TA: Why did you select Brunei and not a larger or, as some might say, “more dynamic” jurisdiction?
Chua: It’s not about going to where it’s popular, but where we have the necessary capabilities and networks to succeed, so that we can really make an impact for the clients there.
We have been working closely with the Brunei government agencies on different fronts including running their learning boot camps for startups and microbusinesses, so our expansion into the market is a natural extension to continue building on existing relationships we have in Brunei.
We had a strategic investment in 2019 from an international group of investors, including from Brunei, with strong influence and networks in their respective markets. This was an intentional decision to strengthen our touchpoints in these markets as part of the group’s continuous effort in ecosystem building, so in Brunei’s case, this is to connect Brunei with markets in the region and vice versa.
For our multi-family office (MFO) business, it is through our discussions with the families that we saw that they understand the need to protect and preserve their wealth while passing on their legacy and grooming their nextgens, and they’re finding solutions for these i.e., proper wealth management and legacy preservation.
TA: Are you planning to expand your family office services onshore to other hubs in the region or must it be where there is a fit for the group’s three businesses together?
Chua: The strength of each of our practices also lies in the deep networks and complimentary businesses that we have under the group, so whenever we do expand internationally, it will probably involve more than one of our businesses.
For most businesses under the group, we do not need huge on-the-ground support in other markets in expansion as the bulk of the operations are still run in our headquarters in Singapore.
We hired a veteran private wealth leader Gary Tiernan to head our MFO business and the expansion. There are plans in progress and we’ll be able to share this in the second half of the year.
TA: As you expand, what do you think you are offering that traditional private banks are not able to match?
Chau: We cannot comment on what traditional private banks are doing, but what sets our MFO businesses apart are a few key things.
The group ecosystem of complementary businesses - this includes our access to consulting capabilities for our clients’ businesses when required, access to alternative investment capabilities through our venture capital and private capital arm, access to networks not just for the first generations but also their nextgens, and access to a suite of other capabilities and knowledge through our industry partners and portfolio mentors.
Holistic legacy preservation - we help families pass on their legacy in a comprehensive manner through three key pillars. These are personalized family offices to help them grow, manage, and pass on their wealth effectively.
A nextgen programme to help mould the inheritors to be the custodians for the family enterprise and wealth, and the Legacy Artefact programme to help them to share the family stories, challenges, and values that can be passed down the generations.
TA: Is there a generational leaning towards a younger demographic in your business? Are there more younger clients than older clients for the wealth business?
Chua: We are committed to building and bridging relationships between the two generations, the founder generations and their nextgens, hence we focus on the long-term relationship built on trust and in providing personalized services catered for every family’s unique requirement. We also initiate activities that enhance relationships, interactions, and experiences between the generations.
