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Laying Strong Foundations for Wealth Preservation and Succession

2022 01 19

According to a recent Family Office Study covering the Asia Pacific Region, one in five respondents felt that the biggest challenge facing family offices regarding succession planning is the discomfort around discussing what many find a sensitive matter.

Moreover, one in four of the respondents feel that the next generation is not qualified to take over and that the matriarch or patriarch is not willing to relinquish control.

Further more, a third of family offices feel unprepared to deal with the needs of the next generation.

This is against a broader consensus that more than half of family offices around the world are set to increase their investments in Asia Pacific, according to the Asia Pacific Family Office Report.

The typical asset allocation of one-third into equities, and 80% of APAC-based Family Offices invested into Private Equity. Within these Private Equity portfolios, direct venture capital investments were the most popular, with 59% of Apac family offices having made allocations, just above the global average of 53%. Growth-oriented private equity funds were favoured by 49% of the respondents.

While almost 75% of the APAC-based Family Offices interviewed have a succession plan compared to 52% in Europe and 50% in North America, only 40% of the succession plans in APAC are formally written.

These pose unique challenges to the new generation of Family Members who will oversee and direct the Family Office, as a traditional education.

How can Leading Edge help?

We are an experienced Fund Adminstration firm who can assist Family Offices and Fund Managers with their compliance requirements in Singapore.

We can provide a comprehensive solution to VCCs in the following ways:

  • Incorporate VCCs by assisting with structuring and advising from the perspective of tax, legal, regulatory and operational requirements of the VCC.

  • Assist with VCC drafting policies and procedures and VCC manager compliance.

  • Assist with fund manager licence application and providing outsourced compliance support.

For more information, please contact us today at Wayne@YourLeadingEdge.Asia.

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