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Singapore gets new multifamily office with launch of Envysion

[SINGAPORE] A new multifamily office with about US$300 million in assets under advisory has established itself in Singapore, aiming to attract wealthy clients and private bankers from across the region.

Envysion Wealth Management Pte was founded by Veronica Shim, who spent more than 16 years at private banks including Julius Baer Group Ltd and EFG Bank AG.

The group is targeting assets under advisory of between US$1.5 billion to US$2 billion by year-end and plans to employ around 15 private bankers, up from eight currently, over that same time frame, she said at a media briefing in Singapore on Thursday.

Envysion will provide a range of services to clients from helping them structure deals to lifestyle offerings such as yacht and private jet charters. Some of those services may be offered through external consultants at an additional cost.

It plans to charge clients between 0.5 per cent and 1.5 per cent of the assets being placed under its care, but will waive some of its fees for early customers.

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