“Singapore has long been an epicenter of global wealth management, and we see this as the natural next step in our commitment to serving high-net-worth families and institutions across Asia,” remarked Peter Maxwell, CEO of Silvercrest Wealth Management, during the firm’s announcement of its strategic expansion into Southeast Asia.
Silvercrest, a US-based financial advisory and wealth management firm with over $40 billion in assets under management, has officially opened its first Asian office in Singapore. The move comes as part of Silvercrest’s broader strategy to capture the growing demand for sophisticated wealth planning services in the region, propelled by the rapid rise in ultra-high-net-worth individuals (UHNWIs) and family offices. The new office, located in the heart of Singapore’s financial district, will serve as a hub for offering bespoke investment strategies, tax optimization solutions, and family governance advisory to clients across Southeast Asia, China, and India.
Founded in 2002, Silvercrest has built its reputation on providing tailored financial strategies for affluent clients in North America. However, the shifting global economic landscape, coupled with Asia’s burgeoning wealth, made the region impossible to ignore. According to a report by Capgemini, Asia-Pacific is now home to the highest concentration of UHNWIs globally, surpassing even North America. Singapore, in particular, has emerged as a magnet for wealth due to its political stability, robust financial infrastructure, and favorable tax regime. For Silvercrest, establishing a presence in Singapore was a strategic move to align with these trends and cater to the region’s increasingly complex wealth management needs.
“Our clients are no longer confined by borders. They’re global citizens with international portfolios, diverse family structures, and unique succession challenges. Being in Singapore allows us to meet them where they are, both geographically and in terms of their evolving financial priorities,” Maxwell added.
The firm’s Singapore operations will be spearheaded by veteran wealth advisor Sarah Tan, who brings over 20 years of experience in the Asian private banking sector. Tan, who was previously a senior executive at DBS Private Bank, is well-versed in navigating the intricate financial ecosystems of Southeast Asia. Her leadership underscores Silvercrest’s commitment to hiring local expertise to build trust and deliver culturally nuanced advice.
Silvercrest’s entry into Singapore also highlights the city-state’s growing appeal as a hub for family offices. In 2022 alone, Singapore saw a 15% increase in family offices, fueled by its attractive tax incentives and streamlined regulatory framework. Silvercrest intends to leverage these advantages by offering a comprehensive suite of services tailored to multi-generational wealth planning, including trust structuring, philanthropic advisory, and next-gen education programs.
By establishing a foothold in Southeast Asia, Silvercrest not only diversifies its geographical reach but also strengthens its ability to weather global market volatility. The firm plans to integrate its Singapore office into its broader network, ensuring clients benefit from a seamless blend of local expertise and global resources.
Maxwell concluded, “This expansion is not just about geography; it’s about building deeper relationships. Singapore is the gateway to Asia, and we’re excited to be part of its dynamic financial ecosystem. Our mission remains clear: to preserve and grow wealth across generations, no matter where our clients call home.”
As the firm settles into its new chapter in Singapore, Silvercrest Wealth Management exemplifies how global players are adapting to the shifting epicenters of wealth, ensuring they remain indispensable partners to their clients in an ever-evolving financial landscape.
(Editors: admin)