*"As wealth becomes increasingly global, our clients are seeking centralized solutions that transcend borders. Singapore represents a natural fit for our vision,"* said James Whitmore, CEO of Sovereign Private, during the announcement of the firm's new family office operation in Singapore.
Sovereign Private, a boutique wealth management firm catering to ultra-high-net-worth individuals (UHNWIs), has solidified its presence in Asia with the launch of Sovereign Private Singapore. The move marks a strategic step for the firm, which has long been recognized for its tailored wealth preservation strategies and discreet advisory services. Singapore, often referred to as the "Switzerland of the East," has emerged as one of the most sought-after destinations for family office services, owing to its robust regulatory framework, favorable tax policies, and political stability.
The new Singapore office will focus on delivering bespoke family governance structures, multi-jurisdictional tax optimization solutions, and access to exclusive investment opportunities across Asia-Pacific. Sovereign Private has also confirmed that the operation will include a dedicated team of specialists in philanthropy advisory and next-generation wealth transfer—services that have become critical for Asian UHNWIs as they navigate the complexities of intergenerational wealth.
Founded in London over two decades ago, Sovereign Private has built a reputation for its meticulous approach to wealth structuring, often working with families whose net worth exceeds $500 million. The firm's expansion into Singapore underscores the growing demand for family office services in the region. According to the Monetary Authority of Singapore, the number of family offices in the city-state has more than doubled in the last three years, driven by an influx of wealth from China, India, and Southeast Asia.
*"Singapore’s ecosystem is uniquely positioned to support the multifaceted needs of affluent families,”* said Angela Koh, Managing Director of Sovereign Private Singapore. “Whether it's preserving family legacy, navigating cross-border complexities, or identifying long-term investment opportunities, our new hub provides the infrastructure to address these challenges with precision."
Sovereign Private’s entry comes at a time when Singapore is actively courting international wealth. Recent government initiatives, such as the Variable Capital Companies (VCC) framework, have further enhanced the jurisdiction's appeal to global investors. The VCC structure, in particular, allows family offices to consolidate assets under a single entity while benefiting from streamlined administration and tax efficiencies.
The impact of Sovereign Private’s Singapore expansion is twofold. For one, it deepens the firm's ability to serve its Asian clientele, many of whom have expressed a desire for localized expertise. Simultaneously, it signals the broader trend of Western wealth managers pivoting toward Asia, where the concentration of UHNWIs is growing at an unparalleled rate.
Sovereign Private's move is not without competition. Rivals such as Zurich-based Julius Baer and New York-headquartered Rockefeller Capital Management have also been ramping up operations in the region. However, Whitmore remains confident in the firm’s differentiated approach. “Our clients value discretion, independence, and a level of customization that is increasingly rare in an industry dominated by large institutions,” he stated.
With its Singapore hub now operational, Sovereign Private plans to organize an exclusive summit in early 2024, bringing together its global clients and regional partners for discussions on emerging trends in family wealth management.
As the global wealth landscape continues to shift eastward, Sovereign Private’s strategic expansion into Singapore positions it to capitalize on one of the fastest-growing markets for private wealth services. In doing so, the firm reaffirms its commitment to delivering world-class expertise to some of the world’s most discerning clients.
(Editors: admin)