*"For families of significant wealth, Singapore represents stability, opportunity, and a forward-looking regulatory environment," said James Calder, Managing Director of Sovereign Partners, during the firm’s announcement of its new family office division in the Lion City. "We’re not just helping clients manage wealth; we’re helping them preserve legacies."*
Sovereign Partners, a leading advisory firm specializing in cross-border wealth management, has officially launched its family office services in Singapore, marking a strategic move to cater to the growing demand for tailored wealth solutions in Asia. The firm’s expansion is a direct response to the surge of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) seeking to base their wealth management structures in one of the world’s most sought-after financial hubs.
Singapore has become a magnet for global wealth, driven by its robust legal framework, favorable tax policies, and political stability. Sovereign Partners’ decision to establish a foothold in the city-state underscores its commitment to serving the distinct needs of affluent families navigating complex cross-border financial landscapes. Over the past decade, Singapore has seen a sharp rise in the establishment of family offices, with the Monetary Authority of Singapore (MAS) reporting a 60% increase in applications for new family offices in 2022 alone.
Sovereign Partners’ Singapore division will offer bespoke services, including wealth structuring, tax optimization, philanthropic planning, and next-generation education—areas increasingly prioritized by wealthy families looking to secure their financial futures. The firm’s approach integrates local expertise with its global network, ensuring clients can seamlessly transition their assets and operations across borders while maintaining compliance with international regulations.
Calder emphasized the importance of this expansion in addressing the evolving needs of their clients, many of whom are navigating the complexities of intergenerational wealth transfer. "Our clients are not only looking for tax-efficient solutions but also mechanisms to instill resilience and purpose in their family enterprises. Singapore offers the perfect setting for this convergence of wealth preservation and visionary planning," he added.
The launch comes at a time when Asia-Pacific is leading global wealth creation. According to a recent report by Capgemini, the region is home to the fastest-growing population of HNWIs, with their combined wealth surpassing $24 trillion in 2023. Singapore, in particular, has positioned itself as a haven for global investors, bolstered by its Double Tax Agreements (DTAs), trust-friendly regulations, and initiatives like the Global Investor Programme (GIP), which offers residency to qualifying investors. These factors have made the city-state an attractive alternative to traditional hubs like Switzerland and Luxembourg.
Sovereign Partners’ move is also indicative of a broader trend among global wealth managers diversifying their geographic offerings to capture new markets. The firm’s Singapore unit will complement its existing operations in Europe and the Middle East, creating a tri-continental network that supports the increasingly nomadic nature of wealth in a globalized world.
In addition to its core services, Sovereign Partners has hinted at plans to integrate digital asset management into its offerings, responding to the growing interest among younger UHNWIs in cryptocurrencies and blockchain-based investments. The Singapore division will also explore sustainable investment opportunities, reflecting the shifting priorities of affluent families towards ESG (Environmental, Social, and Governance) principles.
As Sovereign Partners sets its sights on scaling its presence in Asia, the firm’s leadership remains steadfast in its vision of creating enduring value for its clients. "This expansion is more than a business decision; it’s a promise to our clients that we will be wherever they need us to be," Calder concluded.
Sovereign Partners’ entry into Singapore not only solidifies its position as a key player in the global wealth management arena but also reinforces the city-state’s reputation as a nexus for innovative financial solutions. With its combination of local expertise and international reach, the firm is poised to redefine the standards of family office services in one of the world’s most dynamic markets.
(Editors: admin)