Singapore’s Wealth Management Institute is aiming to enroll thousands of participants in its family office programs in the coming years due to growing demand in the sector.
WMI aims to enroll 5,000 participants into its family office programs by 2025, according to a statement by chief executive Foo Mee Har during the inaugural Global-Asia Family Office (GFO) Summit.
«The hunger and drive to learn and build expertise [in the family office sector] have been very evident,» said Foo in an opening address at the event. «We will press on in our efforts so that our learners can gain access to domain experts, changemakers, and distinguished global thought leaders.»
WMI also announced the co-development of a philanthropy guide on donor-advised funds with Private Banking Industry Group.
Family Office Demand
Family office demand in Singapore has been on the rise in recent years especially as Hong Kong faces pressure from rising political tensions and Covid restrictions. Notable additions include the launch of a family office by Chinese hotpot billionaire Shu Ping in 2020 and the expansion of Li Ka-shing’s Horizon Ventures to the city-state in May this year.
«We are living through changing times, with profound uncertainties on multiple fronts. We need innovative solutions and creative capital to solve the many issues facing us. Family offices, with their higher flexibility and agility compared to institutional capital, can make a decisive contribution,» said Lim Chow Kiat WMI chairman as well as chief executive of state investor GIC.
WMI was founded by state investors GIC and Temasek in 2003. It has registered 1,200 enrolments for family office-related programs since 2020.
