Raffles Family Office seeks to target Chinese ultra-high net worth individuals’ onshore needs through a newly formed joint venture with wealth management fintech platform iFast.
The newly formed joint venture – Raffles China Family Office (Raffles China) – will deliver a «family offices and related management model» to target a market gap fuelled by continued strong wealth generation and recent economic headwinds. The joint venture's headquarter is based in Shanghai with plans to expand into Beijing, Chongqing and Zhejiang, depending on business growth.
«Following the increase in demand for family offices and related management services in China, the existing product selling-based style provided in China no longer matches the needs of UHNW families,» said Ray Tam, managing director & co-founder of Raffles Family Office.
«Raffles Family Office has a professional and international team and iFAST Corporation has a tremendous client base and influence in Asia,» added Kwan Chi Man, CEO and founder of Raffles Family Office. «The two of us together will create a synergy which unlocks a lot of new business opportunities in China, creating a win-win situation for both of us.»
In a interview with finews.asia in June, Raffles Family Office said that it had $2 billion in assets under management and would target to grow this to $10 billion by January 2020 – an ambitious pursuit that Kwan said could be done through the acquisition of smaller asset managers with $50 to $200 million in Hong Kong and Singapore.
