The family office of former De Beers chairman Nicky Oppenheimer has set up a unit in Singapore in a bid to boost its Asia exposure and drive investment between the region and Africa.
Oppenheimer Generations – the family office of Nicky Oppenheimer and his son Jonathan Oppenheimer – will set up a Singapore unit, according to a statement.
The family office’s ex-chief of staff Edoardo Collevecchio will relocate from London to Singapore to build and lead the team.
Yi Ling Ong, former head of investment for Temasek’s Asia unit, will also be joining Oppenheimer Generations in the city-state.
Asia-Africa Links
In addition to increasing its exposure to Asia, Oppenheimer Generations will also seek partners to drive investments between the region and the family’s home market in Africa.
«We look forward to deepening relationships with like-minded partners,» said the elder Oppenheimer, the family office’s executive chairman, in the statement.
Diamond Origins
In 1917, Nicky Oppenheimer’s grandfather Ernest Oppenheimer founded mining giant Anglo American in South Africa which would eventually help turn De Beers into the world’s largest diamond producer.
In 2011, Anglo American acquired the Oppenheimers' 40 percent stake in De Beers for US$5.1 billion, increasing its own stake to 85 percent and ending the family’s 80-year control over the diamond firm.
Thereafter, Oppenheimer Generations was established and now has over two dozen employees in South Africa, the U.K. and Jersey.
