Peer network for the wealthy plants roots in Singapore
Genevieve Cua
TIGER 21, a peer network for ultra-wealthy individuals, has set up two groups in Singapore to serve as confidential support groups for wealthy families seeking to improve in areas ranging from succession to portfolio management.
A third “global” group is also being put together for individuals who do not reside in Singapore, but who visit frequently for business or investments.
Tiger 21 was founded in the US in 1999 by an entrepreneur who sought objective advice following the sale of his business. Michael Sonnenfeldt started the first group in New York City with six members, all of whom had sold their businesses but were feeling in need of guidance on how to preserve their wealth.
Today, the group has 106 groups in 46 markets. Its membership is 1,300, representing assets of over US$150 billion.
Singapore is the group’s first Asian chapter; new groups are in the pipeline in Dubai and Lisbon.
The Business Times understands that Singapore was chosen as a location for a new chapter because of its status as a wealth hub, its stable and transparent legal framework, and the government’s effective handling of the pandemic.
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Kanu Gupta, entrepreneur and managing partner of Beyond, a strategic advisory firm, will head one group. The second group will be headed by Yip Hon Mun, an experienced adviser to families and business owners. Group leaders are separately contracted and are not themselves members of Tiger 21.
Greg Wells, Tiger 21’s chief operating officer, said: “Singapore is the economic hub of Asia, known for growth, stability and safety, making it the ideal location to introduce Tiger 21 to the region. Its strategic location enables wealth creators from Indonesia, India, Thailand, Vietnam, China, Australia and beyond to easily attend monthly meetings.
“Additionally, (the Singapore location) is advantageous because Tiger 21 members worldwide have numerous family and business ties in the region.”
Tiger 21 is positioned as a “personal board of directors” for members, serving as a forum focused on improving members’ investment acumen, while exploring issues of philanthropy, estate planning, health and family dynamics.
Gupta says candidates for membership are typically business owners, investors and heads of family offices. Each group may have 10 to 15 members, with investible assets of at least US$20 million; the threshold for investible assets was recently raised from US$10 million.
Membership is by invitation and candidates are screened, as the group seeks those who are able to commit the time to meetings, which are held once a month for five to six hours.
Gupta says the depth of the network differentiates Tiger 21 from other associations for wealthy families. The commitment that members make to group meetings forms the “core of the Tiger experience”, he said. For instance, a key part of the monthly meetings is “portfolio defence”, when a member’s portfolio is presented to the group for feedback and discussion.
Members may also discuss family issues at length. “They could say, ‘Here are the things I’m struggling with’. It could be family transition or how to invest their money better. The entire group spends two to three hours to provide guidance to that member.”
“My role as a chair is to deliver a return on time for members. The biggest investment they make is their time. The beauty is that the group stays together for a long time, and the surprise for me is the learning and growing, which happen when you know each other very well.”
“As an investor and serial entrepreneur, I know first-hand the importance of having access to a peer group to serve as your personal board of advisers.”
Yip has spent the last two decades helping family owned businesses, family offices and funds in Asia to deploy purpose-driven capital while seeking financial returns. He currently consults for Novo Holdings, which manages 110 billion euro (S$160.2 billion) of assets.
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