WMI Impact: The Family Office Journal - Issue 05
Welcome to ‘WMI Impact: The Family Office Journal’, Issue 5.
In professionalising family offices, governance is a crucial aspect, and we have seen this topic quickly gain currency as the number of family offices grows in Singapore. Not only does it help the family achieve its aims, but it is also key to maintaining harmony among family members.
However, while the industry has seen much discourse on the importance of governance, the discussion often remains general, leaving many family office professionals unsure of what actions they need to take. In this edition of WMI Impact, we aim to provide clarity and enable concrete steps among family offices.
Part One provides an analysis by PwC Singapore of the key questions that a family should consider as they embark on their family office journey. Only after a family has determined their ideal family office setup, can they decide on the proper structural, operational, and ultimately governance arrangements.
In Part Two, we deep dive into the family charter, which is a common and effective tool for family governance. Dentons Rodyk & Davidson LLP shares a practical how-to guide on developing this bespoke document, outlining key items that families should consider to ensure continuity, foster unity and mitigate conflict, thus safeguarding wealth across generations. Extending the discussion, WongPartnership LLP highlights a thought-provoking debate on whether the family charter should be legally binding, and the implications.
As the family office phenomenon takes off in Asia, we also seek learnings from counterparts across the world. In Part Three, J.P. Morgan Private Bank shares experiences with family governance in Europe, the Middle East and Africa (EMEA), as well as Latin America.
