“Many families decide against it once they understand the regulatory burden and alternatives available,” said Guo Jiawen, who leads the family office and structuring solutions team at the Bank of Singapore (BOS). She was describing how the bank now handles the question of whether a wealthy family should set up its own office at all.
Tighter rules from the Monetary Authority of Singapore (MAS) are the reason. Setting up a family office has become more complex, and BOS has stopped starting with the regulatory checklist. Its bankers first try to understand a family’s broader goals, then advise on whether a dedicated structure fits. Trusts for estate planning, Guo said, can be more cost-efficient. “We’ve changed how we have these conversations,” she said.
From 400 to over 2,000
The sector has grown fast. Family offices in Singapore went from 400 in 2020 to over 2,000 in 2023. That growth drew scrutiny after a $2.3 billion money laundering case that involved several family offices.
MAS responded by raising the bar. Family offices now need local bank accounts, third-party vetting and stricter reporting. They are also expected to hire more professional staff, including investment specialists who are not family members.
Fewer inquiries, better ones
Lynn Ong, a former Citi Private Bank executive who joined BOS in 2023 to build out its single-family office strategy, said the new requirements are filtering out casual interest. “We’re seeing more serious, higher-quality enquiries,” she said. Demand is growing beyond Singapore, across Asia and parts of Europe, and especially in fast-growing wealth markets such as Vietnam.
Ong’s hiring fits a wider restructuring at the bank last year. Guo’s team is part of it, and it pulls BOS’s services in investment, governance, succession and philanthropy under one roof. The bank’s CEO, Jason Moo, has made the sector a priority.
Existing clients matter as much as new ones. Many family office clients are growing their assets under management (AUM) through dividends or major liquidity events. “We’re working closely with relationship managers to help families grow their AUM and navigate generational wealth transfer,” Guo said. In practice that means formalizing governance, setting investment goals and shaping board structures meant to last across generations.
