Lam Leong Yip, chief risk officer Asia Pacific, Bank Julius Baer shares his views with Asian Private Banker in ‘The Final Word’, a year in review by the region’s private banking leaders as they share their thoughts and opinions on key issues around industry trends, business performance, investments, regulations, and technology.
Regulations | Both Singapore and Hong Kong are placing a strong emphasis on cultivating a competitive and supportive environment for family offices. What further initiatives should each/either regulator undertake to nurture the development of a family office-supportive ecosystem?
The relevant authorities have provided a robust platform in both Singapore and Hong Kong to promote the establishment of family offices. The growth of the capital markets and the newly created wealth for many families in the region, do necessitate facilitating the development of family offices.
The robust legal and regulatory framework and stable financial infrastructure, will enable the industry to build trust and confidence to the wealthy families and family office advisers in the region. The key is to protect the long term interests of clients, and having a sustainable family office industry.
The governments should continue to build the confidence in the industry by promoting the highest qualified and talented participants in the industry, while issuing guidelines for the long term needs of family offices by having appropriate guidance regarding disclosures on potential conflicts, transparent fees structures and ethical conduct, with the primary focus on clients’ interests.
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