THE number of single family offices in Singapore has grown in recent years to about 200 at present, said Senior Minister Tharman Shanmugaratnam on Monday.
Recent industry research estimated that each SFO typically manages assets in excess of US$100 million, noted Mr Shanmugaratnam, who is also the minister in charge of the Monetary Authority of Singapore . That means the total assets under management by SFOs in the Republic could be around US$20 billion, he said in response to a parliamentary question.
MAS does not have hard data on the scale of SFOs' operations because these family offices are not registered with or licensed by the financial regulator, given that SFOs do not manage third-party monies. The Securities and Futures Act does not define the"SFO" term. It typically refers to an entity which manages assets for or on behalf of only one family and is wholly owned or controlled by members of the same family.
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