Liu Sha
Apr 8, 2025
The misappropriation of assets at Chinese ultra-wealthy family offices has attracted attention. Local industry professionals noted that although this incident does not indicate systemic issues, it could still impact the reputation of Singapore’s family office sector. It also serves as a reminder for high-net-worth individuals and family office operators to strengthen internal training and management.
Ken Chew, CEO of IWC Management, is quoted as saying the following in Lianhe Zaobao, the leading Chinese newspaper in Singapore: “This incident has drawn attention to the fact that, in recent years, a large number of family offices have flocked to Singapore, attracting many individuals into the industry, including some who may not be sufficiently qualified or truly suitable.”
He added that it might be time to put professional training for family office practitioners and their inclusion in an appropriate regulatory framework onto the agenda.
However, he also emphasized that Singapore has robust procedures and control measures under its regulatory system. "Singapore has long been known for its tough stance against financial crime. Thinking one can escape punishment is extremely naive.“
He reminded high-net-worth individuals that they should engage experienced and qualified professionals with a proven track record and client endorsements, or directly entrust their wealth to licensed and regulated fund management companies.
https://www.zaobao.com.sg/finance/singapore/story20250408-6073261