News Briefs: Singapore promotes family offices; Huge foundation increases PE & VC exposure

Singapore wants to improve skills for family offices

Two of Singapore’s major financial institutions have released a skills map to help family office advisors develop their skills and expertise. The move illustrates Singapore’s determination to win business in the family office sector, especially as Hong Kong suffers from confidence issues linked to its relationship with China.

Dubbed “the first of its kind in the world,” and co-launched by The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS), The Family Office Advisor Skills Map will help professionals build “specialist skillsets” to better serve family offices, a community that is already growing in Singapore.

Including recommendations from “financial service providers” and “legal and tax advisors,” the skills map outlines the competencies required of family office professionals such as proficiency in “wealth planning administration and corporate governance.”

In addition to skills building, the skills map is intended to be used as a guide for family offices when recruiting for advisors. SkillsFuture Singapore, an organisation “supporting talent development” in the region was also involved in the project.

Benny Chey assistant managing director at MAS thinks the skills map will help professionals: “continuously deepen and grow relevant skillsets to provide valued advice that meets their clients’ needs and aspirations.” It is also hoped that the skills map will encourage the movement of  “relationship managers at private banks” to roles in the family office sector.

While skillset innovation could help Singapore stay ahead in the family office world, Chey believes the “strong rule of law and sound financial regulation” the country already enjoys has helped the industry take hold.

Gordon and Betty Moore Foundation to increase VC & PE allocations during Covid-19

The $7 billion foundation started in California by Intel Corporation co-founder Gordon Moore is pursuing new investments during Covid-19, according to its chief investment officer, Denise Strack.

In a recent interview with news platform, Trusted Insight, Strack said she was confident the foundation will ride out the current uncertainties via an increase in venture capital and private equity allocations; “we were waiting for a time like this,” said Strack. “An increase in our private market exposure is something we are actively going to do over the next couple of years.”

“We are trying to deploy some capital in what we hope will be the winners for the next couple of years. Right now, we’re playing mostly offense in trying to take advantage.”