Singapore Family Offices Shift Towards Independent Advisers and Direct Investments

SINGAPORE – Family offices in Singapore are increasingly taking charge of their investment strategies, moving away from traditional reliance on relationship managers and private banks. This trend was prominently featured at the Private Family Society’s inaugural AI & Family Office Summit held on October 5, an exclusive community for family office principals, executives, and chief investment officers across the Asia-Pacific region.

Co-founded by Anupum Khaitan, managing principal at advisory firm Sophatych, and Sean Tan, director at Bespoke 81, the society aims to address the evolving needs of family offices. Khaitan said that many family offices feel kept captive by relationship managers who often prioritize monetizing transactions over providing tailored investment intelligence. He added that information often arrives as a pitch, not necessarily as intelligence about the best actions for families.

“Some of the pain points that we’ve seen in the family office industry, particularly in Singapore, is that oftentimes, family offices are kept captive by relationship managers and private banks.”Anupum Khaitan, co-founder of the Private Family Society

As at end-2025, Singapore had more than 2,000 single-family offices that receive tax incentives, as reported by the Monetary Authority of Singapore (MAS). This growing number reflects a broader trend towards institutionalization within the family office sector. Khaitan said that while many allocators are pursuing direct investments, they still require professional oversight to manage their growing legacies effectively.

Andrew Khoo, executive chairman and CEO of Bursa Malaysia-listed MUI Group, also managing his family office, said there is a need for a balanced approach between direct sourcing and third-party advisory services. He noted that while direct deal flow will continue based on connections and networks, third-party advisers will remain critical and be the source of most investment opportunities.

“While there is always going to be direct deal flow based on connections and network opportunities, third-party advisers will continue to play a critical role.”Andrew Khoo, CEO of MUI Group

The shift towards a more institutionalized model varies significantly among family offices, according to Yee Tuck Meng, partner at Singapore-based JRT Partners. He explained that larger family offices often operate with internal teams and discretionary mandates, akin to fund managers, while smaller ones typically function through advisory models reliant on private banks for execution.

“Even if I think that there’s better value in Asia (or) better value in Europe, the reality is... that the weight of money... is still very much in US dollars.”Yee Tuck Meng, partner at JRT Partners

At the AI & Family Office Summit, participants discussed the increasing allocation of capital towards artificial intelligence (AI). Yee said that most AI investment opportunities for Asian family offices are still predominantly found in the United States, which creates an asset-liability mismatch since many beneficiaries reside in countries like Malaysia, Singapore, and Australia. He noted that even if there is perceived better value in Asia or Europe, the weight of money remains heavily in US dollars. This has led to over-investment in US tech assets, which could pose risks during market corrections.

According to Citi Wealth’s 2026 Global Family Office Report, Asia-Pacific’s family offices are the world’s most bullish on AI, with 80% identifying it as a primary sector of interest for direct investments – the highest of any region. Khoo said AI-related investments across his company and family office have grown steadily over the past five years to around 10 to 20% of total allocation, with potential to increase to 30% in the future.