American family office software provider Eton Solutions has chosen Singapore to establish its global headquarters.

The company said that the new headquarters will help it consolidate its access and focus on global markets without depending on resources in North America.

However, Eton Solutions will continue to use the Americas as its main area of interest.

With the new location, Eton Solutions aims to tap Singapore’s rising family offices in the wake of the country’s growing portrayal as an international financial hub.

According to Monetary Authority of Singapore (MAS), the number of the country’s family offices grew from 400 in 2020 to 700 at the end of 2021.

Eton Solutions executive chairman Satyen Patel said: “Singapore has become a major destination for family offices globally.

“Its geo-proximity to over half of the world’s ultra-high-net-worth individuals, and connectivity and working relationships with the major economic powerhouses of China, Taiwan, Hong Kong, Japan, South Korea, Indonesia, Philippines, Thailand, Australia, New Zealand and the Indian sub-continent makes it a prime location for us to serve international markets.”

Eton Solutions, which previously developed a cloud-based enterprise resource platform (ERP) for the family offices, called AtlasFive, has now launched its new wealth management technology tool, Administrative Family Office (AFO).

In July last year, the company announced that it had received an investment of $38m in a Series C round led by Navis Capital Partners.