UK-based fund manager LP Group is reportedly eyeing investments totaling $1bn (MYR3.29bn) in Malaysia in the next three to five years.
"With an office in Qatar, we see tremendous opportunity for our clients who are looking into Islamic financing in Malaysia," FACT Family Office, wholly-owned subsidiary of LP Group, founder and president Danilo Larini said StarBiz.
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Additionally, FACT Family Office has applied for a license for its investment banking services in Labuan, Sabah in order to merge its wealth management and family office activities, which was formerly under the group’s main brand LP Suisse Capital Asset Management AG.
FACT Family Office anticipates receiving the license by the year end and is also finalizing its board members with investment banks.
Larini added that the FACT Family Office has been created to establish holding companies for families and conducting succession planning, among its services.
Larini said: "It is hard to set a target in this business of managing family wealth as this is a long-term business but we hope to achieve that figure over the next few years. The investments could come from the rest of Asia as well.
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By GlobalData"We like to have direct control over our portfolios such as private equity and direct investments," he added.
The expansion of FACT Family Office into emerging markets in Asia follows increasingly recessive economic situation in Europe.
"Emerging markets have resulted in much wealth created in China, Hong Kong, India, Singapore, Indonesia, Thailand and especially Malaysia. We have some 23 to 30 families and high net-worth individuals in our portfolio," Larini said.
"Asian wealth management providers need more expertise such as in succession planning. The whole idea is to support families," he added.
