Credit Suisse sets up family office services unit for Greater China’s rich

The Credit Suisse logo is seen at the headquarters in downtown Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini

Credit Suisse Group AG has established a unit focusing on so-called family office services in Greater China, as demand continues to surge among rich Asians wanting to set up private investment vehicles and plan for business succession.

The Swiss private bank has appointed Tan Mae Shen, senior specialist for family office services in Asia Pacific, to provide coverage for clients in Greater China, which includes Hong Kong, Credit Suisse said in a statement on Friday.

Tan, who will be based in Hong Kong as head of the wealth planning services unit, joined Credit Suisse in 2017 and previously worked with business families across Southeast Asia, Hong Kong, China and the Middle East.

As rich Asians target greater investment diversification and as business owners hand over to successors, family offices are sprouting up in regional financial hubs of Singapore and Hong Kong.

They offer a one-stop solution to managing the wealth of the rich, including investments, charitable giving, taxation and wealth transfer.

Asian family offices are evolving from being just investment focused to offering a platform for dispute resolution and succession planning, as a new generation of family-owned businesses expand into newer areas.

Asia Pacific had 814 billionaires at the end of 2017, accounting for 38 percent of the global billionaire population, with China minting two new billionaires every week, a report by UBS and PwC showed last year.

As wealth in Greater China continues to grow, the number of clients seeking family office services has increased significantly in recent years, Credit Suisse’s head of private banking for North Asia Francois Monnet said in the statement.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.