*"The Asia-Pacific region is no longer just an emerging market—it’s a powerhouse for wealth creation, and our clients demand a presence here," said Jonathan Whitaker, Managing Director of Ithaca Family Office.*
Ithaca Family Office, a discreet yet influential player in the global family office space, has announced the opening of its new office in Singapore, marking a strategic move to deepen its footprint in the Asia-Pacific region. Known for managing the wealth of ultra-high-net-worth families across Europe, North America, and the Middle East, Ithaca’s decision reflects the region’s surging importance in global wealth management.
Singapore, often referred to as the "Switzerland of the East," has cemented its position as Asia’s premier hub for family offices, thanks to its robust regulatory framework, political stability, and attractive tax policies. Ithaca’s expansion underscores the increasing trend of Western family offices pivoting toward Asia to tap into the region’s rapid economic growth and burgeoning population of billionaires. According to a recent Wealth-X report, Asia now hosts over a quarter of the world’s ultra-high-net-worth individuals (UHNWIs), a figure expected to grow exponentially over the next decade.
Whitaker emphasized the importance of proximity in delivering bespoke solutions, noting, *"Our clients value more than just financial returns. They seek a partner who understands the nuances of their family’s legacy, cultural values, and long-term aspirations. Being in Singapore allows us to deliver that level of intimacy and insight."*
Founded in London in 1984, Ithaca Family Office manages over $12 billion in assets, providing services that range from investment management and philanthropic advisory to succession planning and tax optimization. The firm has built its reputation on discretion and navigating complex cross-border structures for its clients, many of whom operate multinational businesses. The Singapore office will serve as a dedicated hub for Asian clients while also facilitating inbound investment opportunities for Western families looking to diversify into Asia’s dynamic markets.
The move aligns with Singapore’s growing role as a global wealth magnet. The city-state has attracted over 1,100 family offices as of 2023, up from just 400 in 2020. To encourage this influx, the Singapore government has introduced initiatives such as the Variable Capital Company (VCC) framework, providing flexible fund structuring options tailored to family office needs. Ithaca’s entry into the market is expected to further validate Singapore’s standing as a go-to destination for global UHNWIs.
While the firm has been tight-lipped about the specifics of its Singapore operations, sources close to the company indicate that the office will prioritize services such as intergenerational wealth transfer, ESG-aligned investment strategies, and tax-efficient structures tailored to the unique regulatory environments of Asian markets. Ithaca also plans to collaborate with local institutions, including private banks and legal firms, to provide an integrated suite of services.
*"The complexity of managing wealth across jurisdictions has never been greater,"* said Amanda Tan, the newly appointed Head of Ithaca’s Singapore office. *"Singapore is not just a strategic location; it’s a gateway to understanding the intricacies of Asian markets and the evolving needs of families here. Our presence allows us to stay ahead of the curve and deliver the tailored solutions our clients expect."*
With this expansion, Ithaca joins a growing list of Western family offices that have made significant inroads into Asia, including Rockefeller Capital Management and Stonehage Fleming. However, industry experts note that Ithaca’s approach differs in its emphasis on building long-term relationships rather than transactional engagements—a strategy that has resonated with multi-generational families navigating the complexities of global wealth.
As wealth continues to shift to the East, Ithaca Family Office’s move into Singapore is both timely and strategic. By positioning itself at the heart of Asia’s financial ecosystem, the firm is not only reinforcing its commitment to its global clientele but also signaling its confidence in the region’s economic future.
(Editors: admin)