Singapore's Family Office Hiring Boom

When you see that billionaire Ray Dalio has announced the opening of a family office in Singapore, you know there will be significant opportunities and growth in this space.

No doubt, the Singapore government has been very supportive, making an effort to lure family offices and hedge funds into the city state. In January, Singapore introduced a legal structure named Variable Capital Company (VCC), designed to attract the assets of fund managers and family offices. Furthermore, Singapore’s Global Investor Programme gave the ultra-wealthy a pathway to permanent residence. As a result of the governmental push, senior Minister Tharman Shanmugaratnam announced in October that there is an estimate of 200 single-family offices in Singapore managing assets of about US$20bn.

Family offices in Singapore are hiring

Initially, it was billionaire tech tycoon James Dyson’s family office that was hiring, having recruited IT professionals and front-office staff. Subsequently, in March, Shu Ping – one of the founders of the world’s biggest chain of hotpot restaurants, Haidilao International Holding – opened a family office in Singapore.

Furthermore, multi-family offices have also been hiring. Kamet Capital Partners took on nine people this year, and the Hong Kong-based Raffles Family Office expanded their Singapore team in 2021 with multiple senior hires.

2021 is expected to grow even stronger as more firms prep and plan their launches – potentially including Ray Dalio’s family office.

Finding the right family office opportunities

Andrew Zee, SVP of Private Banking & Wealth Management at Selby Jennings, recently shared his views 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.”

Currently, it appears as if it's difficult for both hiring managers and candidates to identify one another in the market.

“Not all hiring managers have the time or the know-how to find the best talent to join their teams. Some may not even enjoy the hiring process, as this process can be an extra step on top of their daily tasks. This is why we have our job,” said Zee.

“If you want to join the Dalio family office or other expanding firms within Singapore, there will be emerging opportunities next year across various functions. Specifically 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.”

Working in family offices in Singapore

A number of financial services professionals in Singapore claim to prefer working in family offices. These opportunities offer them more autonomy while also allowing them to work directly with major asset owners.

However, the flip side is that the beneficial owners can be quick to change investment strategies, investment philosophies, or locations. As a result, there is potentially a higher chance that one's role can become redundant.