As wealth transfers across generations, family offices look globally for opportunities
Barclays Private Bank draws on its global franchise to create long-term value for clients
THE great wealth transfer is underway, marking a pivotal period of intergenerational wealth redistribution that is reshaping the financial landscape of the world.
Asia-Pacific sits at the cusp of this wealth transfer, with an estimated US$5.8 trillion of wealth expected to change hands amongst Ultra High Net Worth (UHNW) and High Net Worth (HNW) families by 2030, according to analysis from consultant firm McKinsey.
Against this backdrop, Singapore has emerged as a wealth management hub, with many UHNW families setting up family offices to facilitate this wealth transition.
“At the same time, the needs of these family offices are also evolving,” says Evonne Tan, head of Barclays Private Bank, Singapore.
As more family offices adopt a global outlook, they are increasingly seeking holistic multi-generational and multi-jurisdictional coverage.
Moreover, they are becoming more professionalised in their investment management approach, expecting fund managers to explain their investment process and risk metrics, and not just a fund’s performance.
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“We also see an increasing trend of family offices allocating to sustainable and impact strategies as well as incorporating environmental, social and governance (ESG) considerations into their investment portfolios,” says Tan. Clients want more than just products, but a deeper understanding on how to integrate their sustainability objectives into their existing portfolios.
“To that end, Barclays Private Bank aims to be the long-term investment partner for clients, their families and their next generation,” says Ken Sze, head of Investments Asia, Barclays Private Bank.
“We do that by being a leader in providing accessible advice, transparent pricing and specialist expertise, drawing on the global strengths of Barclays,” added Tan.
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Barclays’ value propositions
As the private banking arm of British banking giant Barclays, the bank provides specialist investments, banking, lending, and wealth advisory services to UHNW individuals and their families.
It is one of the few British banks in the region with capabilities spanning across corporate, investment and private banking.
“Barclays Private Bank sets itself apart from other banks by offering three key value propositions,” says Sze.
Firstly, the bank offers clients differentiated institutional quality investment solutions, with discretionary portfolio management (DPM) as its core investment proposition, alongside a Private Markets offering.
“As portfolio managers, we are long term investors with a focus on quality,” says Ong Shun Wei, head of DPM Singapore, Barclays Private Bank. The DPM team aims to construct a portfolio of resilient investments that ensure sustainable value creation and capital preservation.
“The team considers a variety of inputs such as the global macro economic outlook, fiscal policy and valuation, when investing,” added Ong.
In its Private Markets and Direct Investments offering, the bank provides clients priority access to a unique universe of global investment opportunities across industries, investment structures, asset classes and geographies.
Secondly, the private bank leverages the breadth of the Barclays group including its market leading Investment Bank to deliver bespoke solutions, helping clients benefit from the institutional solutions and capabilities of the Barclays global franchise.
Thirdly, Barclays aims to partner business families throughout their succession, sustainability, and impact journey. “We see many business families preparing for the great wealth transfer and needing support through this transition,” says Tan.
Barclays provides support in helping clients manage their succession plans, align their wealth with their values as well as create a lasting legacy.
Geographic advantage
Barclays has an advantage over its peers when it comes to servicing clients with interest in the United Kingdom (UK) markets. “We leverage our broad presence and deep expertise in the UK to position ourselves as a trusted partner for clients seeking opportunities there,” says Tan.
She notes that there is a “strong and consistent interest” in the UK markets from Singapore clients, whether linked to education or real estate. The UK property market has historically provided stability and long-term growth, backed by a transparent legal system and resilient real estate prices. Clients who spend time in the UK may have an interest in UK-based banking, credit, investment and wealth advisory solutions, which Barclays can support.
Within Asia, Barclays has a strong presence in India, where it has operated for over three decades, leading in various businesses including financial solutions, merger and acquisitions (M&A) advisory and debt capital markets. Clients also benefit from Barclays’ established relationships with Indian corporates, family offices, institutional investors, and key market players.
“Our ability to facilitate cross-border wealth planning, financing and investment strategies makes us a preferred partner for clients with India-linked interests,” adds Sze.
New booking centre in Singapore
More family offices are setting up shop in Singapore to take advantage of the country’s strong rule of law, economic and political stability, and attractive tax incentive schemes. The number of single family offices (SFOs) in Singapore shot past 2,000 by the end of 2024, jumping from 1,400 as of end-2023.
While based here, many of these family offices value global connectivity.
In this regard, Barclays’ global family office clients can gain access to Asian markets and investment opportunities through a booking centre planned to be set up in Singapore next year.
Through the Singapore booking centre, Barclays’ clients will receive a comprehensive wealth management offering with access to global markets, but with the ability to book assets locally.
In partnership with Barclays Investment Bank, the booking centre can provide clients with quasi-institutional investment solutions, including access to more sophisticated financial products and cross-asset class offerings.
Ultimately, Barclays’ clients stand to benefit from its integrated ‘one-bank’ approach – which allows Barclays to deliver bespoke solutions to its private clients by tapping its Investment Bank capabilities and working collaboratively across the entire Barclays franchise.
Says Tan: “This philosophy is embedded in Barclays’ unique culture and DNA, allowing us to focus on finding the right solutions for our clients.”
Barclays in Asia Pacific
Barclays has been present in Asia Pacific (APAC) for over 50 years, supporting corporations and financial institutions across key markets including Australia, Hong Kong SAR, India, Japan, Mainland China, Singapore, and Taiwan. The bank caters to its clients’ cross-border Investment Bank needs and connects them to the capital markets in the UK, Europe, Americas, and APAC. Barclays also has a growing Private Bank business in APAC, with operations in both India and Singapore. The Barclays Global Service Centre (BGSC), a global capability centre located across multiple cities in India, supports the bank’s businesses worldwide, delivering innovative end-to-end business solutions across Technology, Operations and Functions. Barclays in APAC is headed by Jaideep Khanna, who also leads the bank’s Global Markets business in the region. Its regional Investment Banking business is led by Vanessa Koo and Nitin Singh heads its APAC Private Banking business, while Praveen Kumar leads BGSC.
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