Singapore’s stories rise as the region’s preferred family office hub continues with the latest addition of yet another owned by a U.S. billionaire hedge fund owner.
Bridgewater Associates founder Ray Dalio is opening a family office in Singapore by the name of Dalio Family Office, further boosting the city-state’s hub status.
Janine Racanelli, ex-global head of J.P. Morgan Private Bank’s 'Advice Lab' and 'Wealth Advisory’ practice, is the chief executive, according to a «Bloomberg» report citing a spokesperson's statement, alongside chief operating officer Tom Waller, a former executive at EY.
Admirer of Singapore and China
According to the statement, Dalio spoke positively about both the current situation in the region as well as his existing ties with two specific countries: Singapore and China.
«[Dalio] has had for the last three decades excellent relationships in Singapore and China,» the statement said. «He likes and admires both and he is excited by what is happening in the region.»
Last month, Dalio’s philanthropic arm made a $25 million grant to Singapore’s Wealth Management Institute to launch a program focused on sustainable investing.
FO Hub Battle
Dalio's family office entrance into Singapore marks yet another win for the city-state as he joins other billionaire heavyweights including vacuum cleaner tycoon James Dyson and owner of Chinese hotpot giant Haidilao Shu Ping. According to official data, the country is home to 200 family offices.
Meanwhile, Hong Kong faces an uphill battle with regard to family office development. The aftermath of political unrest has left the city's financial sector outlook understandably less certain, with even Beijing authorities pointing out that greater emphasis needs to be placed on stability, rather than the traditional focus on growth and internationalization.
Although industry players recently launched a Family Office Association of Hong Kong, onlookers were quick to point out it was made up of mostly multi-family offices and continued concerns about greater mainland integration, such as asset security risk.
