Wealth Management Institute (WMI) has set up a new family office network to support the growth of family offices in Singapore.

Dubbed Global-Asia Family Office Circle (GFO Circle), the network is aimed at fortifying Singapore’s position as a global family office hub in Asia.

It is supported by Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS).

As part of the new initiative, WMI will offer education programmes, research and thought leadership forums, covering subject areas including trusts, governance, and family office leadership.

The institute will partner with Dalio Philanthropies to launch global investment strategies and market principles in order to build investment capabilities in the sector.

This initiative will be backed by global investors including GIC and Temasek.

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Additionally, WMI will collaborate with the Gates Foundation on a new Philanthropy Masterclass, and with Adjunct Professor Bill Burnett from the Stanford Design Programme on a programme on Purposeful Wealth Design.

GFO Circle will also provide programmes on sustainable investing and impact investing.

WMI CEO Foo Har said: “The rapidly growing family office segment is creating excellent jobs and new career pathways for Singaporeans in new family office set-ups as well as in sectors such as wealth management, asset management, tax, accountancy, legal and trust services.  We saw strong demand for training from the finance and professional services sectors.”

In the last two years, the number of family offices in Singapore has doubled to approximately 400.

EDB family office development team executive vice president Jillian Lim noted: “Family offices play an important role in Singapore’s economic growth, by bringing patient capital, business expertise and networks which help spur entrepreneurship, innovation and philanthropy here.”

MAS head of the Financial Centre Development Department Thong Yeng added: “I am glad that the GFO Circle will be supporting family offices development as a force for good in Singapore, contributing to greater efforts in entrepreneurship, sustainable investments and philanthropy.

“These are areas that family offices have already been actively involved in which have seen even greater interest in recent times.”

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