There is a place for Malaysia in the wealth management business as an alternative location, experts say.
Forest City was designated a special financial zone in August 2023 to boost foreign investment and economic growth in the area.
Family offices, entities that manage the wealth of the super rich, can be set up in Malaysia with a minimum of RM30 million in assets under management, compared with S$20 million in Singapore.located in Forest City’s SFZ, as part of incentives to attract foreign capital and revitalise the area as a go-to destination of the rich from within the country and across the region.
“I will not speculate on the numbers now but all I can say is the feedback of these firms coming into our market is very strong and also the intent of people coming down to house their family offices is also there,” said Mr Amir. Both Singapore and Hong Kong host 15 per cent of the world’s single family offices. Each city manages roughly US$1.3 trillion in offshore assets, according to a McKinsey study.
“Forest City is an integrated development project and there is yet to have much business there, which is why the government must give incentives to locals to locate to the SFZ for quality services to be provided to family offices,” said fund manager Mr Danny Wong, who is the chief executive of private wealth management firm Areca Capital.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Up to 20,000 additional COEs to be injected across all vehicle categories from February 2025: LTAThe last time such an increase in COEs was implemented was between 1997 and 2003.
Read more »
About half of new BTO projects to use more robots for painting works from 2025This is part of the Housing and Development Board’s (HDB) efforts to boost construction efficiency by tapping on automation and robotics.
Read more »
Early closure of Bukit Panjang LRT at 10.30pm from Thursdays to Sundays until Oct 2025This is to allow the upgrading of the train service's signalling system and testing of light-rail vehicles.
Read more »
Babies born in 2025 can expect ‘special gift’ as S'pore marks SG60Couples who have babies in 2025 can look forward to receiving a special gift for their little ones, as the nation marks 60 years of independence. Minister in the Prime Minister’s Office Indranee Rajah hinted at the gift in a Facebook post on Nov 5 but gave no other...
Read more »
IMF predicts slightly slower global growth in 2024 and 2025The International Monetary Fund also estimates that global inflation will continue to ease.
Read more »
Prosus looks to list Indian payments firm PayU in 2025BENGALURU : Dutch technology investor Prosus hopes to list Indian digital payments and lending firm PayU next year, its chief investment officer said on Wednesday, after clocking a $2 billion gain on its investment in another local firm Swiggy.
Read more »