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      "text": "Family office sponsors; Single Family Offices (SFO); Multi Family Offices (MFO); Private banks; External assets managers; Law firms; Tax advisory firms; Government agencies; IT solutions service providers",
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      "text": "Our research aims to dive deeper into the Singapore family office ecosystem across four key areas: 1) Geographical ties of Single-Family Office (SFO) sponsors 2) Pain points of setting up an SFO in Singapore 3) Challenges in day-to-day operations 4) How ecosystem players can better serve family offices",
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      "text": "We conducted an in-depth market study which included a quantitative survey and qualitative expert interviews between January to September 2023. To incorporate holistic perspectives across the family office ecosystem, we engaged over 70 experts across a diverse range of organizations, such as:",
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      "text": "The influx of family offices reflects the perceived stability of Singapore as a wealth hub in the region and the growing interest of the wealthy to manage their assets better. Yet not all family offices are successful in achieving their investment goals and ambitions. New and existing family offices often face perennial challenges and issues across the entire family office lifecycle, from incorporation to day-to-day operations.",
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      "text": "Our gratitude goes to the industry experts for their invaluable contributions of deep knowledge and expertise to this publication, as well as for their long-standing partnership with Simon-Kucher. We believe their insights will spark meaningful conversations within family offices about planning for long-term success.",
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      "text": "Singapore has seen an influx of new family offices being set up in the country over the last few years. The number of family offices multiplied fivefold from 2017 to 2019, with around 700 single-family offices (SFOs) establishing a presence in Singapore by the end of 2021. This figure is expected to more than double to 1,500 by the end of 2023.",
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