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The family office is thriving across the globe, and nowhere more so than in the Asia Pacific region, where private
wealth is expanding at such a remarkable pace. There are numerous drivers behind this institutionalisation and
professionalisation of the management of the private wealth of Asia's high net worth (HNW) and ultra-wealthy families.
These include the immense proliferation of global regulations, as well as the associated tax revenue maximisation and
information sharing and cooperation between national governments and their authorities, and of course the tighter
supervision of the financial advisory community and their clients.
Media disclosures such as the infamous Panama and Paradise Papers revelations have also put the entire ultra-HNW and wealth
management community on notice to work within well-regulated, well-reputed structures within well-regarded jurisdictions.
There is also the well-documented ageing of the founder generations of many of Asia's business dynasties, and even of the
second generations of Asia's uber-wealthy, making the formalisation of legacy planning and inter-generational wealth transfer
evermore crucial. The disciplines associatedwith this legacy planning arewell-served and easily honedwithin the auspices of the
family office. Moreover, the younger generations, many of whom are inheriting this vast wealth, and some of whom are making
the enormous new wealth of tomorrow, are generally Western-educated and evidently prefer a more professional structured
approach to family wealth, often desiring to focus on either their new businesses, their lifestyles, or even social impact pursuits.
As Asia's super-wealthy families increasingly gravitate towards either single-family offices (SFO), or independent, external
multi-family offices (MFOs), and as the private bank and wealth management firms offer more in-house family office
services, Jersey Finance has paused to take reflections from the Asian wealth management community on the evolution,
indeed virtually the revolution taking place.
Jersey Finance has again worked with Hubbis to complete this white paper that we hope succinctly reflects both the state
of the market's evolution and some fascinating views and insights on the motivations, the challenges and the solutions
to creating and managing a family office in today's environment. The findings resoundingly reconfirm to Jersey Finance
that as an International Financial Centre (IFC) that has a long history, great expertise and an outstanding reputation,
we are ideally placed to work with the wealth management community of Asia and the growing ranks of family offices.
This is not supposed to be a guide or even a definitive statement on how to create, staff or manage a family office. It is
designed rather as a barometer to gauge the state of the market's evolution and highlight some, in fact, we hope most,
of the key fundamentals and criteria driving the market's development in Asia Pacific, from the perspective of wealth
management market experts.
I would like to take this opportunity to thank Hubbis, as well as all of those professionals and clients we work with in the
region, and the many experts who willingly offered their time and insights to the survey that supports this timely white paper.
JOE MOYNIHAN
CHIEF EXECUTIVE OFFICER
JERSEY FINANCE
Foreword