Independent Wealth Pioneers: Strategies for Success in 2024 & Beyond

STRATEGIES FOR SUCCESS IN 2024 & BEYOND INDEPENDENT WEALTH PIONEERS

TABLE OF CONTENTS

Page 1 - Fadi Barakat on REYL Intesa Sanpaolo Finance’s Boutique

Independent Offering for the UAE’s Dynamic Wealth Market

Page 6 - GSB Capital Sets Sights on Delivering a Diversified Independent Platform for the Middle East’s High-Growth Markets

Page 9 - IPCG Founder & CEO Andy Huang Tells a Tale of Growth & Opportunity Amidst Intensifying Challenges

Page 13 - Joyce Woo: Guiding Leo Wealth Singapore through the Next Phase of Growth and Innovation

Page 18 - “Multi-Family Office” “Independent Asset Manager” “External Asset Manager” – Confusion Reigns in Asia

Page 23 - OneRock Investments CEO Michel Della Libera on the Journey to a Billion-Dollar Vision

Page 27 - The Single-Family Office as Champion and Catalyst for Impact & ESG-Centric Investing

Page 31 - TriLake Partners’ Lucie Hulme on How Singapore’s EAM

Leaders can Overcome Challenges and Grasp Opportunities

Page 35 - Why Family Offices Need to Curate an Optimised and Workable Technology Platform

Page 40 - Plurimi’s UAE CEO Taimur Satti’s Vision for Global Expansion and Client-Centric Innovation

Page 45 - Navigating Independent Wealth Management in Asia: A Discerning Perspective from Industry Doyen Anthonia Hui

Fadi Barakat on REYL Intesa Sanpaolo Finance’s Boutique Independent Offering for the UAE’s Dynamic Wealth Market

REYL Intesa Sanpaolo has been one of the early leaders in the evolving landscape of the UAE’s financial sector. It believes that its position as a boutique independent wealth firm is ideal for achieving the best client outcomes and for the firm’s ongoing strategic growth. We spoke again recently with Fadi Barakat, Chief Investment Officer at REYL Finance (MEA) in Dubai, for some updated perspectives on the UAE operations and ambitions within REYL Intesa Sanpaolo, a familycontrolled business that dates back originally to 1973 in Switzerland, that has been operating in the UAE since 2015. Under the current leadership of François Reyl since 2008, the founder’s son, the Bank has navigated the complexities of global finance to amass nearly USD39 billion in assets under management. With a strategic footprint across ten locations, including London, Europe, Dubai, Singapore, and the US, REYL Intesa Sanpaolo epitomises the boutique private bank model that thrives on personalised service and innovative financial solutions. Fadi describes REYL Intesa Sanpaolo’s operation in the DIFC as a small to medium-sized boutique private wealth management firm, functioning essentially like a multifamily office. He says the UAE is a big market for the bank and links in ideally to REYL Intesa Sanpaolo’s booking centres in Geneva and Singapore. He explains that the UAE operation is keenly building a significant presence, leveraging the overall market’s growth and its network of skills and relationships within the wider Group.

BOUTIQUE INDEPENDENT OFFERING FOR THE UAE’S DYNAMIC WEALTH MARKET

FADI BARAKAT REYL

By way of background. REYL Intesa Sanpaolo’s trajectory of growth has been characterised by a keen focus on expanding its business lines and international presence. This expansion has been supported by the expertise and experience of four partners:

Nicolas Duchêne, Lorenzo Rocco di Torrepadula, Christian Fringhian, and Pasha Bakhtiar, each bringing their unique skills to the forefront of corporate finance, digital banking, and entrepreneur and family office services.

The Group’s ambition and potential were further solidified in 2021 through a major strategic partnership with Fideuram - Intesa Sanpaolo, which acquired a 69% stake in REYL. This partnership

not only underscores REYL’s commitment to growth but also enhances its capability to serve its clients with a broader array of services and solutions.

Dubai, as a pivotal market for REYL Finance (MEA) Ltd., showcases the group’s adaptability and forwardthinking approach. Regulated by the Dubai Financial Services Authority (DFSA) and operating within the Dubai International Financial Centre (DIFC) since 2015, REYL Intesa Sanpaolo Dubai provides a comprehensive suite of financial and advisory services.

Catering to a diverse clientele, including entrepreneurs, high net-worth families, institutional clients, and finance professionals, Fadi says REYL Intesa Sanpaolo Dubai excels in wealth management, asset services, and corporate finance. Fadi Barakat emphasises the UAE’s significance as a vibrant market for the bank, benefitting from the strategic interconnection with REYL Intesa Sanpaolo’s booking centres in Geneva and Singapore.

He observes that the boutique nature of REYL Intesa Sanpaolo in the DIFC does not diminish its impact. Instead, it amplifies the firm’s ability to offer tailored, clientcentric solutions that resonate with the unique needs of the Middle East’s affluent clientele. This

approach is further enriched by the global referrals and business flows across REYL Intesa Sanpaolo’s extensive network, demonstrating a seamless integration of local expertise with global insights.

Fadi points to some of the core missions that drive REYL Intesa Sanpaolo forward: enhancing portfolio allocation, fine-tuning risk management for its wealthy clients, and strategically expanding its team in the region.

“These objectives reflect REYL Intesa Sanpaolo’s commitment to delivering superior returns and safeguarding client interests amidst the ever-evolving financial landscape,” he reports.

“Furthermore, REYL Intesa Sanpaolo’s philosophy and operational model underscore the importance of independence and open architecture in wealth management, an approach that enables the firm to align closely with client interests, offering not only home-grown products, but also facilitating access to a wide range of financial instruments and opportunities. The emphasis on client benefit, flexibility, and nimbleness, especially in the face of stringent compliance requirements, is what we think sets REYL Intesa Sanpaolo apart in a market crowded with larger, less agile institutions.”

« “The emphasis on client benefit, flexibility, and nimbleness, especially in the face of stringent compliance requirements, is what we think sets REYL Intesa Sanpaolo apart in a market crowded with larger, less agile institutions.” »

Fadi’s comments augur well for the independent wealth model in the region, as there is a growing trend towards boutique private banking and multifamily office services in the UAE, driven by a desire for personalised service, operational efficiency, and a more intimate client-advisor relationship. He says this trend is supported by the evolving regulatory and financial infrastructure in the region, which increasingly accommodates the

custody and management of assets locally.

“REYL Intesa Sanpaolo’s distinction lies to some extent in our hybrid nature, straddling the line between a traditional private bank and a nimble, entrepreneurial entity,” he elucidates. “We think this is unique, helping position REYL Intesa Sanpaolo to offer niche products, access to private

markets, and direct lending opportunities, alongside the comprehensive services expected of a larger institution. I maintain that the firm’s success in Dubai is characterised by the ability to maintain close and personal client relationships and to provide a one-stop shop for the needs of our clients, including through leveraging our international network and strategic partnerships.”

GSB Capital Sets Sights on Delivering a Diversified Independent Platform for the Middle East’s High-Growth Markets

In January this year, The Chartered Institute for Securities & Investment (CISI) confirmed that Dubai-based independent wealth manager GSB Capital (GSB) had achieved CISI CharteredTM status, in the process becoming the first-ever international firm and the first in the Middle East to achieve that recognition. The accolade is a feather in the cap for GSB, which launched in the UAE in April 2021 and was founded by Ross and Alison Whatnall. Since then, GSB has been providing an increasingly wide range of wealth management and broader financial services to clients seeking high-quality investment, financial planning, private banking, lending and corporate finance expertise. Hubbis spoke recently to Dean Kemble, GSB’s Chief Commercial Officer, who explained the firm’s journey from inception in 2021 to the much broader platform the firm represents today. He also helped to plot the navigational points for GSB’s next stages of development.

DEAN KEMBLE GSB Capital

Dean opens the conversation by observing that there are plenty of independent firms competing and opening up. Still, most of them provide fairly limited offerings around the investment side, with considerably less attention to a more holistic proposition covering tax implications, legal issues, and broader financial planning. And that, he says, is where GSB differs.

The GSB ecosystem

“We deliver a multi-faceted approach to financial services, from investing to lending, and everything in between,” he reports. “As we move through 2024, we

will establish a capital markets operation, providing M&A solutions and financing. We will also expand into Saudi Arabia, opening an office in Riyadh. We want to be a onestop platform to address a wide variety of client needs.”

Dean elaborates on these points, stating that this approach has been helping them hire the right people and build their broadbased expertise. “When we look to recruit, people see and understand the differentiated proposition we are building and want to be part of it,” he says. “They recognise that what we’re doing as a business differs greatly from the general approach. They see that we are building the infrastructure for them to flourish and be successful.”

Riding the wave

Dean explains that GSB’s growth comes from several core drivers. Number one is new customers coming to the firm from various avenues and initiatives. Secondly, they are working more closely with UK-based IFAs, who are not permitted to offer clients crossborder advice and regularly refer their clients to GSB, with its DIFC presence and licensing.

“For UK IFAs whose clients are moving to the UAE for lifestyle, work, and possibly with their families, it is much better to pass them to us than lose them entirely,” he comments.

CISI’s stamp of approval

Dean notes that as of January this year, GSB has been bolstered by its new status as the world’s first international CISI Chartered FirmTM. He explains that achieving CISI accreditation demonstrates that GSB has met rigorous eligibility criteria and is operating at the highest levels of trustworthiness and professionalism. It includes that a firm should have regulatory recognition, at least 50% of staff in their core area must be individually chartered with CISI, a CISI qualifications and CPD programme should be in place, and the firm’s purpose and values must align with the CISI Code of Conduct.

“The accreditation means customers can see independent confirmation of GSB’s adherence to the highest standards of professionalism, thereby enhancing trust and confidence,” he states.

« “When we look to recruit, people see and understand the differentiated proposition we are building and want to be part of it. They recognise that what we’re doing as a business differs greatly from the general approach. They see that we are building the infrastructure for them to flourish and be successful.” »

A magnet for talent

Dean observes that recruiting the best talent is also central to the proposition. “We are forging the right path in terms of building skills and diversity of expertise inhouse rather than being narrowly focused,” he says. “The CISI accolade will further strengthen our reputation.”

He explains that they also aim to achieve value for clients, typically charging lower than the market norm on the client’s AUM. “And we then deliver a highly professional and effective investment management offering that aligns directly with the client objectives and their preferences, for example, around ESG, they are keen proponents of those fundamentals. Our approach is entirely in line

with our differentiation. It is a broad-based offering delivering specialist expertise across various disciplines.”

Spotting the opportunities, closing the gaps

Dean draws the discussion towards a close by elaborating on the key missions ahead. The evolution of the proposition requires continuously developing and refining the business to address any product, service or geographical gaps identified through client interaction and feedback. People are paramount, so building and retaining top talent is central to seizing the market potential, with quality and articulation of their

proposition a key factor in drawing the right kind of professionals to the organisation.

At the same time, he reiterates that GSB strongly believes in the best professional standards and the virtues of accreditation.

Elevating the proposition

“We are at the forefront of the growing momentum to elevate professionalism in this industry and believe that there is such strong growth to be grasped - our efforts will be more than worthwhile from a time and cost perspective,” he adds.

“We are evolving our platform, transitioning to become a comprehensive financial services business. This expansion is a key strategy for attracting the right talent, evolving the business proposition, and ensuring client retention and satisfaction over time.”

«

“We are forging the right path in terms of building skills and diversity of expertise in-house rather than being narrowly focused.

The CISI accolade will further strengthen our reputation.” »

We’re looking forward to hearing more from Dean in March, who is speaking at our upcoming HUBBIS INDEPENDENT WEALTH MANAGEMENT FORUM - DUBAI 2024.

Want to find out more about the forum? CLICK HERE to view the homepage. Or you may wish to view the output from our exclusive Independent Wealth Management Forum - Dubai 2024 Pre-Event Survey, to gain deeper insights into the themes we will be discussing at the forum.

The UAE’s Expanding Independent Wealth Management Market: Immense Opportunity and Many Challenges Ahead

CLICK HERE to read the full write up. Or CLICK HERE to register for the forum.

IPCG Founder & CEO Andy Huang Tells a Tale of Growth & Opportunity

Amidst Intensifying Challenges

Founded in February 2016 by current CEO Andy Huang, Invest Partners Capital Group (IPCG) today boasts some USD1 billion AUM and a wealth management and advisory platform spanning service coverage as an EAM, MFO and provider of private funds, all for HNW and UHNW clients in Asia. Andy hails from Taiwan and set up IPCG in Singapore, where its Suntec Tower operation now houses a team of 15. Andy considers the firm a champion of the increasingly dynamic independent wealth management sector, playing an active role in the Association of Independent Wealth Managers in Singapore and spreading the word about the bespoke services and value-added that independent firms can offer their clients. He sees plenty of growth potential ahead, but also highlights the rising costs and compliance burdens as driving the need for faster growth to achieve the requisite scale to avert the need to consolidate within a larger group. Andy believes the firm is well on track to navigate the right path through this maze.

Andy begins by explaining that when in 2007, he first ventured into the EAM sector, having worked at major names such as Merrill Lynch and Prudential Securities in both Hong Kong and Taipei, there was scant knowledge about the EAM proposition.

“Actually, people looked down on it almost as a conduit for people who failed to thrive in the banks, but I was convinced about the opportunity, and stuck to my chosen route,” he explains. “Eight years later I founded IPCG and have never looked back.”

Reinventing the legacy

He says the IPCG name was inspired by the wish to

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communicate the partnership element with clients, and also because it was a play on Merrill Lynch’s former IPCG team, which in their case stood for International Private Client Group. “My partners hailed from Deutsche and UBS and knew the IPCG name well, and we felt positive that we were sort of reinventing the acronym for our independent wealth management missions,” he reports.

The firm has a licence for fund management in Singapore, which also comes with a regulatory status as an exempt financial adviser. Clients are largely from Greater China, and mostly from Taiwan. The firm’s seven RMs are from Taiwan, Hong Kong, and Singapore. Custody is with selected banks and some of the leading external investment & custody platforms.

Private funds

IPCG also curates and manages private funds. One is the IPCG Fixed Income Opportunities Fund, which seeks to provide investors with long-term capital appreciation via a portfolio of actively managed nongovernment fixed-income securities.

The firm manages an umbrella Variable Capital Company – the IPCG Global Opportunities Series VCC in Singapore, which offers clients a flexible vehicle that can

accommodate various types of fund structures and wealth management needs.

Singapore – an ideal hub

Singapore was the preferred jurisdiction for the firm, as Andy had been there since 2007, working with a number of smaller EAMs and learning the trade. “With our types of clients, mostly from Taiwan, Singapore’s independence from external control or pressure is very important, so combined with its remarkably developed financial ecosystem, it has proven the right choice,” he reports.

Andy explains that the firm has built its client base largely from trusted relationships that came over from private banks with the team of seven RMs they have hired over the years.

Freeing the RMs from their shackles

“One key aspect of the business model is the partnership structure offered to RMs, which grants them effective ownership and decision-making autonomy,” he explains. “We offer our RMs a high percentage of the revenue they generate – between 65% and 75%– and the freedom to set their fees as they set fit. We also strive to keep their administrative

“We offer our RMs a high percentage of the revenue they generate – between 65% and 75%– and the freedom to set their fees as they set fit. We also strive to keep their administrative challenges and time spent on management meetings as low as possible and support them in all their compliance needs.” »

ANDY HUANG Invest Partners Capital Group

challenges and time spent on management meetings as low as possible and support them in all their compliance needs.”

Andy explains that the RMs are characterised by their entrepreneurial spirit. “They are hunters, not farmers,” he says. “We make every effort to and selfdriven nature of the Relationship Managers (RMs) at their company, describing them as hunters rather than farmers. They are free of the constant revenue monitoring and regular target reviews typical in the private banks.”

Leveraging IPCG’s growing network

He says the RMs are also liberated to build and leverage their networks, including through the firm’s strategic partnerships with accounting and law firms that provide referrals. “This network, which we have built over time, has been crucial for growth, as we often get ahead of potential clients who are achieving significant financial milestones, such as through IPOs or M&A deals, and who then have a far greater need for investment expertise and broader wealth and estate planning services.”

He adds that the firm has two approaches to revenue generation,

Key Priorities

Andy elucidates his number one mission as making sure that they are as compliant as possible with all the latest regulations, especially after some of the headline news regarding some unwanted and dubious clients coming to Singapore in recent times.

“This is a plus and a minus for the firm,” he explains. On the plus side, is that there, is better regulation and more scrutiny, which elevates the quality of the industry and the client base. On the less positive side, it takes longer for clients to become active with us, and this lag time affects our costs and growth.”

And growth is vital, he reports. “The second priority is to remain standalone and independent and not succumb to the pressures that are mounting towards consolidation,” he concludes. “We need to grow fast if we do not want to be acquired. But it is circular – more growth attracts more talent and increases our capacity to hire more expertise. We need people to grow, and we need growth to attract more people.”

entirely at the discretion of the clients. “They can choose management/advisory fees or product-related fees,” he explains. “We explain their choices to them in a transparent and open manner, and they state their preferences. It works well.”

Rising to the challenges

Andy also points to some key challenges, especially rising costs

and potential consolidation in the industry as competitors seek scale. He points to the RFMC, or Registered Fund Management Company, which, under MAS rules, is permitted to manage smaller volumes of assets and to do so with a lighter regulatory touch.

“As costs have been rising, the MAS has spotted the need to encourage consolidation amongst these

« “As costs have been rising, the MAS has spotted the need to encourage consolidation amongst these smaller players. And in our sphere, there is also a likelihood of consolidation, either by choice or due to cost and other pressures. It could get quite intense, quite fierce, especially as some of the larger players seeking deals have deep pockets and strong financial group backers.” »

Getting Personal with Andy Huang

Andy Huang considers himself a seasoned professional in the world of independent wealth management. He comes from Taipei, where he was educated through to completing Business Administration studies, and then heading to do his MBA in Finance & Investments at the University of Denver in the US.

His early career saw him start in the finance department of NCR, Taiwan, a subsidiary of AT&T, before transitioning to Bank of America as a credit officer, which he describes as one of his most forgettable roles. Seeking a more engaging career outlet, Andy spotted the opportunity to join the Investment Service teams in brand name firms such as Jardine Fleming and Standard Chartered in Taipei, later rising to more prominent positions at Merrill Lynch and Prudential Securities.

“I hope my career journey is characterised by a keen pursuit of growth and learning,” he explains. “The shift toward wealth management during my career reflected my interest in combining my passion for the financial markets with the pleasure and challenge of working for very successful, and often very interesting clients. I cherish the rich insights and personal growth these interactions offer.”

Outside the office, Andy balances his demanding career with dedicated family time, personal hobbies such as playing poker and golf, and a commitment to self-care through exercise. “It is all about balance,” he says. “I strive to define the boundaries between work, family and my own personal interests, and give my best to each endeavour.”

Andy is clearly an entrepreneurial character with a strong drive to navigate the many uncertainties of building a business from the ground up. “Discipline, perseverance and optimism are all traits I value,” he says. “I try to combine them with my thirst for knowledge and perhaps also a certain doggedness.”

smaller players,” Andy reports. “And in our sphere, there is also a likelihood of consolidation, either by choice or due to cost and other pressures. It could get quite intense, quite fierce, especially as some of the larger players seeking deals have deep pockets and strong financial group backers.”

Scale and progress

To keep ahead of the cost spirals, Andy says they need scale, but it

is tough to do that by hiring, as there is a shortage of RMs that would fit their books at the firm. “In the past, we wanted to expand our RM numbers very carefully and studiously, but I would say that the market conditions are now such that the need for scale is outweighing the need for that type of cautious approach. So we are more actively seeking new RMs in the market.”

Joyce Woo: Guiding Leo Wealth Singapore through the Next Phase of Growth and Innovation

Joyce Woo is the Head of Singapore at leading independent wealth manager Leo Wealth, responsible for overseeing the Singapore office operations and business development. She will excuse Hubbis for saying that she is a veteran of the wealth industry in Asia, but she offers clients and colleagues over 30 years of outstanding corporate and private banking experience gained in Singapore and the region. In the process, she has accumulated a wealth of expertise in key facets such as compliance, risk management, investment advisory, estate planning and the ability to deliver consistent quality of advice, and high-level client relationship management. It was in early 2023 that Joyce arrived at Leo Wealth during their purchase of her own business. Jachin Capital was a licensed fund manager based in Singapore that Joyce had created in 2014 after working with a virtual ‘who’s who’ of leading institutions such as Merrill Lynch, Citigroup, UBS, Morgan Stanley, OCBC and DBS. Hubbis recently enjoyed a ‘deep and meaningful’ conversation with Joyce on the evolution of wealth management in Asia and hear her eloquent articulation of Leo Wealth’s current strategy from her perspective heading up the firm’s Singapore hub. We found someone whose zest and passion for the business have not diminished over time. In fact, she is particularly enthused by the momentum and enjoying riding the current wave of growth, diversification and expansion.

GUIDING LEO WEALTH SINGAPORE THROUGH THE NEXT PHASE OF GROWTH AND INNOVATION

Leo Wealth (Leo) is an Asia and US-based asset management firm that focuses intently on the fee-based asset management and advisory model. The firm, in its current form, was created from the August 2021 strategic merger of a US-based multi-family office and The Capital Company, the Hong Kong-based independent wealth business originally founded in February 2017.

Expansion through absorption

Joyce’s arrival at the firm came in early 2023 after Leo announced the purchase of Jachin Capital in a deal designed to strengthen its footprint in Asia by absorbing a smaller independent fund manager whose mission was to help accredited investors in Singapore and Asia-Pacific with investment management and solutions.

The deal also opened the door to Leo setting up a significant presence in Singapore to complement their main Asian office in Hong Kong and the Tokyo office, which opened in 2022. The new Singapore office now acts as Leo’s core operating base in Southeast Asia, from which it is expanding its capabilities in various wealth management parameters, including tax and estate planning, investment and financial planning services.

Additionally, Leo is leveraging Jachin Capital’s digital investment platform, iAdvisor, to offer custom-made investment tools to its clients. The iAdvisor platform was launched in 2015, and collaborates with the much bigger Saxo Markets investment execution and custody platform, which expedites electronic, realtime trading for clients.

A two-way rationale

Joyce explains that from her perspective, the sale to Leo was partly to access the firm’s US connectivity. “Being able to onboard US clients through the Singapore operation is pretty unique,” Joyce comments. “Nobody wants to take on the tax reporting challenges, and that was certainly the case for us at Jachin Capital previously. But now we have opened the door to those clients, as Leo runs a separate tax advisory business

out of Tokyo. It has also opened the portals to expanding our wealth, legacy and cross-border planning activities.”

Consolidation games

She says she sees the sale as both logical and as part of the evolving larger canvas of consolidation taking place in the independent wealth sector. “I was proactive in moving ahead, as I saw a clear need for smaller providers, smaller fund managers to consolidate,” she states. “The market in Singapore is too small, and some degree of scale is valuable.”

She adds that joining Leo Wealth was also valuable due to its regional reach in Asia, as well as its global connectivity to the US. “Smaller players who stay local will be increasingly challenged in many ways,” she states. “Honestly, as I see things, without expansion or collaboration, many of these smaller, more localised businesses face serious struggles ahead.”

Evolving strategies and approaches

She also points to advances needed in the types of approach and strategy. “There are many independent asset management firms founded and run by what I can term ‘traditionalist’ fund managers who need to innovate and modernise to stay competitive and relevant.”

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“There are many independent asset management firms founded and run by what I can term ‘traditionalist’ fund managers who need to innovate and modernise to stay competitive and relevant.’’ »

JOYCE WOO

Leo Wealth

The client-centric offering

Joyce elaborates on these points, reporting that the vital characteristic for any EAM or MFO is also to practice independence of advice and action, and not just to pay lip service to that principle.

“I can give you plenty of examples of situations where, in my view, independent firms, amongst others, are not sufficiently proactive in disclosing current and future risks, which can tarnish reputations,” she comments. “I can also think of examples, not to be named here, where smaller firms acquired by larger operators have enticed clients with high returns without fully disclosing the risks involved, presumably driven by high commissions upfront! That can be quite damaging to those acquirers, so it is vital to be cautious in the approach taken to consolidation.”

Clear directions from the top

She believes that the culture of independence and integrity is driven by the leaders of any firm and the people they hire.

“I see two key elements of our approach that to some extent distinguish us from other independents, namely that we provide professional tax advisory that ideally complements the

Mission Possible – Joyce’s Key Priorities

Joyce highlights some key missions for the Singapore office, the first of which is to broaden the firm’s service offerings, specifically by incorporating insurance.

“We see this as a critical component of the legacy planning offering, with a need to offer licensed and compliant guidance as a core element of our in-house expertise,” she states. “It aligns perfectly with our skills and capabilities across estate and succession planning, cross-border structuring, tax advisory, and broader wealth and investment management.”

Unsurprisingly, the second priority focuses on business growth, specifically targeting expansion into new markets.

She says they want to extend the reach in the region, including even looking closely at establishing a stronger presence in Phuket, where there is a growing swell of HNW and even UHNW individuals and families from across the globe, many of them coming there from other parts of Asia such as Hong Kong, China, Singapore and other centres, for better lifestyle, yet still with good education, healthcare, property and leisure infrastructure and accessibility.

The final priority, as she has explained earlier, is to further build and refine the talent pool. “People are central to our culture and evolution, and this is a third but certainly not lesser priority, especially as we also want to build the product and advisory offering and expand in the region,” she concludes.

overall proposition, and secondly, we have cross-border capabilities that also help elevate our estate and legacy planning capabilities. As many founders age in Asia, this is increasingly vital for them and their next and younger generations.”

Seeing the bigger picture

She expands on this last comment, noting that while estate planning focuses on the transition of wealth upon death, legacy planning involves a broader vision.

« “Singapore has an enduring advantage in its robust corporate and wealth management governance infrastructure, and we definitely concur with the view that there is a shift taking place from west to east, and Singapore will be a major beneficiary.” »

GUIDING LEO WEALTH SINGAPORE THROUGH THE NEXT PHASE OF GROWTH AND INNOVATION

“Legacy planning is about making impactful decisions while still alive, aiming to pass on not only assets and businesses, but also family and personal values, principles, and philosophies to the future generations,” Joyce elucidates. “We seek to be and remain trusted advisors, and that is what we stress to our clients and to key people thinking about joining us. It is a more holistic and encompassing approach.”

Leveraging Singapore’s diverse landscape

Singapore is also a key selling point for their business, due to its burgeoning sector of maturing Small and Medium Enterprises (SMEs). “So many of these SMEs exit or are contemplating exit strategies, whether to next generations or to listings, or to sales and JVs, and so forth,” she reports. “Singapore offers an excellent and deep ecosystem of these types of businesses and owners and is an encouraging environment in so many different ways.”

She says they have carved out a niche advisory service in this sphere, with conversations extending into the depths of alternative approaches and also the associated planning and structuring required to convert those decisions to realities. “We have built a genuine expertise in guiding SME owners through critical negotiations and decisionmaking processes; it is a key area where we truly add value.”

The shifting sandsfrom west to east

Joyce also comments on some bigger evolving trends. “Singapore has an enduring advantage in its robust corporate and wealth management governance

Getting Personal with Joyce Woo

Joyce Woo’s journey from Ipoh, Malaysia, to becoming an influential figure in Singapore’s wealth industry is a compelling story set against the backdrop of the evolution of Southeast Asia.

Born in Ipoh Perak, Malaysia, Joyce’s early life was shaped by significant events, including the 1969 riots which led her family to relocate to Singapore. By the age of 12, she had become a Singaporean citizen, though she maintains a strong connection to her Malaysian roots, a fact that she humorously notes often sparks friendly banter among her Singaporean friends.

Educated in Singapore, Joyce pursued Business Administration at the National University of Singapore, setting the stage for a career that would span several high points in the banking and finance industry. From an early age, Joyce was determined to enter the banking sector, a dream that began to materialize with her first job, which involved creating a booklet on Singapore’s property market for DBS Bank, and resulted in her enduring interest in property finance.

Her career trajectory took an exciting turn when she joined Merrill Lynch, marking the beginning of a 12-year tenure where she embraced six different roles. From compliance and operations to marketing and sales, Joyce’s experiences at Merrill Lynch were not just about climbing the career ladder but about the rich cultural interactions and the comprehensive industry knowledge she gained.

Despite her success, Joyce has remained grounded and values simple pleasures. She is unmarried and has no children, choosing instead to immerse herself in hobbies and interests that bring her joy outside of work.

Joyce, as a self-proclaimed movie buff, cites favourite movies as diverse as Star Wars and Ready Player One, speaking to her eclectic and open imagination. Cooking is another passion, especially experimenting with Asian flavours and creating sauces, though she does admit to a strong aversion to the precision and incredible patience required in baking.

While some of her peers are enjoying retirement, at the age of 65, Joyce still finds fulfilment in her work, as well as reading, with a preference for action, thrillers, and sci-fi novels. Authors like Lee Child are among her favourites, providing a thrilling escape from the complexities of the financial world.

Joyce Woo’s journey reflects a blend of resilience, curiosity, and a relentless pursuit of personal and professional growth, making her a truly engaging personality in Singapore’s finance sector.

infrastructure, and we definitely concur with the view that there is a shift taking place from west to east, and Singapore will be a major beneficiary.”

A carefully articulated strategy

Joyce also remarks on Singapore’s delicate balancing act in managing loyalties and relationships with leading Western and major Asian nations, especially China. “So far, so good,” she comments. “I think Singapore has done a smart job of treading carefully between these two worlds and influences, retaining integrity and independence. I think that will continue for the foreseeable future, but I admit it is a tough job and a delicate balancing act.”

Spot the difference

Joyce is careful to distinguish between elements within the independent wealth ecosystem, discussing her perspectives on

what differentiates key entities such as EAMs and MFOs.

EAMs, she notes, are usually established by senior private bankers seeking independence and tend to rely on a few clients that provide the assets under management (AUM) and pay the fees, with the actual accounts still held at private banks. “In some ways, they can be considered outsourced private banking service providers,” she says.

MFOs, on the other hand, are more for smaller wealthy families who do not possess the scale of assets required to establish their own single-family office. “Properly structured MFOs offer valuable services to a collective of families, but scalability can be a challenge, with some MFOs struggling to service more than a small number of families effectively,” she comments.

Talent shortages abound

She says that whatever shape or form the independent wealth firm

appears in, a major challenge is the shortage of talent and the difficulty in retaining key people in the face of intensifying competition. “It has been an issue we have faced for some time, and it is endemic across the independent wealth market here,” she reports.

Bringing it all together

Joyce’s insightful and expansive vision of wealth management is evident in all that she articulates, and her deep understanding of all the nuances is clearly of great value to the sophisticated needs of HNW and UHNW individuals and families. As she steers the Singapore office through the next phase of growth and diversification, Joyce’s legacy in the wealth management industry continues to evolve, reflecting a blend of innovation, expertise, and a genuine passion for excellence.

“MULTI-FAMILY OFFICE”, “INDEPENDENT ASSET MANAGER”, “EXTERNAL ASSET MANAGER” CONFUSION REIGNS

IN ASIA

INTRODUCTION

“THE WHOLE SECRET LIES IN CONFUSING THE ENEMY, SO THAT HE CANNOT FATHOM OUR REAL INTENT.”

SUN TZU.

Whilst Sun Tzu’s quote was directed at military strategy, his quotes resonate throughout many aspects of business and personal life. However, meet an independent asset manager (IAM – which we will use as the broad term for a multi-family office, independent asset manager or external asset manager) in Asia, and the first ten minutes of a meeting is spent with a long explanation as to how they differentiate themselves from and are a better proposition than private banks – it can be confusing!

The reality is that apart from balance sheet and custody, there can often be little difference, and worse, IAMs who are operating 100% to the perceived role, are placed in the same basket as those who adopt a less transparent and conflicted approach.

Let me explain.

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The Pitch

In the IAM community, the “pitch” is that the IAM acts in the best interests of the client. Indeed, a pitch may almost extend to the representation of acting as a fiduciary – but not quite. The client typically maintains their assets in their name with separate custodians such as private banks and online brokers, and authorises the IAM, under a limited power of attorney, to manage the assets (but not remove assets from the account). For this and other related services, the client pays the IAM a transparent fee in the belief that the IAM is acting in an unconflicted manner on behalf of the client. At least that’s the pitch.

The Reality

The reality is that some IAMs do indeed adopt this approach, whilst others do not. So broadly there are two categories of operator in the same space:

1. Firstly, the IAM that charges a fixed fee which is usually broadly based on the Assets Under Management (AUM) it is managing. This IAM will negotiate the best possible pricing for custody and execution, and will not be conflicted in their choice of product to the client as they will receive no financial inducement to pick one product over another.

2. Other IAM’s will charge fees, as in the case of the first example. However, they will also receive financial inducement for the use of certain products on the custodian’s platform, and this inducement will take the form of a fee sharing agreement with the custodian who will share a portion of the fees

generated. This might extend from artificially high custody and transaction costs, through to retrocessions on active mutual funds, structured products and other high margin products.

The result is two-fold.

Firstly, the regulated IAMs, who operate in the same space, are not playing on a level playing field. The transparent, client centric operators who are working in a fully disclosed capacity with their clients, are placed in the same field as the operator who has created the illusion of doing this but is not actually operating in this manner.

Secondly, the client is confused, and remains suspicious. How can the client differentiate between the two, and indeed how can the client be confident in a system that allows what must bluntly be called a deception to take place.

Regulation

As with most businesses, the issue comes down to regulation. In a highly competitive landscape, business operators will always seek to push to the envelope of the law in their search for profits.

In the wealth management space, the issue almost always boils down to “fiduciary duty”, which is a legal obligation to act in the best interests of another person or entity. Unless there is a specific requirement to act as a fiduciary, a grey area is created in which a much softer definition of duty such as “suitability” or “fair dealing” is used which creates the avenues to exploit weaknesses in the system and ultimately the client.

In the spirit of not re-inventing the wheel, these matters have often been addressed elsewhere, whilst

Asia continues to lag. In the United States for example, there is a clear regulatory differentiation applied to these operating models.

1. Firstly, the pure fee-based advisor in the United States, is typically regulated as a “Registered Investment Advisor” or RIA (at the firm level, whilst the employees are Investment Advisor Representatives). These firms and their representatives must adhere to a fiduciary standard of care which is laid out in the Investment Advisers Act. The result is that they can only charge fees for service and are bound by a much higher duty of care to their clients in the form of a fiduciary duty.

2. The alternative is the broker-dealer, which is a firm that can buy and sell securities on behalf of its clients (brokerage services) or indeed for its own account (proprietary trading). Broker-dealers will also offer other investment products such as mutual funds, ETFs, and so on. The key point however is that they are not required to act as a fiduciary –they are required to act with the principle of “Suitability” –that being open to some interpretation, and under which they are able to generate nontransparent fees in the form of spreads on transactions, retrocessions and so on.

The reader will immediately pick up on the fact that the IAMs in Asia, do not follow the broker-dealer model. They cannot typically custody assets themselves and they operate under the model of managing assets placed with a segregated custodian by the client through a limited

power of attorney. However, one must look beyond the “form” and reflect on the “substance” of many of these arrangements.

Many of the IAMs to all intents act in the manner of a “brokerdealer” in a hybrid set up. These firms utilise the custodians, generally the private bank external asset manager desks, who enter into arrangements with the IAM where they agree to re-imburse the IAM a percentage of fees and revenue earnt from custody and transactions fees and retrocessions from various products. The private bank (which is to all intents the broker-dealer), in effect becomes the nominee broker-dealer for the IAM.

The result is that without proper disclosure of this to the client, the IAM is motivated to negotiate poor fees with custodians (which are then shared) and to utilise costly product which whilst being sufficient to be deemed “Suitable” are far from suitable in the context of what a fiduciary would execute for a client.

The Solution

When it boils down to it, there is no problem with either the “Suitability” or the “Fiduciary” route. If a client chooses to deal with a firm that operates under the “Suitability” umbrella, then the client needs to exercise his or her right to “beware”. However, the client should know what he or she is dealing with.

The problem occurs when the industry, through soft regulation, is allowed to misrepresent the nature of the relationship. If an IAM is able to represent that they operate on a fee basis but is not required to disclose to its clients

“MULTI-FAMILY OFFICE”, “INDEPENDENT ASSET MANAGER”, “EXTERNAL ASSET MANAGER”

that it receives what are politely called “retrocession” fees (or less politely “kickbacks”) then there is clearly at best a lack of honesty, and at worst outright deception being undertaken.

The ultimate question is, is this an honest way to do business with the client, and is it fair to the client and

to the IAM that is operating on a fully disclosed basis?

The solution is for regulators in Asia to re-visit the regulation of IAMs and to bring in clear lines of demarcation between the suitability and fiduciary roles. The current set up is not in the best interests of the client or

the many IAMs that work on a fully disclosed basis with their clients. It is time that they can differentiate themselves for the full transparency that they strive hard to present, on similar lines to the RIA in the United States.

Clients should be one’s friends, not as Sun Tzu put it ”the enemy.”

OneRock Investments CEO Michel Della Libera –on the Journey to a BillionDollar Vision

Michel Della Libera could be considered rather brave when he and his co-founder launched OneRock Investments in 2021 while the pandemic was still raging. But he has no regrets, and reports that their multi-family office boutique is now a thriving business with approaching 17 staff and with their collective eyes firmly set on hitting USD1 billion of AUM this year. Michel had felt empowered to create the firm to leverage his strong track record in wealth management and experience in the region, including in his former role as Senior Managing Director of EFG bank in Singapore, and a good number of years spent in key roles in Hong Kong as well. Michel is the CEO of the Singapore-based business, which, armed with its Capital Market Service licence, has for the past several years been growing its client base in key markets such as Singapore, Thailand, Indonesia, Hong Kong and Mainland China. Hubbis met with him recently to learn more about the progress, some of the challenges and missions ahead, and most importantly about the optimism that Michel expresses over the direction and impetus of the firm.

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THE JOURNEY TO A BILLION-DOLLAR VISION

Michel opens the discussion by reporting that despite rising costs, and some challenges around talent acquisition Singapore has proven a solid choice as a strategic hub for its wealth management business.

Singapore: an outstanding platform

“The right base is critical for our multi-family office operations, and despite some challenges, Singapore stands out as a preferred destination for many industry players,” he comments. “Singapore’s robust and flexible platform continues to attract businesses looking to navigate and thrive in financial services. We find similar

positivity from our regional clients as well, who are all happy to either be here, come here, or comfortable with their money and affairs being handled through Singapore.”

He adds that Singapore is such a diverse and vibrant hub with a deep wealth management and professional services ecosystem that the delivery of advisory and investment services is straightforward.

“Add to that the stability of the jurisdiction and the quality of facilities here, and it all makes a compelling case for Singapore,” he says. “This is helping us build our client base.”

Fertile ground for the MFO proposition

He explains that OneRock has experienced significant expansion since its early days and has shifted increasingly towards serving entrepreneurial HNW families looking to structure their wealth.

“We have evolved the business more from an independent asset management platform to building the family office clientele, especially of entrepreneurs and their families, and we are very comfortable in this focus and trajectory,” he reports. “And Singapore’s role in enabling this growth cannot be understated

as a highly conducive business environment and strategic location in Asia.”

Deep engagement and true connectivity

Michel drills down further into his concept of the MFO, explaining that the offering is broader than just asset management. He says, “for example, our coverage might include many multifaceted needs of clients, such as raising capital for their businesses, leveraging existing businesses to invest in new ventures and opportunities, navigating their relationships with other institutions such as banks, as well as managing their wealth and keeping an eye firmly on their future generations, including with regard to helping with succession planning.”

He says they therefore see the MFO as a comprehensive partner offering a range of services that extend well beyond simple wealth management or investment advice, touching on many aspects of a family’s businesses and delivering an altogether more connected or holistic offering.

SFOs welcomed

“We are experts, and we have a track record and we understand

« “Singapore’s robust and flexible platform continues to attract businesses looking to navigate and thrive in financial services. We find similar positivity from our regional clients as well, who are all happy to either be here, come here, or comfortable with their money and affairs being handled through Singapore.” »

MICHEL DELLA LIBERA OneRock Investments

Key Priorities

Michel articulates his first priority as making sure that existing clients are properly serviced. “We want to grow the client base, but first of all we must make sure our existing clients are happy, stay with us and that we grow shares of wallet,” he says.

Another priority is to nurture OneRock’s team members. “We are trying to build a legacy, to make sure that people in this office are growing with the company, not only financially, but also professionally and personally.”

And his third key objective is to reach the USD1 billion AUM milestone. “You will see me jumping with joy when we hit that target,” he quips. “We hope to reach that goal within this year.”

these issues, which can be challenging for any family, even one that has built great wealth through its businesses,” he states. “We even have clients that have their own single-family office, but they often see that we have certain areas of expertise and specialisation they would like to engage with.”

Growing with ambition

Michel also acknowledges that OneRock is a work in progress, and that he and his colleagues have plenty more ambitions to fulfil at the firm.

“What I can say is that while we haven’t yet reached our desired shape and form, we are on the right path and ticking off the milestones along the way. We are assembling the right business model, the right core objectives, building a strong team, and navigating the right direction. And we are bringing more and more clients with us. All in all, yes there are challenges, but the positives far outweigh any of those.”

Michel zooms in on the values the firm nurtures, including independence, transparency and trust.

Performance-centric trust and transparency

“These are all key elements any independent wealth firm tries to project and communicate, but for us, it really centres on transparency around the way we work with clients, the products, the fees, and exactly how we charge for our efforts. Without that level of openness, there will never be the trust needed to build this business. I should add that it goes without saying that we must also perform – competition is intense, and performance is crucial for the clients, or they will move on.”

The firm also offers its own funds as well as open architecture. Michel reports that one of them, structured as a Variable Capital Company or VCC, is one of the largest available in the alternative asset space. “We only create funds where we know we can make a

difference,” he says. “We cannot compete with the major global brands, so our products are either when clients ask us specifically for tailored approaches or where we believe we can add value.”

Southeast Asia’s growth

Michel closes the conversation by reporting that they have been particularly successful in engaging with clients in several key markets in Asia, including Singapore, Indonesia, Thailand, Hong Kong, and China. They are planning to open a sister company in Jakarta.

“To expand effectively in that market and help our clients, we need to be closer to them,” he says. “And we are contemplating how to approach China, possibly in the same way. There is plenty to do here in Singapore, but we must focus also on other key markets.”

Fulfilling your potential

His final comment is that he has turned 50 recently and feels like he is literally having the time of his life. The business is thriving, the team culture is building all the time, and the firm is navigating to being sustainable, even if he were to later retire, although he

has no intention of doing so in the foreseeable future.

His two daughters are in their early 20s and ready to make their way in the world. He says he and his wife thoroughly enjoy their lives in Singapore and travelling together whenever possible.

However, he reports that he still has two areas of disappointment. “My golf stubbornly refuses to improve, and I am really struggling to find any new and exciting Lego sets to build in my spare time, as I have done for decades”, he quips jovially.

« “We are experts, and we have a track record and we understand these issues, which can be challenging for any family, even one that has built great wealth through its businesses.” »

The Single-Family Office as Champion and Catalyst for Impact & ESG-Centric Investing

Bryan Goh is the Chief Executive Officer and Chief Investment Officer of the Singapore-headquartered Tsao Family Office, a single-family office that was established in 2014 and that he joined in 2019. When he arrived, there was a small team performing mainly treasury and administrative functions, but today, he has built the operation to 9 professionals handling investments, and a team of 9 supporting the operations, some of which are outsourced to third parties. The family has business interests spread across Asia and the globe. The SFO has a very specific focus driven by ESG-centric investing and impact, all fully supported by the family charter and driven by the family philosophy and values. Hubbis met with Bryan recently to learn more about how the operation over which he presides is aligning the family philanthropic and impact missions with sustainable investments.

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BRYAN GOH

“My first mission“, Bryan reports, “was translating the family charter into a workable investment mandate around sustainability, positive impact, responsible investing and along the lines of ESG metrics, with a view to investments that would also contribute to humankind and the planet. We have learned a lot along the way, especially bringing ideas and approaches in from Europe in particular and applying those to our activities here in Asia, but with a global outlook.”

As to investment activity, Bryan reports that they invest globally and across equities, credit, real estate, and infrastructure.

He explains that some 55% of assets tick the ESG-centric boxes and roughly 17% of assets are

allocated to impact investments. They also have some ESG neutral assets and strategies such as treasuries or broad equity indices, and others to help achieve their stated overall return targets based on 5% above the risk-free rate, which, of course, has risen significantly since late 2021

Philanthropy at the heart

He adds that all returns are for charitable purposes directed towards a the Tsao Foundation, a healthcare foundation in Singapore and have little to do with the family’s needs or lifestyles. A second foundation, the Tsao Family Foundation has been established that will provide grants to third parties, providing they meet certain key impact and sustainability objectives aligned with the family’s purpose.

Bryan drills down into their criteria for sorting the ‘possibles’ from the ‘non-runners’, pointing to an overarching ESG framework and protocol aligned with impact frontiers that help them classify their investments.

Aligning with the Impact Frontier’s taxonomy

“We’ve adopted the norms, processes and taxonomy of the Impact Management Project, now renamed Impact Frontiers.”

This framework, he says, allows the team to distinguish between investments that are truly impactful and categorize them based on the extent and quality of their impact.

“Practically, we’ve taken our cues from our European peers, who have more experience implementing such investment mandates,” he adds.

Flexibility to hit the targets

He explains they categorise this approach under Impact 1.0, which would eliminate the more neutral or less impactful investments, and Impact 0.5, which accommodates a broader array of investments that might indirectly drive positive benefits for society and for the planet. Impact 0.5 is an internal standard that holds investments and businesses to standards of broader purpose as opposed to strict or narrow impact metrics. What is lost in clarity is gained in fidelity.

Scale can create its own impact

“SFOs really need to be predicated on AUM of at least circa USD300 million to be fully functional and effective,” he comments. “At those levels and above, you can aim to create a durable, institutionalised operation with a corpus of expertise and set

« “The SFO should be standalone and able to weather the arrival or departure of key individuals, and have robust strategies, processes and capabilities in place.” »

Tsao Family Office

of practices designed to endure through the generations of the family and that are sustainable in terms of personnel transition and succession,” he reports. “The SFO should be standalone and able to weather the arrival or departure of key individuals, and have robust strategies, processes and capabilities in place.”

Spreading the word

The Tsao Family Office manages a credit focused fund of funds pursuing an alternative fixed income strategy which is the investment backbone of the trust. As the Tsao Family Office holds a Singapore CMS, or Capital Markets Services, license, this allows them to offer such investments to parties beyond the trust beneficiaries.

“Moreover,” he adds, “the license allows us to offer some lower entry level access to such investments to those with less wealth, including some of the team members at our SFO, myself included. This alignment of interests is valuable, and it also allows us to directly invest in the managers and strategies we help identify.”

Singapore – an ideal hub

Bryan explains that over the past decade, the great advances

in financial infrastructure and ecosystem available in Singapore means that the world now very often comes to them.

“Ten years ago, we would have had to be constantly chasing around the globe to find the right managers,” he reports. “Today, those opportunities and fund managers often come to Singapore, and of course, we are well known to them, so they also knock on our doors. It saves a lot of time, cost and carbon!”

The European peer group

Bryan also remarks that they are continuously interested in developments around ESG and impact deriving from Europe. “We consider ourselves global in reach and outlook, and our connectivity for our missions is heavily skewed toward Europe, including some major family offices with whom we have much in common,” he reports. “It is exciting and very valuable to see the evolution taking place from their perspectives as what we consider our direct peer group essentially.”

He says that ESG and impact are taking off in Asia, but it is still a returns-first market largely. “Things are changing for the

better,” he remarks. “For example, here in Singapore, the efforts of Temasek in impact and ESG are noteworthy and admirable. But Asia is generally at a different stage of economic and social development and, perhaps for now, feels more isolated from dramatic climate or social changes than Europe and currently less focused on these issues. But time will change that, I am sure.”

Setting the standards, devising the templates

Bryan draws the conversation towards a close by explaining that they are building knowledge and expertise all the time, including aiming towards some level of standardisation and towards more widely accepted frameworks that will help their SFO and others, hopefully.

He also wants to further the use of blended finance in impact, which will help mobilise more funds towards sustainable development in emerging economies. “Deploying private sector commercial capital alongside national or multilateral development finance is an admirable and worthwhile mission,” he says. “The two should work increasingly hand in hand to achieve real change.”

«

“It is important that all this is not seen in isolation, as some kind of academic exercise. We certainly want to extend our efforts around advocacy and influence, as we believe that climate and social justice are public endeavours and public goods.” »

THE SFO AS CHAMPION AND CATALYST FOR IMPACT & ESG-CENTRIC INVESTING

An ambassadorial role

He adds that a major SFO such as theirs should also see itself as an ambassador for impact and sustainability, encouraging all types of parties to participate.

These would include other family offices, governments, key multilateral entities, regulators, and others.

“It is important that all this is not seen in isolation, as some kind

Getting Personal with Bryan Goh

of academic exercise,” he says. “We certainly want to extend our efforts around advocacy and influence, as we believe that climate and social justice are public endeavours and public goods.”

Bryan is a Singaporean, born and bred, and studied at the London School of Economics.

He has enjoyed a colourful working life. He worked in London and Singapore on behalf of Arab Bank, and then established a family office in Singapore for the bank’s major shareholder. After that, he co-founded First Avenue Partners, a placement agent and boutique investment advisory firm based in London.

He left that partnership in 2011 and returned to Singapore to work with DBS, and later Bordier & Cie, also in Singapore. He joined the Tsao Family Office in 2019.

Bryan and his wife have one daughter aged 16. He keeps fit by running, and he considers his mission at the family office a key part of his relaxation and lifestyle.

“It is wonderful to work with a family that gives me the patience, trust and latitude to interpret their vision.” he says. “We do not have pressure to achieve so many deals each quarter; we can be more holistic and experimental, and we can take a very, very long-term view.”

He says the conceptual and strategic support from the family allows them to impose this type of 50-plus-year holistic perspective on their activities. “I believe in balance and the avoidance of extremes,” he explains. “We need to be astute, strategic, logical, analytical, and above all far-sighted and creative to help drive towards these invaluable goals.”

TriLake Partners’ Lucie Hulme on How Singapore’s EAM Leaders can Overcome Challenges and Grasp Opportunities

A rising tide floats all boats, or at least that is the principle behind the thoughts and efforts of leading independent wealth management practitioners in Singapore, including Lucie Hulme, Chief Executive Officer & Partner at the Singapore-based EAM TriLake Partners, a well-known personality in the wealth community there since she helped co-found the business back in 2011. Lucie is a robust advocate of the independent wealth proposition, and TriLake was founded based on the Swiss EAM model, a familiar approach to her three Swiss co-founders. In advance of the Hubbis Independent Wealth Management Forum on April 17, Hubbis spoke with Lucie to ascertain her views on what the independent sector should be doing to enhance their offerings and grasp a rising share of the expanding AUM attainable in Singapore and further afield. She offered these insights through the prism of her role at TriLake and also from the vantage point of someone with plenty of experience and historical perspective on the market’s evolution.

HOW SINGAPORE’S EAM LEADERS CAN OVERCOME CHALLENGES AND GRASP OPPORTUNITIES

TriLake Partners is a Singapore-based independent asset management firm that, for the past 13-plus years, has been steadily building a reputation for trust and excellence. After a career spanning some two decades and rising through the ranks in several brand-name international private banks, Hulme co-founded the business with Swiss partners back in 2011, setting about creating the firm in the image of the Swiss wealth management models that the cofounders understood so well.

Key challenges

She identifies several major obstacles that present themselves

and that lie around the corner.

First, there are daunting rising operational costs, with service providers increasing their charges and fees annually, a trend not mirrored by wealth managers who traditionally do not raise their service charges, instead aiming to build AUM and thereby increase revenues. “We have discussed this issue with peers, and all agreed this is exceptionally challenging,” she states.

Secondly, there is great difficulty in attracting quality new hires, with the overall expansion of the wealth and financial services market, and broader economic model in Singapore leading to an important demand for competent, experienced people across the board.

Additionally, she mentioned there are some challenges in the EAMs’ private banking relationships and custodianship. A concern for EAMs is the changing dynamics with banks. Historically, managing relationships with around ten to twenty custodians was straightforward.

However, the situation has become more complicated as banks frequently update

their policies and impose new requirements. Lucie cites an example of a four-month-long KYC process for a Swiss client, which concluded when the bank announced a new policy of no longer serving Swiss clients.

“These types of increasing rigidity and decreasing flexibility in the services the banks provide to EAMs in Singapore signifies a growing obstacle,” she reports. However, some banks are benefiting from this trend by offering bespoke and very efficient services that cater exclusively to EAMs. “Therefore, we are now carefully choosing our partners to ensure a pleasant and smooth experience for our clients.”

Collective Bargaining with Service Providers

The Association of Independent Asset managers plays a major role in helping its members navigate rising costs. By banding together as a group, Lucie maintains that EAMs can wield more bargaining power to work more cost-effectively with service providers such as auditors, lawyers, custodians, fiduciaries, and IT firms.

Lucie says this approach has been successful in the past, demonstrating its viability as

« ‘‘Adaptability is key in the wealth management sector. Firms must be agile enough to respond to market changes, regulatory updates, and evolving client expectations. Those who can navigate these waters successfully are the ones who will thrive in the dynamic wealth management markets in Asia.’’ »

LUCIE HULME TriLake Partners

a strategy to mitigate rising operational costs.

Adapting to Talent Roadblocks

She addresses the challenge of the shortage of experienced talent and hiring restrictions in Singapore, particularly the difficulties in employing foreign talent due to increasing inward visa restrictions. This limitation was one of the drivers to expand beyond local market. TriLake opened a representative office in Bangkok last year, to explore business development opportunities in broader geographies, thereby mitigating the impact of talent restrictions in their Singapore operations.

Innovative Solutions and Diversification

Of course, challenges also present opportunities to be grasped, and Lucie notes that they also identified how EAMs should be more willing to think outside the traditional service box.

For example, transitioning from a predominantly B2C focus, EAMs are increasingly exploring B2B avenues, adding a variety of services that extend beyond their conventional investment management offerings.

Opportunities lie in areas such as outsourced CIO services, Singapore’s Variable Capital Companies (VCC) and other structures, fund management and more.

Lucie indicates that this flexibility and dynamic approach broadens the service spectrum of what an EAM can offer.

By diversifying services, focusing on educational

At a Glance – Key Insights on Key Topics from Lucie Hulme

On Strategic Expansion and Niche Markets

“Our own strategic expansion, including the decision to open a representative office in Thailand, reflects our commitment to serving niche markets more effectively. This approach not only allows us to cater to the unique needs of international HNW clients in Asia but also reinforces the importance of understanding and adapting to the cultural and regulatory nuances within each market we operate in.”

On the Shift Towards B2B Services

“We all need to think more broadly about the model and opportunities. Moving beyond our traditional B2C focus, we are exploring B2B avenues or partnerships. This diversification not only opens new horizons, but also allows us to serve our clients more comprehensively.”

On the Importance of Education in Client Engagement

“Education is a cornerstone of our approach to client engagement. We see a significant opportunity in conducting educational workshops and meetings, allowing us to connect with prospects on a deeper level. It’s about building trust and credibility through knowledge sharing.”

On the Role of Technology in Wealth Management

“Technology is playing an increasingly pivotal role in reshaping wealth management services. From enhancing client interactions with digital platforms to leveraging data analytics for personalised investment strategies, technology is at the heart of modernising and improving the wealth management offering.”

On the Competitive Landscape in Wealth Management

“The wealth management industry in Asia is becoming increasingly competitive, with a diverse array of firms entering the market. This competition drives innovation but also reinforces the need for us independents to more clearly articulate our unique value proposition and cultivate stronger relationships within our target communities.”

On the Evolution of Independent Wealth Management in Asia

“The landscape of independent wealth management in Asia is rapidly evolving, influenced by both global trends and local dynamics. As TriLake adapts to these changes, our focus remains on maintaining the high standards of service and trust that have defined the Swiss model we operate while embracing the innovation necessary to meet the diverse needs of Asian clients.”

On the Importance of Adaptability in the Industry

“Adaptability is key in the wealth management sector. Firms must be agile enough to respond to market changes, regulatory updates, and evolving client expectations. Those who can navigate these waters successfully are the ones who will thrive in the dynamic wealth management markets in Asia.”

A Snapshot of Lucie Hulme, Chief Executive Officer & Partner, TriLake Partners

Lucie is a French national raised in Singapore, France, and Switzerland. She was one of the co-founders of TriLake Partners in 2011 and has more than 20 years of experience in the independent asset management and private banking industries.

Prior to joining TriLake Partners, Lucie was a relationship manager at Société Générale Private Banking (Suisse) S.A. She also worked for the Middle Eastern desk at Crédit Agricole (Suisse) S.A and for an independent asset management firm based in Geneva, The Forum Finance Group (Suisse) S.A.

Lucie is a former President of the Association of Independent Wealth Managers in Singapore (AIWM) and served on the Committee for 9 years. She was appointed a Member of the Institute of Banking & Finance (IBF) Private Banking Industry Workgroup from 2019 to 2022.

Lucie holds a Bachelor of Business Administration from Webster University Geneva and speaks fluent English and French.

engagement, working collaboratively, thinking outside the box, expanding internationally (but strategically) and harnessing the power

of niche markets, EAMs can navigate the complexities of the financial landscape, fostering growth and resilience in an everchanging market.

« ‘‘The wealth management industry in Asia is becoming increasingly competitive, with a diverse array of firms entering the market. This competition drives innovation but also reinforces the need for us independents to more clearly articulate our unique value proposition and cultivate stronger relationships within our target communities.’’

WHY FAMILY OFFICES NEED TO CURATE AN

OPTIMISED AND WORKABLE TECHNOLOGY PLATFORM

INTRODUCTION

Shilpi Chowdhary, CEO and co-founder of Lighthouse Canton (LC), isn’t just building a multi-family office – he’s revolutionizing wealth management in Asia with cuttingedge technology at the core. Established in 2014, LC caters to the world’s most discerning investors, offering bespoke solutions across global markets.

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Fuelled by innovation, LC has grown rapidly. The firm, headquartered in Singapore and with operations in India and Dubai, employs more than 100 professionals and manages assets totaling over USD 3 billion as of 2022. This impressive expansion is a testament to Chowdhary’s vision and leadership, honed over 15 years at financial giants like Citi and Credit Suisse.

But it’s LC’s tech-driven approach that sets it apart. Chowdhary understood early on that the future of wealth management lay not in replicating established models, but in harnessing the power of technology to tailor solutions to the unique needs of Asian families. LC meticulously adopted best practices from mature markets, adapting them to the region’s cultural and financial nuances.

This commitment to innovation has yielded remarkable results. By prioritizing client alignment and utilizing sophisticated tech tools, LC has built strong, long-term relationships with its clients. This has translated into exceptional growth, with a continually expanding share of wallet and AUM.

Chowdhary’sexpertisewasn’tjustevidentinbuildingLC, but also in his recent involvement with a groundbreaking White Paper. Titled “Family Office Technology: Ferrari vs. Utility - Key Considerations for Asian Family Offices,” this paper by Peter Golovsky and Shaun Parkin features insights from LC as one of seven leading family offices. Chowdhary’s firsthand experience with pioneering the MFO concept in Asia proved invaluable. His deep insights contributed to the paper’s exploration of how Asian families can leverage technology to optimize their wealth management.

Lighthouse Canton’s story is one of innovation, growth, and client centricity, all powered by a commitment to tech-driven solutions. In a rapidly evolving financial landscape, LC stands as a beacon, demonstrating the transformative potential of technology in crafting personalized wealth strategies for the world’s most demanding investors.

Why did you join this project as one of the seven family offices on which the authors based some of their key findings?

Shilpi Chowdhary: In the intricate world of wealth management, catering to ultra-high-networth individuals and family offices demands more than just expertise. It requires a profound understanding of their unique needs and aspirations. At our core, we’re not merely a multi-family office or an integrated financial services provider; we’re architects of tailored solutions, built on the bedrock of this understanding.

This isn’t a passive pursuit, and our innovation isn’t born from external market pressures; it springs from within. We forged our own cutting-edge technology initially for internal optimization, but soon recognized its broader potential. This unique advantage translates into bespoke solutions for our clients, solutions that aren’t readily available in the market.

Ultimately, we don’t merely serve family offices; we partner with them, forging alliances rooted in shared understanding and a commitment to innovation. As we journey together, we believe in unlocking the true potential of

technology, not just for us, but for the entire family office landscape.

What particular technology curation experience do you bring to the table that can help readers of the White Paper and potentially your clients?

Shilpi Chowdhary: While seamless experience is valuable, I consider imagination, competence, agility, and the ability to constantly reinvent yourself and the offering crucial as well. Our role as both a user of technology and a creator or curator of solutions, provides us with unique

and comprehensive insights.

Our advantage lies in not having to rely on external feedback to assess the effectiveness of our solutions. We have been cautious about marketing the tools and solutions we’ve developed, as we are still refining them to meet our very exacting standards. Our approach is always user-centric and continuously innovative.

Additionally, LC also continues to evolve, and we provide a wide range of services, including estate and succession planning, financial structuring, investment advisory, client portfolio management, and many more. We have the rather unique distinction of having an in-house asset management offering, which gives us a deeper understanding of the markets and products, and the full-spectrum needs of any family office. This scope and this experience are vital to our proposition.

What would you say in particular about the Asian family office market and the wider wealth management environment?

Shilpi Chowdhary: The Asian wealth management landscape is very different when you compare it to other mature markets. Unlike these

SHILPI CHOWDHARY Lighthouse Canton

developed markets, the Asian market is highly fragmented. The understanding of a family office in the region also varies widely. On one end, some families consider mere accounting services as a family office, while on the other end of the spectrum, there are family offices with massive resources, talent, and sophistication.

Simply put, there’s a significant gap between nominal family offices and those that are genuinely comprehensive, leading to a somewhat misused interpretation of the term in this region.

Singapore’s introduction of Section 13 regulations and incentives has drawn numerous families attracted by the favorable tax conditions

« “Our advantage lies in not having to rely on external feedback to assess the effectiveness of our solutions. We have been cautious about marketing the tools and solutions we’ve developed, as we are still refining them to meet our very exacting standards. Our approach is always user-centric and continuously innovative.’’ »

and a desire for more structured financial management. However, many of these entities may not be fully committed to operating a fullfledged family office.

In my view, a true family office should operate on a certain scale and possess robust skill sets. It should be capable of attracting and retaining top talent. It should be mission-driven with effective management and governance. It is also essential to possess the credibility to collaborate with premier counterparties and service providers, as well as to utilize the right technologies.

In the MFO sector, a significant part of our advantage stems from having the right infrastructure in place.

What are the opportunities for Lighthouse Canton in the family office space?

Shilpi Chowdhary: I believe it’s a matter of the family’s scale, size, and the aspirations they have for their wealth. In our case, we might not be able to provide substantial

value to a multi-billion-dollar family office in terms of technology and infrastructure, since they would likely have these elements in place.

However smaller entities, with assets ranging from USD50 million and more present a significant opportunity for us. These entities often lack the necessary skills and sophistication to navigate these waters. We offer them a wealth of experience, expertise, talent, quality, discipline, rigour, and focus, which they may struggle to acquire otherwise.

Furthermore, we are expanding our own scale and reach. There is no other independent asset and wealth management firm with as extensive pan Asian presence as ours, offering a broader perspective and a deeper pool of talent and capabilities.

Private banks, on the other hand, tend to steer clear of these areas, preferring instead to focus on selling financial products and a variety of services to family offices. They avoid engaging in activities that might be perceived as potentially undermining their own businesses.

The White Paper’s headline refers to the concept of driving a Ferrari or a utility vehicle. What does that refer to and what does it mean?

Shilpi Chowdhary: The Ferrari analogy refers to assembling technology that might be bright and shiny and impressive to look at, but is impractical in reality, and not very adaptable. Building a great technology platform that works in practice is more important than something tremendously attractive but inefficient for most applications.

When you create a great platform, you have a highly useful and open system to which you can keep building. Its core elements function exceptionally well, and you design it to allow for the integration of new and improved capabilities. However, before most family offices consider acquiring or using a ‘Ferrari’, they should focus on integrating solutions that fulfil their primary objectives seamlessly and effectively.

« ‘‘In my view, a true family office should operate on a certain scale and possess robust skill sets. It should be capable of attracting and retaining top talent. It should be mission-driven with effective management and governance.’’ »

To access the White Paper, see this LINK: http://pdf.hubbis.com/pdf/ferrari-v-utility-report.pdf

For further insights into Lighthouse Canton, see this recent Hubbis report: https://hubbis.com/ article/lighthouse-canton-s-ceo-on-steering-a-path-to-dramatic-growth-aligned-with-integrity

Plurimi’s UAE CEO

Taimur Satti’s Vision for Global Expansion and Client-Centric Innovation

Plurimi stands as a distinguished independent wealth management firm with a global footprint, featuring offices in London, Dubai, Monaco, and Gibraltar. Boasting a dedicated Global team of 35 private bankers, many of whom bring rich experiences from Swiss banking institutions, Plurimi offers both advisory and discretionary investment services (with the latter provided through its London office). Its extensive operations are supported by a global platform that accommodates assets across 30 custodian banks. In a recent discussion, Hubbis engaged with Taimur Satti, CEO of Plurimi’s Dubai office. Beyond his leadership and executive role, Taimur actively manages a client portfolio, providing insights into Plurimi’s strategic direction, client-centric strategies, and its ambition to make a significant impact in the region.

Plurimi’s Strategic Expansion and ClientCentric Approach

Opening the discussion, Taimur explains that Plurimi’s headquarters is in London, which serves as the main hub for its operations. Additional offices are located in Dubai, established in 2016, and Monaco, opened in 2022. The London office is the oldest, founded in 2007, and remains the focal point for the bulk of the business. In Dubai, the company holds a DFSA Category 4 license within the Dubai International Financial Centre (DIFC), which it plans to eventually upgrade to a 3C license to offer discretionary services directly from

Dubai, a service currently routed through its London office due to licensing restrictions.

Custody of client assets is primarily with major banks, including BNY Melon, Julius Baer, UBS, and other Swiss banks. The firm is internationally oriented, with custodians based in Switzerland or Singapore, among other locations.

Recent efforts have been made to engage with the local markets in the UAE and Saudi Arabia. For local partnerships, the firm has recently collaborated with Emirates NBD for lending and corporate facilities, and Arqaam Capital in the DIFC for advisory services, particularly for clients interested in the local equity market. These steps are part of a strategy to better serve the local markets and clients in the region.

Taimur, as the CEO of the Dubai office, also manages his own portfolio of clients. “Plurimi is unique in that, regardless of one’s position within the firm, from the chairman and the Group CEO to myself and beyond, each individual acts as a relationship manager. This approach underscores the firm’s commitment in personal involvement and direct client

management, ensuring that even the highest-level executives maintain close ties with clients.”

Plurimi’s Competitive Edge

Taimur elaborates on the unique opportunity that the UAE and its region offer to their firm, drawing from his 20 years of experience working with major banks like Barclays and Julius Baer. “Many clients here tend to be ‘overbanked’,” he explains. “This tends to mean that they often receive redundant services at unrealistically high prices from banks. Transitioning to a firm like Plurimi offers a fascinating shift for clients who have been with traditional banks for many years. They find Plurimi’s environment refreshingly different due to our competitive pricing and the variety of product offerings available.”

He gives an example of how, even when a client’s portfolio is custodised with a certain bank, Plurimi doesn’t limit its purchases to said custodian’s products. Instead, they source products from various custodians, based on where the best pricing and products are available. This strategy allows clients to access a broad range of investment options without incurring additional costs from Plurimi.

«

“Clients typically have relationships with three or four custodian banks, and Plurimi’s internal system allows for the consolidation of data feeds from all partner banks. This enables them to provide clients with comprehensive, consolidated portfolio statements, ensuring transparency and access to a wide range of investment opportunities.” »

TAIMUR SATTI

Plurimi

Regarding fees, Taimur clarifies that Plurimi has a very flexible fee model, distinguishing their model from traditional banks. This fee structure aims to offer clients savings and value, highlighting Plurimi’s commitment to flexibility and client-centric services.

A Strategic Approach for Local & NRI Services

Taimur discusses the value proposition of partnering with entities based in Dubai who offer local market custodial services. He acknowledges that while offshore entities have their own strengths, it is quite important to work with UAE based custodians like Emirates NBD and FAB Geneva to cater to the regional clients.

Taimur points out areas where Emirates NBD excels or match standards, particularly in regional fixed income and Sharia-compliant products. “In these specific sectors, local offerings can be considered superior to those of some international banks, or at least very close in terms of quality,” he reports.

Narrowing in, Taimur comments on Plurimi’s collaboration with Emirates NBD, which serves specific purposes that international banks may not address, such as local lending requirements and advisory services for the local equity market. Furthermore, Emirates NBD has introduced specialized products for Non-Resident Indian (NRI) clients, like leveraged deposits, which have seen significant interest within Plurimi.

Flexibility & Client Centricity

“Over the years, I’ve observed significant challenges in the

Taimur Satti’s Key Priorities

The primary goal, reports Taimur, is to significantly enhance revenue, AUM/AUA, and staff numbers. “Recruiting the right talent is a complex and challenging endeavour, both tedious and difficult, yet it’s essential for our organic growth. Alongside our efforts in recruitment, we’re also exploring acquisitions as an alternative strategy for rapid expansion. I’m already in talks with several firms that are open to this idea.”

Additionally, Taimur emphasizes the importance of promoting internal mandates within the region, particularly through collaborations with local banks to list the firm’s products, like actively managed certificates (AMCs) focused on equities, in their offerings.

Another key focus is adapting the firm’s offerings to meet local demands, such as developing Sharia-Friendly versions of their AMCs for the Saudi market. This includes exploring options for custodianship with Saudi banks, to align with local preferences for keeping investments within the country. The discussion also touches on revenuesharing and custodial arrangements as part of these collaborations.

industry, particularly with margin compression making it tough to meet the varied needs of clients through a single platform. This limitation became clear to me while attempting a large transaction at my previous job, which faced obstacles. I believed that some major institutions could offer a solution, but I soon realized that they too had their shortcomings. This experience led me to join a setup like ours sooner than I had planned. I always envisioned moving to a more flexible and diverse platform later in my career, but the industry’s conditions and my experiences hastened this transition.”

At Plurimi, Taimur found the opportunity to offer clients a more diversified and effective service by managing relationships across multiple banks, rather than being tied to the offerings of a

single custodian. This approach has not only benefited his clients, whose assets under his management have significantly increased, but also his own career, leading to his promotion to CEO of the Dubai office.

Taimur emphasizes the benefit of this model for clients, who are not limited to products from one custodian but can access the best offerings from multiple sources. This flexibility is a key aspect of Plurimi’s value proposition. “Clients typically have relationships with three or four custodian banks, and Plurimi’s internal system allows for the consolidation of data feeds from all partner banks. This enables them to provide clients with comprehensive, consolidated portfolio statements, ensuring transparency and access to a wide range of investment opportunities,” he explains.

Dubai’s Role in Plurimi’s Global Expansion

Our Dubai office is a key focus for us, with growth plans that stand out within our global operations.

While we are expanding our teams across all three offices, our primary goal is to strengthen our presence in the Middle East. Annually, we aim to add three to four bankers. Currently, our global assets under management / asset under administration (AUM / AUA) total approximately $8 billion. Looking ahead to the next decade, I envision the Dubai office managing the full $8 billion AUM /AUA. The UAE, especially with a focus on Saudi Arabia, offers immense growth potential to achieve these ambitious goals.

Regarding the clientele, Taimur notes that, historically, the firm has not specifically targeted GCC based clients, with most of their clients coming from Europe, reflecting the firm’s international focus. However, moving forward, there is a strategic shift towards diversifying their client base to include more local clients, including those from Egypt and Lebanon, where the firm already has a strong presence. Despite some NRI clients from Africa, the firm has not previously focused on the NRI segment in the Middle East. To address this, they are now hiring bankers with NRI client bases from the region, indicating a broader strategy to diversify and strengthen their market position in the Middle East and beyond.

Building Brand Recognition

The conversation then turned to the significant challenges faced by the external asset management industry in the UAE, particularly in terms of talent acquisition

Getting Personal with Taimur Satti

Taimur shared his journey from his origins in Islamabad, Pakistan, to his education in the United States, where he pursued an undergraduate program in Finance, Banking, and Entrepreneurship at the University of Houston. After graduating, his early career also included a stint in the family real estate business, establishing an office in Dubai to facilitate investments from overseas Pakistanis.

His banking career began in Dubai with Barclays, where he played a pivotal role in establishing their priority banking services. His banking career has spanned several prestigious financial institutions, including Standard Chartered and the National Bank of Abu Dhabi, leading to a position at Julius Baer before his current role. Throughout his career, Taimur has demonstrated a keen ability to navigate and excel within the complex and dynamic environment of the banking industry.

In contrast to the typical sports interests in his native Pakistan, Taimur does not follow cricket. He has a profound passion for Formula One and enjoyed driving high-performance cars on circuits until his priorities shifted with the birth of his son, who is now nine years old. Nowadays, Taimur engages in an active lifestyle encompassing gym workouts, cycling, paddleboarding, and travel for hiking. Despite his varied interests, he remains a fervent follower of Formula One.

and market understanding. He notes that in the UAE, having a recognizable brand name on one’s business card can significantly impact business opportunities. This stems from a lack of familiarity with the concept of external asset management within the region. People are accustomed to dealing directly with large, well-known banking institutions and often find it challenging to grasp the idea that their assets can be managed by an external firm while still being held at a bank.

Furthermore, Taimur points out that many bankers are hesitant to leave the security of large institutions for smaller, more entrepreneurial setups like Plurimi. He emphasizes that success in an

external asset management firm is driven by personal relationships and the trust clients place in their advisors, rather than the firm’s brand name. Clients who understand and appreciate the value of such personalized service are more likely to see the benefits of working with a firm like Plurimi.

Taimur also mentions that while the concept of external asset management is well-established in Europe and the UK, it remains relatively unknown in the UAE, especially among the local community. “The concept of external asset management is still new here, making it challenging to convey how we at Plurimi can advise on assets that are custodied elsewhere. Furthermore, our focus

isn’t on the very large families who typically have their own family offices and are, in essence, our competitors. Rather, we target a distinct segment of clients—those with significant potential who haven’t yet fully embraced what external asset management can offer them.”

Seeking Talent

Taimur then shared his perspective on the evolving financial industry in Dubai, particularly within the DIFC, addressing the broader question of hiring the right talent. “I’ve observed that in the DIFC where today there are so many international banks and EAMs compared to a decade ago, it is quite challenging to hire the right candidate. But candidates who possess an entrepreneurial mindset and strong client relationships are always a right fit for a firm like Plurimi.”

Regarding client acquisition and retention, Taimur notes the challenge of distinguishing Plurimi in a competitive market, especially given clients’ price sensitivity and the emphasis on established relationships. He argues that new clients are more likely to engage with Plurimi because of their existing relationships with hired bankers, rather than the firm’s brand alone. Despite Plurimi’s significant assets under management in Europe, the UK, and the UAE, making it one of the largest external asset managers, he acknowledges the firm’s difference from giants like UBS but highlights Plurimi’s advantage in offering access to a wide range of custodians and products at more competitive fees.

He also touches on the role of local banks in serving residents with specific needs. “Local banks play

an important role for residents here, especially for specific needs like local property financing and day to day banking. However, these banks aren’t in direct competition with firms like Plurimi in the DIFC. Furthermore, with the significant number of external asset management licenses issued in the DIFC, it’s clear that clients are discerning and recognize the quality of firms. This distinction sets Plurimi apart in our field of competition, which lies more with smaller banks rather than the large institutions.”

Plurimi’s Edge

Bringing the conversation to a close, Taimur highlights a key aspect of Plurimi’s strength, focusing on their Group Chief Investment Officer, Patrick Armstrong. “Patrick Armstrong stands out as a renowned fund manager in both Europe and the UK, operating from our London base, where he oversees Plurimi’s internal discretionary mandates. These mandates, constituting $1 billion of our $8 billion AUM/AUA, are distinctively managed through an AI system. The exceptional performance of these mandates over the last three to four years can be attributed to both Armstrong’s expertise and the AI system’s capabilities.”

Taimur points out that while AI systems are becoming common, the combination of such a system with a CIO of Armstrong’s calibre is unique and a significant advantage for Plurimi. He plans to leverage this advantage to promote Plurimi in the region, including in Saudi Arabia, noting that not many firms have the same level of infrastructure or leadership, which makes Plurimi stand out in the competitive landscape.

Navigating Independent Wealth Management in Asia: A Discerning Perspective from Industry Doyen Anthonia Hui

In the rapidly evolving Asian wealth management landscape, and particularly within the vibrant financial hub of Singapore, the concept of independence stands as a critical pillar around which numerous debates and discussions pivot. There are many intricate dimensions of independence, and few know more about this than the highly articulate Anthonia Hui, a seasoned player in the wealth management arena who last year sold out the AL Wealth Partners Pte. Ltd. (ÄLWP”) firm she co-founded in 2007 to Nasdaq-listed AlTi Tiedemann Global (“AlTi Global”), for whom she now presides as their head in Singapore. Hubbis met with her recently to hear her comprehensive exploration across several crucial areas: the evolution of independent wealth management, the definition of an independent wealth manager, the challenges in talent management, the UHNW thrust towards impact and philanthropy and the expanding expectations of clients in the contemporary wealth management ecosystem. Anthonia’s insights shed light on the complexity of defining independence in a sector where client expectations and the quest for authentic advisory relationships dictate the rules of engagement. Anthonia guides us through some key issues and priorities for any serious independent wealth practitioner wanting to navigate these multifaceted challenges, delivering a detailed, critical examination of the prevailing narratives and advising on what she considers the best practices and values in the independent wealth management space.

View Anthonia Hui’s LinkedIn Profile

Find out more about AlTi Tiedemann Global

NAVIGATING INDEPENDENT WEALTH MANAGEMENT IN ASIA

ANTHONIA HUI

AlTi Tiedemann Global

Anthonia opens the conversation with a detailed analysis of the expansion of estate and succession planning for clients within the wealth management industry, addressing the qualities and commitment required from advisors in firms such as hers and also highlighting some of their own succession challenges as well.

Drawing lessons from the challenges faced by firms such as hers, she notes the many such established independent wealth management firms are founded by individuals deeply seasoned in the industry but who are often without the requisite management support to take their business far into the future. This presents a dilemma, both for those founder-leaders and for their clients, who have entrusted them with a pivotal role in their families’ financial well-being today and long into the future.

Anthonia posits that there is a “moral obligation” towards these clients, highlighting the urgent need for many to grasp the nettle of succession and longevity, as she and her co-founder did in selling out to AlTi Global of the

Anthonia – a Brief Note

Anthonia Hui May Yan, currently the Head of Singapore at AlTi Tiedemann Global, brings a distinctive blend of multidisciplinary knowledge and international experience to her role, enriching her approach to investments and wealth management. Her career, extending over four decades, has seen her occupy significant positions at leading financial firms across Hong Kong, Europe, and Singapore. Anthonia co-founded AL Wealth Partners Pte Ltd, a Singapore-based firm catering to global accredited and institutional UHNW investors, back in 2007. The firm has now merged into AlTi Tiedemann Global.

She has long been a successful and trusted advisor to HNW and especially UHNW families and family offices, managing wealth across multiple generations and undertaking key family office functions as well. Recognised as an “IBF Fellow” in 2014 by the Institute of Banking and Finance for her industry contributions, Anthonia is also a fervent supporter of various philanthropic and impactful causes, including her own efforts to support nutrition for women and children, assisted living, and dementia care. Moreover, she is a seasoned speaker at international forums related to wealth management, regulatory issues, and family office management and a highly valued contributor to key Hubbis events.

US last year [see box below]. She says the shock of the pandemic makes such transitions even more important to expedite.

Aligning the stars

She explains that founders like herself like to find the optimal type of partner where cultures and missions are aligned, but it is far from easy. She says their own search took years, in their eagerness to find the ideal partner to ensure the firm’s legacy.

Anthonia characterises this quest as perhaps overly “idealistic,” yet essential, underscoring the importance of aligning with a partner who shares not only a

similar client service ethos but also a cultural and operational synergy.

She elucidates that this pursuit is not just about expanding but about selectively nurturing talent who can embody the firm’s values and vision, ensuring seamless continuity of service for clients and thereby ensuring growth with stability.

Expanding on these ideas, Anthonia touches on a profound evolution in perspective regarding wealth management. She notes a growing dissatisfaction with the relentless pursuit of wealth accumulation for its own sake, advocating instead for a more purposeful and meaningful approach to wealth.

This philosophical pivot towards viewing wealth in relation to personal fulfilment and community responsibility signifies a departure from the industry’s conventional profit-centric mindset.

Like mindedness

She explains that this is partly what attracted her and her co-founder to AlTi Global, itself a keen proponent and a leader in alternative and impact investing, a powerful thrust which resonated with their clients’ growing inclination to invest in ways that yield not just financial returns but also societal benefits.

Through due diligence and subsequent interactions, they

AlTi Tiedemann Global’s Expansion Trail – Into Asia with Singapore-based AL Wealth Partners and Now Major New Capital to Accelerate Growth

In May 2023, AlTi Tiedemann Global (AlTi), a prominent Nasdaq-listed global wealth and asset manager, announced its expansion into Singapore with the acquisition of AL Wealth Partners (ALWP), the independent wealth manager based in Singapore that was created in the early days of the independent wealth movement by entrepreneurs Anthonia Hui and Leonardo Drago, and that focuses on the needs of UHNW and family office clients. Post-acquisition, Hui and Drago continue to lead AlTi’s Wealth Management services in Singapore, contributing their local expertise to AlTi’s international operations.

Anthonia told Hubbis since being part of the AlTi Global, both her function and that of Leonardo as well as the entire team have remained the same supported by integration of the Group HR, IT, Compliance/Risk Management, Marketing and Finance. She said joining AlTi has elevated ALWP’s past into a new horizon that would allow them to expand their engagement with its clients for generations to come, giving them the feeling of long-term stability and security, continued dedicated service and increased access to new and innovative opportunities. As Anthonia is a veteran in the industry, it also solved the firm’s succession challenges, an area that she has advised on intently over many years.

AlTi’s strategic move significantly enhances its presence and capabilities in Asia, particularly in Singapore, a key growth region for UHNWIs and a leading location for family offices. The acquisition builds on AlTi’s existing operations in Hong Kong and aligns with Singapore’s growing status as a wealth hub, highlighted by a more than ninefold increase in the number of family offices since 2017, from about 80 to over 700 by the time of the ALWP acquisition. The firm also wanted to capture a larger role aligned with the Singaporean Government’s goal to develop the city-state as a centre for Impact and Philanthropy, led by the UHNW type clients.

Anthonia Hui also noted the alignment in values and culture between ALWP and AlTi, and the opportunities the partnership creates for serving the sophisticated needs of their client base with an expanded range of global and proprietary investment opportunities.

More recently, AlTi Tiedemann Global in February 2024 announced a strategic investment of up to $450 million from Allianz X and Constellation Wealth Capital to boost its aim of becoming the leading global independent wealth management platform for ultra-high-net-worth individuals. Allianz X will contribute up to $300 million, and Constellation Wealth Capital will invest $150 million.

The investment will primarily support AlTi’s M&A strategy and organic growth to enhance its services for the UHNW sector. This collaboration will also enable the expansion of AlTi’s global wealth management and strategic alternatives business into new markets, taking advantage of the industry expertise of the new partners and shareholders.

AlTi Tiedemann Global manage or advise approximately $71.4 billion in combined assets as of December 31, 2023, with the new investment designed to accelerate AlTi’s trajectory to become a leading global independent UHNW wealth management platform, with strategic and targeted expertise in alternatives. The firm’s leaders believe the investment further validates the power of their unique business model which combines a global multi-family office and alternatives platform.

NAVIGATING

discovered a profound alignment in values and approaches to wealth management with Tiedemann Advisors USA. This alignment, coupled with Tiedemann’s interest in establishing a presence in Singapore and their own need for a succession solution that ensures the longevity and integrity of their family foundation’s philanthropic endeavours, culminated in a partnership that Anthonia describes as almost “heaven sent”.

The Challenging Road to ‘True’ Philanthropy

Anthonia then expands on these comments to roll out an articulate exploration of the growing inclination towards philanthropy, especially among wealthy families in Asia. She talks about the journey from personal wealth accumulation to increasingly impactful philanthropic engagement amongst the types of UHNW families she works with. She reflects on a common narrative among affluent individuals in Asia, noting their origins are often from humble beginnings and often characterised by the somewhat solitary nature of their initial success.

However, as these individuals age, there’s a perceptible shift in their mindset—from a focus on survival and self-sufficiency to recognising their interconnectedness with the broader community and the challenges faced by others. This awareness sparks what she calls an “awakening” to the potential roles their wealth can play in societal betterment.

Remember who you are…

She explains that she comes from humble origins herself and fully understands that the support and opportunities from her community

EXPERT OPINIONS FROM ANTHONIA HUI

On Independence:

“True independence, as we articulate it in our firm, transcends mere operational autonomy from banks or sales-driven fund managers. It embodies the essence of being untethered, as per our clients’ explicit desires for us to remain unbound by any third-party affiliations that could skew our advice, or reduce our complete objectivity and adherence to client objectives and relevance. The label ‘independent’ is a mantle we wear not as a default attribute but as a bespoke suit, tailored to the specific instructions and expectations of our clients, ensuring our advisory services remain genuinely unbiased and client focused.”

“As I see it, the challenge in talent acquisition and management within our sector isn’t derived from a scarcity of individuals per se, but from aligning the independent sector’s aspirations with those of potential team members who share our entrepreneurial zeal and are committed to the long-term success of our clients. In building our team over the years, we have not simply filled positions but have strategically nurtured a culture where each member is encouraged to grow into entrepreneurs with purpose and values, bearing the mantle of responsibility for our clients’ generational wealth preservation and growth, and helping nurture their clients’ futures.”

“The journey towards defining what independence means in wealth management is deeply personal, rooted in the unique stories of our clients who entrust us with the profound responsibility of shaping their financial legacies.”

“The essence of independence in wealth management is a symphony composed in collaboration with our clients, where each note reflects their unique aspirations and our commitment to their best interests.”

“Our approach to wealth management has always been to stand apart in an increasingly competitive and often crowded market, not just through the services we offer but by embodying the true spirit of independence as defined by the nuanced needs of our clients.”

“Independence is the golden thread that runs through the fabric of our firm, intricately woven into our daily operations and strategic decisions, ensuring that we remain aligned with the evolving expectations of our clients.”

“As we navigate the future of wealth management, we do so with a clear vision and a steadfast commitment to the principles of independence, entrepreneurship, and client-centric service, principles that have guided us from the beginning and will continue to light our path forward.”

were instrumental in her success, hence her own mission towards philanthropy, a critical aim that goes far beyond mere financial donations into much more direct and hands-on commitments and responsibilities.

She has made it a core thrust in her life and her work to understand philanthropy in as much detail and as many nuances as possible, thereby guiding her own efforts and allowing her to act as a guide for her clients. She talks about the resources available online and interactions with the Asia Philanthropy Circle (APC) (https://asiaphilanthropycircle. org/), all opening her eyes to the rich tradition of philanthropy in Asian history and challenging the misconception of it being a predominantly Western concept. Through APC, she says she has learned invaluable insights from a diverse set of philanthropists across over 50 countries, fully enriching her understanding and approach to philanthropy.

Impact must be targeted and wellarticulated

Anthonia addresses a common scepticism towards philanthropy— the fear of wastage and the potential harm of misguided donations. She advocates for a strategic, informed approach to philanthropy that balances the emotional satisfaction and the qualitative impact on the recipient’s life.

She encourages ultra-high-networth families to seek knowledge and collaboration beyond their circles to enhance their own philanthropic efforts. Anthonia underscores the importance of managing philanthropic capital with the same diligence as investment

On Impact and Philanthropy:

“Our clients today, especially those in Asia, aren’t just seeking wealth management expertise on its own. They increasingly seek to create legacies and impact and sustainability, fuelled by an awakening to their role within the community and a desire to use their wealth for greater impact.”

“Philanthropy in the modern era has transcended traditional chequebook charity, evolving into a strategic pursuit where every dollar is a seed planted for future generations. Our journeys towards impactful giving are informed not just by the amount we donate but by understanding the deeper narrative of the communities we aim to uplift. It’s about weaving philanthropy into the very fabric of wealth management strategy, ensuring that our clients’ legacies are as much about the wealth they accumulate as the positive change they foster in the world.”

“The trend towards meaningful philanthropy amongst the ultrahigh-net-worth families we serve is not just a shift in how wealth is distributed but a profound transformation in how wealth is perceived. It’s a movement from viewing wealth as an end in itself to seeing it as a means to a greater end: societal well-being. This has led us to explore avenues of giving that are not only impactful but also align with the personal values and visions of our clients, marking a shift from passive giving to active, purpose-driven philanthropy.”

“As we navigate the evolving landscape of philanthropy, we’re seeing an increasing demand for philanthropic strategies that are both innovative and impactful. Clients are looking for ways to not just give back but to do so in a manner that aligns with their personal values and the needs of the communities they wish to support. This has sparked a new wave of philanthropy, where the focus is on creating sustainable change through strategic investments in social ventures, education, and healthcare, illustrating that the future of philanthropy lies in thoughtful, intentional giving that seeks to address the root causes of societal challenges.”

portfolios, advocating for a structured, long-term approach to ensure sustainability and impact. She suggests a pragmatic approach to philanthropic giving, focusing on a sustainable financial model that maintains the capital base while allocating the right sums to supporting chosen causes.

Highlighting historical precedence for successful long-term philanthropy, Anthonia cites the

example of Thomas Jefferson’s endowment, which has continued to contribute to significant infrastructure projects like the Grand Central Station in New York. This example serves as a model for her approach to structuring philanthropic capital, aiming for enduring impact and legacy. Her insights reflect a deep commitment to leveraging wealth responsibly, fostering a culture

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‘‘True independence, as we articulate it in our firm, transcends mere operational autonomy from banks

or

salesdriven fund managers. It embodies the essence of being untethered, as per our clients’ explicit desires for us to remain unbound by any third-party affiliations that could skew our advice, or reduce our complete objectivity and adherence to client objectives and relevance.’’ »

of impactful philanthropy that transcends generations.

The Evolution of the Independent Proposition

Anthonia then provides some invaluable insights into the evolution of independent wealth management in Singapore, tracing back to the foundation of the Association of Independent Wealth Managers (AIWM) in 2011.

She focuses first on talent, as there is what appears to be a widely acknowledged shortage. However, Anthonia says this is not so much a shortage as a mismatch of expectations. She comments that major financial institutions and private banks are fostering a culture of product-driven incentives and greed without investing in the value and sense of ownership among key staff, such as RMs and advisors.

Anthonia says the worst manifestation came to light during the Global Financial Crisis back in 2008-2009, which highlighted the capacity for customer/client wealth destruction but the resilience of most of these larger organisations

at the expense of investors and clients. She worries that not much has changed in the fifteen-plus years since the GFC struck.

Aligning people and cultures

She expands on that by maintaining that the true corporate culture and loftier values are only genuinely shaped by the entrepreneurial spirit found in owner-managed businesses. In establishing their firm originally around the time of the GFC, Anthonia and her co-founder intentionally diverged from market norms, focusing on hiring individuals not just for their experience as successful relationship managers but for their potential to embody the firm’s entrepreneurial culture and value creation ethos.

True to her word…

Over the past roughly 16 years, their hiring practices have centred on nurturing talent capable of taking ownership and building a sustainable business that prioritises client interests. Anthonia critiques the prevalent job-hopping mentality, where individuals prioritise short-

term gains over long-term career development and more lasting contributions to their organisations.

She reflects on the failure of the industry to learn from past crises, perpetuating unsustainable behaviour. However, Anthonia sees this as an opportunity for firms like AlTi Tiedemann Global to differentiate and succeed by adhering to their independent, entrepreneurial values, which in turn attracts discerning clients, including the UHNW single-family offices. These clients will often choose to outsource their wealth management needs to firms such as AlTi Global that offer genuine value by alleviating the burdens of direct management, thus allowing them to enjoy and find purpose in their wealth without the attendant administrative hassles and the reduction of cost.

Consolidation inevitable

Looking ahead, Anthonia acknowledges the ongoing consolidation within the wealth industry, driven not just by the rising costs of business and regulatory pressures but by a client

base that is becoming increasingly informed and discerning, seeking more sensible and sustainable wealth management practices.

She borrows a comment from Warren Buffett to suggest that the true test for the wealth management industry will be who remains standing when market conditions reveal the unsustainable practices of those seeking shortterm gains. She says that in this context, the challenge and opportunity lie in the industry’s ability to groom and retain talent that is aligned with the values of accountability, sustainability, and client-centric service, thereby ensuring the long-term viability and integrity of the wealth management sector.

Not in name only

Anthonia expands on these concepts, directing them more specifically to the notion of independence within the realm of wealth management. She suggests that while independence might simply mean operating outside of banking institutions or not being tied to specific fund managers or insurance groups for some, the essence of true independence is ultimately defined by the ability to fulfil client expectations. She argues that

She underscores the significance of a wealth manager’s relationship with their clients, emphasizing that true independence is

achieved when a wealth manager adheres to their client’s specific demands for impartiality. This could include avoiding any partnerships that might influence investment decisions or benefit the wealth manager in return for client referrals or selection of investment opportunities.

Transparency is essential

Anthonia stresses that the term “independent” should not be used indiscriminately by asset managers to mislead clients into believing there’s an alignment of independence with the client’s interests without a clear, mutual understanding of what such independence entails. In her view, defining independence is a collaborative process between the client and the asset manager, focusing on delivering services that genuinely consider the client’s best interests.

Speaking from her personal standpoint and not on behalf of her industry peers, Anthonia acknowledges the diversity within the wealth management sector, where different firms may adopt varying definitions of independence based on their entrepreneurial approach, client base, and the services they provide.

She asserts that in here view, it is about the alignment of values and approaches between the wealth manager and their clients, ensuring they can offer

the solutions that clients truly need. Anthonia’s response to the question of independence in wealth management reflects a highly clientcentric philosophy, advocating for clarity, honesty, and partnership in defining and upholding the principles of independence.

The Ties That Bind

Anthonia closes the discussion by drawing these strands together in some final comments. She says that independence can only be properly expressed through satisfied, engaged and fulfilling client relationships, the right business models, the best types of culture and aspirations, and the drive to elevate industry standards. Anthonia’s own journey and insights serve as a colourful guide through the maze of expectations, definitions, and the pursuit of genuine autonomy.

Her final words sum up and crystallise her own character and resolve. “The journey towards independence in wealth management is a partnership between advisor and client, driven by trust and a mutual vision; it is about the human connection, the earnest discussions, the shared successes, the impact on others, and also and very importantly about enjoying some humour and genuine moments along the way. It has been a great journey for us, and we are delighted to be able to project that into the future for our valued clients.”

« ‘‘Independence is the golden thread that runs through the fabric of our firm, intricately woven into our daily operations and strategic decisions , ensuring that we remain aligned with the evolving expectations of our clients.’’ »