Singapore-based Farringdon Asset Management launched its new subsidiary Farringdon Wealth. The firm will focus on providing succession and estate planning solutions in Asia.
Farringdon Wealth will partner with several Private Banks in Singapore to offer a range of advice on trust and insurance wrapped investments designed to cater to wealthy individuals looking to begin passing on their assets to the next generation, the firm said on Wednesday.
In addition, Farringdon Wealth will also be pioneering a new fintech based advisory platform that will leverage on the Robo technology already developed by Farringdon Group and combine it with additional features designed to offer a wider range of advice than traditional Robo adviser platforms.
Farringdon Wealth will be headed by two new partners who have now joined the business, Byron Murphy CEO, and Shreemati Varadarajan Chief Operating Officer (COO) who both join the company from Global Eye in Singapore.
Digital Advisory Solution
«The Singapore FA market is increasingly dominated by a handful of large players, many of whom have been slow to adapt to changes in regulation and technology leaving many of the quality FA reps in Singapore struggling to manage their current client portfolios. In conjunction with Farringdon Asset Management our reps will be able to offer a width of services from group employee benefits and retail protection products right through to External Asset Management services at the very best private banks,» Murphy said.
«The Digital Advisory solution we are developing will put Farringdon at the forefront of the fintech revolution sweeping the global financial industry. The new platform will be the first in Asia to combine the traditional Robo advisory approach which is very much investment based with insurance and protection planning to offer clients a more holistic financial planning solution,» Varadarajan added.
Farringdon Asset Management also announced that from February 2019 group assets under management have exceeded one billion Singapore dollars for the first time and currently stand at $1.046 billion.
