Oppenheimer Generations, the family office of former De Beers chairman Nicky Oppenheimer, is setting up a unit in Singapore to tap the increasing affluence in the Asian region.

The move is expected to help the Africa-based firm in widening its exposure to Asia and drive investment between both regions.

Oppenheimer Generations ex-chief of staff Collevecchio will lead the Singapore operations, Bloomberg reported.

Collevecchio will be joined by Yi Ling Ong, who was previously the investment head for Temasek’s Asian unit.

“Over the next 20 or 30 years, the synergies between Africa and Asia are going to be substantial. We want to be here at the start of that journey. We want to be here at the start of that journey,” Collevecchio has been quoted by the news agency as saying in an interview.

Oppenheimer Generations is said to represent a branch of the dynasty that set up mining giant Anglo American in 1917.

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Anglo American later become the major shareholder in diamond firm De Beers, after acquiring a 40% stake from Oppenheimers.

Latest developments in family office space

Last month, Guilherme Decca and Andre Ikeda, two former trading executives at Nomura’s securities unit, set up a multifamily office in the US to serve affluent Brazilians.

In August, Raffles Family Office set up a new headquarters in Hong Kong as part of its strategy to ramp up its presence across Asia.

The firm was also looking to concurrently expand its Singapore presence in line with its business growth trajectory and the launch of its Raffles Ecosystem offering.

This July, McFaddens & Co signed a joint venture agreement with China International Industry & Commerce Co. to launch a multi-family office network in both mainland China and Hong Kong.