Raffles Family Office and iFAST announce Joint Venture

Hong Kong based Independent Asset Management firm & Multi-Family office Raffles Family Office and Singapore-headquartered investment solutions provided iFAST have announced a joint venture WealthTech platform, aimed to serve wealthy individuals in China.

The joint venture (JV) will be carried out between Raffles Family Office (Raffles) and iFAST’s China operation, and will offer China’s UHNWIs an array of solutions, namely family-office related, according to an article by Citywire Asia.

Of the JV, Raffles’ Managing Director & Co-Founder, Ray Tam, commented that the incentive came from the acknowledgement of an increasing demand for bespoke solutions in the region, with Tam being quoted as saying that “the existing product selling-based style provided in China no longer matches the needs of UHNW families.”

Tam continued, saying that “Raffles Family Office will take advantage of our financial expertise and network to provide a one-stop bespoke family offices and related management solution for our clients and maximise their benefits.”

Raffles’ China operation is headquartered in Shanghai, with plans to expand with offices in Beijing, Chongqing and Zhejiang should suitable demand facilitate such an undertaking, with motivation stemming from the increasing number of billionaires in the region.

These China-located billionaires will be in need of legacy planning and family services as they age, with Raffles’ involvement being incentivised by the current economic climate supporting demand for independent asset management models.

The CEO of iFAST, Lim Chung Chun, said of the JV that “By combining Raffles Family Office’s experience and the ecosystem iFAST China has built over the years, we believe Raffles China will be able to benefit from the tremendous potential in China’s booming UHNW wealth management market.”