With an increase in wealth in Greater China, there is a significant rise in the number of clients wanting family office services. Credit Suisse aims to tap this emerging market.
In a move aimed at increasing its services among wealthy clients, Credit Suisse Group AG stated, it has created a unit which focuses on family office services in Greater China among a surge in demand from rich Asians wanting to set up private investment vehicles and plans for business successions.
On Friday, in a statement Credit Suisse said, it has appointed Tan Mae Shen, senior specialist for family office services in Asia Pacific, to provide coverage for clients in Greater China, which incidentally also includes Hong Kong.
Tan, who will be based in Hong Kong as head of the wealth planning services unit, joined Credit Suisse in 2017 and previously worked with business families across Southeast Asia, Hong Kong, China and the Middle East.
Family offices, which are sprouting up in regional financial hubs of Singapore and Hong Kong, offer a one-stop solution to managing the wealth of the rich, including investments, charitable giving, taxation and wealth transfer.
At the end of 2017 the Asia Pacific region had 814 billionaires; this accounts for 38% of the global billionaire population, according to a report by UBS and PwC.