Family offices are expanding – and hiring – in Singapore, but they still boast comparatively small headcounts, so landing a job in one is far from straightforward.
If you want to give yourself a head start as a candidate for a family office job in Singapore, it pays to have experience in the type of products their clients are interested in. And as far as products go, cryptocurrencies appear to be the next big thing for the ultra-wealthy in Asia.
More than one-third of family offices in APAC plan to increase their investment in cryptocurrency in 2022, according to a new survey by Raffles Family Office and Campden Wealth. This is significantly higher than expected allocations to cryptocurrency in Europe (17%) and North America (30%). Meanwhile, 53% of respondents in APAC see cryptocurrency as a promising investment. This is not as popular a view in Europe (33%) or North America (43%).
“Family offices tend to want to hire people who can add extra value beyond their current expertise, so any experience in the crypto space is going to be looked at favourably,” says a Singapore-based recruiter.
There is a small but growing pool of people who have crypto experience in Singapore as the city state’s government encourages the growth of the sector locally. Along with a range of startups, some banks – most notably DBS and Standard Chartered – are building crypto and digital assets teams.
Meanwhile, the Raffles survey suggests that Singapore’s family office hiring boom is likely to continue next year. More than half (54%) of family offices across the globe plan to increase their investments in APAC. Among family offices that are based in APAC, 77% plan on increasing their investments in their home region.
Last year, 221 single and multi-family offices opened in Singapore, up from 129 in 2019 and just 22 in 2018. Singapore introduced the tax-efficient Variable Capital Company (VCC) legal structure in January last year, designed to attract the assets of family offices and fund managers
Singapore’s reputation as a safe haven has made it an appealing base for North Asia’s ultra-rich to park their assets. High profile Western family offices have also launched, including Google co-founder Sergey Brin’s Bayshore Global Management.
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