This week, Singapore-based multi-family office excited to work with Farro’s families to contribute their time, talent, ties, and treasure,” ImpactSG co-founders, Edmund Twohill, Daniel Lim, and Kwee Ker Fong, said.
“In the spirit of SG60, we have engaged five families, and they have collectively committed S$600,000 ($465,762) to kickstart the launch of this partnership. We will engage more families on their contributions in the coming months. This is a first-of-its-kind partnership between ImpactSG and a multi-family office, and we hope to scale this model of giving to more single and multi-family offices over time.”
The launch event in late August was attended by business families, ImpactSG’s co-founders and board, and representatives from the Monetary Authority of Singapore, MAS, Ministry of Culture, Community & Youth, and others.
Left to Right: Mahesh Kumar, co-founder of Farro Capital and Ravi Menon, chairman of ImpactSG
Difficulties to overcome
Asked by WBA about the kind of difficulties families have with philanthropy, the Farro spokesperson said obstacles include having a clear roadmap of their philanthropic endeavour – currently it is ad hoc, without any internal accountability; there is a lack of trust on the beneficiaries, mostly due to the past experience; there is a lack of clarity over the structuring of a grantmaking vehicle, and there are no clear metrics of the impact of the giving.
WBA asked Farro how much of the rise of this sort of venture is down to requests from clients?
"This topic often emerges in our conversations with families. While many do not expect us to provide an immediate solution, we recognised an opportunity to add meaningful value by helping them view their wealth more holistically. By broadening the lens beyond financial capital, we can support families in aligning their resources with their values, purpose, and legacy aspirations," the spokesperson added.
This news service interviewed Farro about its business strategy back in 2023. In December 2023, Farro Ventures, parent company of Farro Capital, pushed into Dubai, opening an office in the Dubai International Financial Centre.
The role of philanthropy and how advisors should and could engage effectively with HNW individuals and families is explored in this article.