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February 4, 2021

Google co-founder launches family office branch in Singapore

By Amala Johney

Bayshore Global Management, the family office of Google co-founder Sergey Brin, is reportedly opening a branch in Singapore.

The California-based firm, which services Brin, established an office in Singapore last year, Bloomberg reported based on documents filed with the corporate regulator.

According to Bayshore’s Singapore filings, the central activity of the unit will be related to the family office.

The Singapore unit is held through a holding company called Parachute Capital (SGP) and has named deputy CIO Marie Young as its director.

Representatives for Alphabet and Bayshore didn’t immediately reply to requests for comment. Young didn’t reply to an email seeking comment.

Brin has a net worth of $86.5bn and is said to be the ninth richest person in the world. He co-founded search engine Google together with Larry Page in 1998.

Singapore’s rising prominence amongst uber wealthy

The low taxes, high security, and liberal incentives for family offices by the government has made Singapore into a Southeast Asian financial hub for the uber wealthy and the billionaire business leaders.

The region is said to house nearly 200 family offices managing assets worth around $20bn as of last October.

In November last year, it was reported that hedge fund firm Bridgewater Associates founder Ray Dalio is planning to launch a family office in Singapore to manage his investments and philanthropy across the region.

Shu Ping, one of the billionaires behind Chinese hotpot restaurant chain Haidilao International, and vacuum cleaner maker James Dyson are among others who hold family offices in the region.

In addition to UHNW individuals, Singapore also houses a number of wealth management and investment firms.

Recently, investment manager Barings opened a new office in Singapore to expand its presence in the Asia Pacific region.

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