Raffles family office Is a Multi-Family Office Headquartered In Hong Kong, And With Presence In Singapore, Taipei, this new kid on the block and team’s youthful management aims to be a leader in the Asia’s wealth management community.. Singaporean Jaydee Lin is now based in Hong Kong and is driving the firm’s corporate development efforts. He met with Hubbis to tell his and the Raffles Family Office tales.
“The cornerstone of our principles is to treat your wealth as if our own,” Lin reports. “Our group mission is to provide bespoke tailor-made asset management services and legacy planning to individuals and families across generations. We operate with an independence of thought and action, with a clear focus on sourcing the most suitable products on the market for our clients. As we are not tied or obligated to any single institution or partner, we can be entirely objective in our approach.”
Lin reports that the firm advocates an ethos of the personal attention of a small firm while offering the know-how and services of a large firm.
From small beginnings…
Lin explains that the business began as a multi-family office, staffed with professionals who were formerly private bankers.
As to custodian arrangements, the firm works with private banks in four jurisdictions, Hong Kong, Singapore, Switzerland and Liechtenstein. Aside from discretionary portfolio management, the company offers insurance brokerage through Raffles Capital, providing the products of a number of insurance companies as well as offering relationships with leading international brokerages to access insurers further afield where the brokers have exclusivity for certain products.
Raffles also has a properties license in Hong Kong, allowing the firm to buy, sell, and rent properties. Additionally, the company offers corporate services, including incorporation and other services.
Asset management at the core
“But the core of our operations is still asset management,” Lin reports. “All other services have come about because of the demand from our clients, so we prefer to offer those products or services rather than outsourcing. However, there are certain other services, such as family trusts, residency planning, overseas education, high-end medical, technology, legal advisory and other areas that we do not have in-house and for which we work with partner firms.”
Lin focused on the unique characteristics that encourage clients to work with Raffles rather than the private banks, for example.
“We are not representing just one bank,” he notes, “we work with 14 banks from four jurisdictions, so frankly we offer more choice and objectivity. We also have more bargaining power to get the client better deals and better prices.”
Lin addressed the concern of fees emanating from multiple sources. “We believe we are fully transparent with our clients,” he claims, “whether it is a management fee or performance fee, or some element of both. We make this all known to them at the start of the relationship.“
“Moreover, our internal and external reporting systems are fully transparent and highly efficient, while the discretionary management service Raffles offers is based on precise risk profiling assessments with the clients.”
Time will tell whether Raffles Family Office will build the business it hopes to see in Singapore and elsewhere, as well as continuing its apparent growth path in Hong Kong. For time being, the dynamism that helps Lin run his marathons will presumably also help the firm take further root in Asia.