On May 4 the Fusang Family Office (FO) was officially launched. The family-owned and privately-run company is offering outsourced investment solutions to affluent individuals and families in Asia. The company currently operates from Hong Kong and Singapore, offering services to local, regional and international clients.
According to the Asia Family Enterprise Study report, released by J.P. Morgan Private Bank in April 2015, about 88% of Asian families are somewhat or not prepared for the transitioning of family businesses and wealth. Some families are not in the least bit prepared for this crucial step. Only 12% of these families are fully prepared for the transition.
It is important to take care of the wealth being created today for future generations, said Fusang CEO Henry Chong. He added that even though investments and increasing wealth are important, wealth preservation has always been ignored in Asia and their aim is to change this.
Fusang offers a variety of services, which include establishing single-family offices so as to meet the unique needs of individual families, and provide the required structures, platforms, governance and solutions.
It has been registered as a fund management firm in Singapore. It was established based on ethical business tradition. The firm prides itself as being independent and transparent. The virtues are supported by the firm’s business model, which rigorously ensures non-existence of conflicts of interest.
David Chong, Fusang’s chairman, said that they have brought together a team of experts with personal experience in family wealth and succession planning. The team comprises of family office managers, principals and members who are all excited to offer Asian families with the new family office model.
China’s capital account has continued to remain opened following the financial deregulation efforts. This wealth diversification has created numerous lucrative opportunities for the wealth management industry in Hong Kong. Thus, Fusang is optimistic to be a beneficiary of these opportunities.
The number of wealthy Chinese has also continued to increase rapidly. Statistics from the latest Credit Suisse Global Wealth Report show that China ranked second, behind the U.S., in the highest rise in number of ultra-high net worth individuals (those with net worth exceeding $50 million).