Singapore-based multi-family office Golden Equator Wealth is looking to grow its client assets with Dubai as its second target market to fuel expansion, according to founder Shirley Crystal Chua in a conversation with finews.asia.
Golden Equator Wealth (GEW) is aiming to grow its assets under management (AUM) by another $1 billion, according to founder Shirley Crystal Chua in a conversation with finews.asia.
The multi-family office (MFO) specified no timeline for achieving this goal but noted that growth would be driven by its home market in Singapore as well as a planned 2024 entry into a second market: Dubai.
Asia Connectivity
According to Chua, the choice of Dubai as its newest market is in part driven by the many synergies that can be realized between the Middle East and Asia. For example, much of the wealth in Dubai – including a growing base from Central Asia and Africa – frequently also finds its way to this side of the world.
«Those who go to Dubai […] often think about what else can we look at in Asia and how they can connect to Asia investment opportunities better,» said Chua, highlighting interconnectivity between the two regions.
«They have an interest in finding out more, especially on business expansion opportunities, strength in wealth management and investment prospects via Singapore for Southeast Asia.»
Tripling AUM
Currently, GEW has more than $600 million in AUM from clients in 12 countries. 80 percent of its clients are from Pan-Asia, including Indonesia, Malaysia, Taiwan and Pakistan. If successful, its expansion plans will lead the MFO to nearly triple its asset base.
In addition to the new market entry, GEW will also hire a handful of staff in 2024. It currently houses around 20 people, including two senior family office advisors who joined earlier this year.
«For many Asian families, they’re in the process of discovering the benefits and intricacies of running a family office. What they need to do, what and how much it takes to run a family office, what plans they need to put in place for the long term and how to effectively pass down the family legacy across generations», Chua added.
GEW is part of the Golden Equator group which includes five other businesses: a fund management company, a personal finance management platform, a learning and development business, a community-focused workspace and employee engagement app. The group was founded in 2012 by Chua who has 20 years of experience advising ultra-high net worth families.
