Former Bank Of Singapore Figure Launches SFO

Tom Burroughes

29 June 2022

A former managing director at are part of the natural evolution of the industry and they ensure that the section 13O and 13U incentives are appropriately targeted at high net worth families,” he said. (Rungta referred to new rules that took effect from April. They stipulate that each fund must be worth at least S$50 million ($35.93 million), and 10 per cent of it or S$10 million – whichever is the smaller amount – should be invested in Singapore. Depending on size, family offices must spend S$500,000 to S$1 million in the domestic economy each year, rising from S$200,000. Additionally, of the three investment figures which they are required to hire, at least one must be a non-family member.)

Singapore, as WealthBriefingAsia has noted, has a variable capital company (VCC) regime which has been in place since 2020. VCCs enable branches of a family with different goals to run separate sub-funds but pool their costs. To some extent the development mirrors the structure innovations that have taken place in Jersey, Guernsey, the Cayman Islands and other offshore centres.