FAMILY offices in Asia-Pacific (Apac) are bullish on fixed-income instruments and equities in developed markets, with about four in 10 planning to raise stakes in the two asset classes within the next five years.
These findings were revealed in the UBS Global Family Office Report 2023 published on Thursday (Jun 1). The report surveyed 230 family offices globally, 45 of which were based in Apac.
Among 11 asset classes surveyed, Apac family offices’ allocation in equity-related investments within developed markets increased the most, from 18 per cent in 2021 to 28 per cent in 2022.
By geography, Apac family offices were more bullish on the home region’s progress, with 64 per cent of them planning to put more money into Apac over the next five years.
Other regions that were of interest to Apac family offices include North America, western Europe and, surprisingly, Africa – where 22 per cent planned to invest more in.
Singapore continued to grow in attractiveness as a venue for wealth management. UBS said that its clients, not just within the region but globally, have increasingly expressed interest in setting up family offices in the city-state.
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“People feel very comfortable here, being an English-speaking country. They’re familiar with the legal system and the economy,” said Tommy Leung, co-head of global family and institutional wealth, Apac, UBS Global Wealth Management.
The report, in its fourth edition, is published annually by UBS. The survey’s respondents are UBS clients who have an average net worth of US$2.2 billion.
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