1HCapital Singapore will provide investment opportunities for high-net-worth (HNW) individuals and family businesses. Credit: Mike Enerio on Unsplash.

Hong Kong-based fund manager One Heritage Group is expanding its presence to Singapore with the establishment of new subsidiary.

The move is part of the firm’s strategy to ramp up its wealth management footprint across South East Asia.

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The development follows the receipt of Capital Market License (CMS) from the Monetary Authority of Singapore (MAS) in June this year.

One Heritage Capital Management Singapore (1HCapital Singapore) will focus on offering investment opportunities for high-net-worth (HNW) individuals and family businesses.

The unit will be led by 1HCapital Singapore founder Joe Hui, and CEO Jacqueline Chua and CIO and head of wealth management Clarence Lee.

Commenting on the development, Hui said: “The Covid pandemic has accelerated the transformation of the global economy, as well as reinforcing several mega trends of the 21st century.

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“Traditional methods of asset allocation and investing are not sufficient in the new normal. As we work together with our clients to navigate this new landscape, we lean on being more conservative and patient in our time horizon. We believe that clients can benefit from One Heritage group’s strength in our core businesses.”

Chua added that HCapital Singapore will focus on developing a portfolio of managed assets and asset allocation offerings in the next three years.

These will include in-house alternative investment opportunities such as venture capital.

Lee said: “We aim to be the centre of excellence for relationship managers who share the same values and vision in being the trusted advisor for our valued clients.”

Recently, Australian crypto asset investment firm Apollo Capital partnered with fund manager Pilgrim Partners Asia to expand into Singapore.

Last month, Nordea Asset Management (NAM) set up a new an ESG hub in Singapore to tap the rising demand for sustainable investment in the Asia-Pacific region.