Family Office Headlines of the Week
Articles of interest or of note for the week.
Raffles Family Office Launches Revo Digital Family Office
Pan-Asian wealth manager introduces next-generation wealth management platform, spurring connectivity among partners across both traditional and digital assets in a unified ecosystem.
Raffles Family Office (Raffles FO) has announced the launch of Revo Digital Family Office (Revo DFO), the first-of-its-kind in Asia that enables ultra-high net worth (UHNW) families to access and invest in digital assets from a consolidated wealth management platform. This next-generation platform is built on Raffles FO’s expertise and track record in servicing the UHNW segment, and Hong Kong-listed Huobi Technology Holdings’ (Stock Code: 1611.HK) industry-leading technology and in-depth knowhow.
In Asia, three in four wealthy investors are interested in digital assets, with over half already investing in this emerging asset class. Blockchain technology is also well poised to revamp legacy systems and processes in wealth management with better security and efficiency. Nevertheless, most wealth management firms in Asia are not equipped to meet the growing appetite for digital assets, and the majority (67%) do not have a strategic plan to navigate the evolving landscape.
SWITCH partner event IMPACT+ launches with targets of family offices and fund managers
On Oct 7, Mukesh Ambani, Reliance Industries chairman and Asia’s second-wealthiest man, was reportedly in the process of setting up a family office in Singapore.
Ambani is far from the only ultra-high-net-worth individual (UHNWI) to have funnelled capital into Singapore in the past couple of years. Other big names have included hedge fund billionaire Ray Dalio, Google co-founder Sergey Bri and James Dyson, UK founder of household appliance firm Dyson.
The Monetary Authority of Singapore (MAS) estimates there were about 400 single family offices in the country at the end of 2020, with the number almost doubling to 700 by the end of 2021. This is a clear sign of how Singapore, with its friendly tax regime and relative security, has grown as an attractive base for family offices.
Cybersecurity report reinforces urgency for family office protection.
Good news on the cybersecurity front: The RSM US Middle Market Business Index Cybersecurity Special Report shows that protective strategies employed by middle market companies, which make up the largest segment of the U.S. economy, are helping turn the tide on data and security breaches.
The bad news? Companies with less mature controls have become even more of a focus for criminals —making many family offices easy prey for cybersecurity attacks such as ransomware, phishing and identity theft.
According to MMBI data collected from 402 senior executives, here are the top six actions they’ve taken to protect their organizations.
Updated security protocols (61%).
Enhanced staff training/education efforts (49%).
Enhanced security of existing remote workforce solutions (49%).
Engaged data security consultants (46%).
Purchased new or upgraded software (44%).
Updated privacy policies (44%).
These measures likely contributed to just 22% of middle market executives claiming their company experienced a data breach in the last year, representing a sizable drop from 28% in the first quarter of 2021. While no organization is truly immune to a breach, middle market companies of all sizes are generally doing a better job fortifying their environments.
Growing and protecting wealth takes empathy, family office experts say.
According to family office experts at a recent roundtable, emotional intelligence is a key attribute for trusted advisers
Having empathy and understanding for the difficulties faced by wealthy families is just as important as market knowledge, industry experts told Spear’s 500 Live in association with The OWO Residences by Raffles.
Trust experts, private wealth managers and family office professionals joined a roundtable discussion at the Carlton Tower Jumeirah event to discuss a wide range of issues surrounding family wealth.
Entitled ‘Family Offices and Trustees: Marriage made in heaven?’, the event was sponsored by investor services group IQ-EQ and conducted under the Chatham House rule.
The in-depth discussions highlighted the need for emotional intelligence among advisers when it comes to planning the complicated affairs of their clients.
French family office backs new €150m evergreen fund for early-stage European companies.
Led by former employees of Balderton and XAnge, the Resonance fund will give the majority of profits to charity.
The French entrepreneur who’s put his money behind unicorns like medical AI company Owkin and payroll software Payfit is now backing Resonance, a €150m evergreen early-stage VC fund.
Resonance is the new tech investment vehicle of Otium Capital, the family office of Pierre-Édouard Stérin, founder of Smartbox, a gift box seller. The fund will sit within Otium and be led by Maxime Le Dantec, previously a principal at Balderton, and Alban Oudin, a principal at VC firm XAnge.
Resonance will write cheques between €100k and €10m in seed and Series A rounds in Europe, with a particular focus on French tech companies. The partners want to spend time advising entrepreneurs on areas like recruitment, long-term strategy and fundraising, so will only do a few deals a year.