Singapore-based multi-family office Farro Capital has reportedly attracted $1 billion in assets under management in a matter of months.
Farro Capital has reached the $1 billion mark in assets under management (AUM), according to a «Bloomberg» report citing co-founder and CEO Hemant Tucker, who is also the ex-market head for global South Asia and Middle East at Bank of Singapore.
Most of the current client base is of Indian origin with the rest coming from a variety of backgrounds from Europe to other parts of Asia, Tucker said.
This was achieved in a matter of months as the Singapore-based multi-family office was just founded in October 2022.
Add 50 Families
In the next 18 to 24 months, Farro is looking to add another 50 families with an average contribution of $30 million in AUM each, totalling $1.5 billion. It is aiming for families across Japan, UK, US and beyond that want to access Asia through Singapore as a center.
One of the firm’s key targets is family offices that are big enough to hire a few dedicated professionals but too small for a full-service team.
Hiring Plans
To meet its growth ambitions, Farro intends to house 20 staff by the end of 2023 supporting a wide range of services including home loan arrangements, ESG compliance in portfolios, bank fee negotiations, deal sourcing and more.
In addition to Tucker, Farro’s co-founders also include ex-Maitri Asset Management CEO Manish Tibrewal, ex-Withers KhattarWong partner Mahesh Kumar and two others.
