Lombard Odier & Key Trends in Family Offices across the Asia Pacific with Lee Wong
Fresh out of the studio, Lee Wong, head of family services from Lombard Odier and Co, joined us to discuss the firm's footprint in the Asia Pacific and the key trends in family offices across the Asia Pacific. We began with Lee Wong's background and how she entered into the private banking sector as a lawyer, specializing in the family offices industry. From there, she provided a comprehensive background on how family offices are built in the Asia Pacific, their purpose and structure with the right governance and framework to ensure their longevity. Last, but not least, Lee Wong shared the key trends in how the family offices market is growing in the Asia Pacific and what it means for the future due to the current geopolitical volatility
"You talked about the market opportunity. When you look at the landscape of the billionaire population today, statistics show that you expect that population to grow by about 34% in the years to come. And from that population, at least a third is going to come from Asia Pacific, and in the next five years time, we expect Asia Pacific to be growing by about 40%. So the market is large in relation to the space of wealth to be managed. And we look at the growth of family office space in Singapore has been exponential. So between 2017 to 2019., according to the statistics, the family office space grew by five times. In 2020 at that time they were looking at around 400 family offices. By the end of 2022, it has grown to more than 800. So if you look at today, I think it is actually a very conservative estimate to say that the number of family offices in Singapore has crossed a thousand. you can easily expect it to be much more than that. So I think it's a very exciting area to be in." - Lee Wong from Lombard Odier
Introduction
- Lee Wong (LinkedIn), Head of Family Services, Asia, Lombard Odier Group (@lombardodier)
- How did you start your career?
- What interesting lessons can you share with my audience about your career journey?
Lombard Odier & The Family Offices Landscape in the Asia Pacific
- Lombard Odier & Co and The Family Offices Landscape in Asia (Main Site, Wikipedia)
- Can you introduce Lombard Odier and Co, an independent Swiss banking group based in Geneva I understand that it was founded in 1796 as the oldest private banking group and the role that the company play in assisting high-net-worth individuals and families in establishing and managing their family offices.
- As we are covering a space that very few people will know about unless you are in private banking, can you explain the concept of family offices and their need to address wealth management and inheritance to my audience and talk about the total market opportunity for the family offices landscape for asset management and private banking in Asia?
- How does one start a family office in Asia given that there are different financial hubs: Hong Kong and Singapore? What is the thinking process or mental model before they engage you as a firm to help them jumpstart the process?
- What are the minimum requirements for high-net-worth individuals and families before they can set up a family office with a private bank like Lombard Odier?
- As high-net-worth individuals and their families consider setting up a family office in Asia, for example, Singapore, what key factors should they take into consideration and the steps they need to take?
- From your perspective and experience, what are the important elements for establishing a successful family office regarding structure and governance?
- Can you elaborate on the significance of having a robust formal governance framework when it comes to guiding fair and trusted decision-making within a family office?
- What are the potential challenges associated with implementing such a framework?
- What is the one thing you know about the family office business in Asia that very few people do?
- What are the current trends that are shaping the family office landscape in Asia?
- How are factors like wealth transfer across generations, the generational divide, and the rise of NextGen investors influencing the industry?
- How do you see the role of technology evolving in the operations of family offices?
- Are there any specific technological advancements or tools that will have a significant impact on how family offices operate in the future?
- How do you envision the future of family offices in Asia that have been established with Lombard Odier? What are the key elements or characteristics that will define a thriving family office in the region over the next few decades?
Closing
- Any recommendations which have inspired your life?
- Lee Wong's recommendation: She is inspired by her son and her dog for their efforts to do things beyond what they should be able to do.
- How can my audience find you?