Hong Kong-based Raffles Family Office has inaugurated the Shanghai headquarters of its mainland China arm and joint venture, Raffles China. Built in partnership with Asian wealth management fintech platform iFAST, the JV was formed to address rising demand for family wealth preservation services among the market’s ultra high net worth individuals (UHNWIs) and their representatives.

“The launch of our mainland China hub in Shanghai is a testament to the success of our Asia-focused multi-family office and family governance platform, which seeks to address the evolving wealth preservation needs of [UHNWIs], both in China and across the region with strictly impartial and highly personalized solutions,” says Raffles Family Office co-founder and CEO Kwan Chi-man.

“Through our Shanghai office and partnership with iFAST, we are keen to continue supporting financial services companies and their clients in mainland China and developing the market’s multi-family office industry,” Kwan adds.

The combined wealth of UHNWIs in the mainland – those with over 100 million yuan (US$15 million) in assets – has reached 77 trillion yuan, according to the latest Hurun Wealth Report. The company also notes that in the coming decade, about 17 trillion yuan of that wealth is expected to be passed on to the next generation.

Raffles Family Office’s China venture will focus on the Yangtze River Delta and Greater Bay Area regions, and is considering expanding to other parts of the mainland, including Beijing, Chengdu, Chongqing and Zhejiang.