UNFAZED by the market upheaval, Raffles Family Office (RFO), a multi-family office and independent asset manager (IAM), has set its sights on further regional expansion this year.
It expects to open an office in Shanghai, likely in the third quarter, said RFO founder and chief executive Kwan Chi Man. Two more offices are on the cards - one in Asean and another in Dubai or Australia.
RFO was founded in Hong Kong in 2016. It opened its Singapore office last year, and also has a presence in Taipei.
The concept of a family office for ultra-wealthy clients remains nascent in Asia, although it is increasingly taking root. Over the next decade or two, an estimated US$2.7 trillion of wealth is expected...
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