In 2024, the number of single family offices in Singapore is expected to increase by 43% year-on-year, exceeding 2,000. Analysts: Singapore's Robust Family Office Sector to Keep Bolstering Local Banks' Wealth Mgmt.
More family offices have tended to be beneficial for the onshore deposit business and liquidity of the banks, said Jayden Vantarakis, head of Asean research at Macquarie Capital.
Tareck Horchani, Maybank Securities' prime dealing head, anticipates family office wealth inflows to boost local lenders' AUM.He said that heightened due diligence requirements are likely to draw more sophisticated families. This would likely bring in higher - quality assets and demand for premium services, further driving up wealth management fees.
Upcoming Singapore Budget may give further tax incentives for philanthropy, sustainability.
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