GFO Circle, it will offer programmes on sustainable investing and impact investing.

WMI's chief executive Foo Mee Har said the institute has seen strong demand for training from the finance and professional services sectors, and is gearing up to double its scale to reach 3,000 enrolments over the next 3 years across masterclasses, certification programmes and overseas learning journeys.

"The ultimate goal of the GFO Circle is to be a trusted environment for the family office community to come together, share knowledge and gain access to domain leaders, change-makers, experts and distinguished global thought leaders," she said.

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