Raffles Family Office to invest U$15m in HK's WorkTech for Asean expansion

HONG Kong-based multi-family office Raffles Family Office (RFO) on Wednesday announced it will invest US$15 million in co-working space operator WorkTech.

The multi-family office, which just opened its Singapore office in December, said that WorkTech will use the fresh funding to accelerate its expansion plan in South-east Asia.

RFO already has a joint venture called Raffles Tech with the Hong Kong-based co-working firm, aimed at building an ecosystem of partners for wealth and asset management.

WorkTech manages more than 400,000 square feet (sq ft) in gross floor area of space in Hong Kong. It is planning to enter South-east Asian markets including Vietnam, Cambodia, Thailand and the Philippines, to build a cross-border community.

The latest strategic investment deepens the partnership between the two firms, and will allow Raffles Family Office to bolster its service offerings to the family offices it serves across the region, said Kwan Chi Man, founder and chief executive of RFO.

WorkTech founder and chairman, Michael Wong, said: "We share the same vision with Raffles Family Office of nurturing startups and innovators."

"Besides, we are now developing ecosystems for subsectors in finance, such as fintech, and Raffles Family Office's strong influence and connections in the sector will be of great importance," Mr Wong added.

RFO recently launched in Singapore with the intention of investing in startups, incubating other family offices and leveraging strategic partnerships to grow its client base. The firm, which manages more than US$2 billion in assets, is looking to serve clients in the South-east Asia region, though its existing clients in Greater China are also looking to diversify.

Last October, RFO also announced it will take a 70 per cent stake in a joint venture with the Chinese subsidiary of Singapore-listed iFast Corporation, to better serve the fast-growing ultra high net worth market in China.

Aside from Hong Kong and Singapore, RFO is also incorporated in Taipei.