Growing desires to preserve family values and legacies are driving forces behind the changing face of wealth management and traditionally structured family offices, explained Envysion's Jacob Doo, in an interview with finews.asia.
Traditionally, the wealth management industry has been slow to change and innovate. But the needs of UHNWIs are rapidly evolving, said the chief investment officer of multi-family office Envysion Wealth Management.
«Ultra-high net worth individuals these days look at specific questions, and there is a need to cater to such demands and take care of liability management, private investment, corporate investment, and lifestyle questions,» Doo explained.
«There is a need to move beyond private banking advisory to make sure the client really knows and has a holistic understanding and how they should be investing,» the CIO said about Envysion's approach to wealth management.
One-Stop Platform
Founded in January 2020 by former EFG Bank managing director and head of Southeast Asia Veronica Shim, Envysion is an independent, full-service wealth manager specializing in bespoke family office solutions, with a client portfolio that spans Southeast Asia, North Asia and the Middle East.
Its solution is built on four key pillars – investment, succession planning, corporate advisory and lifestyle planning. The firm sets itself apart by providing clients access to a wealth of opportunities not just across their financial portfolio, but also their lifestyle needs – from luxury collectibles and antiques to health and wellness and even medical services, Doo explained.
To this end, it has forged partnerships across multiple industries with companies and services providers including law firms, banks, financial institutions, venture capital/private equity fund managers, sports academies and private jet and yacht charter services, so clients can get access to a holistic range of bespoke solutions to their needs.
Busy During Lockdown
Doo said the firm has been kept busy despite the ongoing partial lockdown.
«We’ve been pleasantly surprised with our ability to reach out to clients and complete deals during this period,» he said, noting that in April alone, Envysion concluded a $10 million private equity deal in Indonesia, raised $55 million in investments, and completed $25 million of flow trades during this time.
The firm currently has around $800 million in assets under advisory and is looking to grow assets to $2 billion by year-end. It recently won approval from the Monetary Authority of Singapore (MAS) to set up a Variable Capital Company, through which it hopes to develop alternative funds, which span physical commodities, physical gold, and trade finance, to complement client portfolios.
Need to Change Strategy
Offering advice to investors, the wealth management veteran, who has seen clients through three financial crises during his career spanning Julius Baer, Sarasin & Cie, and Standard Chartered said, «There is a need to change strategy. Taking leverage to the maximum is no longer a wise choice.»
«Putting money in wealth management is not about wealth creation,» said Doo. «You can use your businesses for that.»
