The International Herald Tribune has a story on the emerging trend of Asian family offices. In many ways, it could be a companion to the New York Times story today about Chinese collectors as family offices also take on a bigger role in dealing with art as an asset
Bernard Fung, head of family office services in Singapore for Credit Suisse Private Bank, said the growth of family offices in Asia had one main driver: generation transition.
“You’ve got the first generation who set up their business post-Second World War now aging, a second generation often educated abroad that is coming back,” he said. “Not everybody will be in the family business and, therefore, this is the opportunity to look at managing the finances of the family, as well as the business assets, because the two are tightly linked in Asia.”
Setting Up an Office to Manage a Wealthy Family’s Affairs (International Herald Tribune)