When you see billionaire Ray Dalio announced to open a family office in Singapore, you know the opportunities and growth in this space is massive.
No doubt, the Singapore government has been very supportive. They have been making an effort to lure family offices and hedge funds. In January, Singapore introduced a legal structure called the Variable Capital Company (VCC), designed to attract the assets of fund managers and family offices. Furthermore, Singapore’s Global Investor Programme gives the uber-wealthy a pathway to permanent residence. With all the government push, in October, senior Minister Tharman Shanmugaratnam said there are an estimated 200 single-family offices in Singapore managing assets of about US$20bn.
Family Offices are Hiring
Throughout the year, it has been comparatively buoyant for family offices in Singapore.
Firstly, billionaire tech tycoon James Dyson’s family office was hiring, recruited IT and front-office staff. Then, in March, we have billionaire Shu Ping – one of the founders of the world’s biggest chain of hotpot restaurant Haidilao International Holding opens family office in Singapore.
Furthermore, multi-family offices have also been hiring. Kamet Capital Partners took on nine people during the middle part of this year; Hong Kong-based Raffles Family Office has expanded in Singapore this year with multiple senior hires.
2021 is expected to even grow stronger as more firms are launching – potentially including billionaire Ray Dalio’s family office.
Finding for the Opportunities
Andrew Zee, senior vice president, private banking and wealth management, at Selby Jennings shared his view with eFinancial Careers, “the industry remains a fairly secretive sub-sector of financial services. Employees of family offices tend not to even list their company’s names on LinkedIn.”
It sounds like it is harder for both hiring managers or candidates to find each other. “Not all hiring managers have time or know-how to find the best talent to join the team. Some of them don’t really enjoy the hiring process, as this is something extra on top of their daily work. And this is why we have our job,” said Zee.
“If you want to join the Dalio Family Office or another firm in Singapore, there will be jobs on offer next year across different functions. In the front office, demand will focus on relationship managers, discretionary portfolio managers, investment advisors, execution traders, private/public equity investment professionals, and ESG analysts,” said Zee.
Working in Family Office
A lot of bankers in Singapore actually prefers to work in family offices, this is because they can get more autonomy and they can work directly and closely with the owner of the actual money. However, the flip side is the beneficial owner is easier to change their investment strategy, investment philosophy or location. As a result, it becomes a higher potential chance to be made redundant.
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