Every large private bank in Asia has a dedicated family office business and the best of these were in competition for the Asian Private Banker – Best Private Bank – Family Office Services Award. Credit Suisse is the deserved winner of this year’s award as it was able to differentiate its service offering to family offices through the establishment of one particular initiative.
Credit Suisse has a unique “Family Office Hub” in Singapore that acts as an incubator for fledgling family offices helping them jump start their family office plans, providing both networking and educational opportunities, as well as back and middle office support. In recognising the needs of fledgling family offices, from governance to succession planning, from family business requirements to specific financing issues, Credit Suisse is a first mover among private banks to package these services effectively under one roof.
Although office space in the hub is not rent-free, it is a testament to the idea’s intuitive appeal that there is a list of clients waiting to be part of it. “The hub provides a physical private office space to host selected single family offices, creating a community where they can network and share ideas and best practices,” says Bernard Fung, head of Family Office Services
Singapore, Credit Suisse Private Banking Asia Pacific. “Back and middle office support is also provided at the hub such as operations to support the running of the family offices.”