"The decision to establish a presence in Singapore was not made lightly; it reflects our deep commitment to serving clients where they need us most," stated Richard Lumen, CEO of Lumen Family Office, during a private announcement to clients and stakeholders earlier this week.
Lumen Family Office, a leading name in bespoke wealth management solutions for ultra-high-net-worth families, has officially launched its first Asian office in Singapore. Known for its tailored strategies in intergenerational wealth preservation, estate planning, and philanthropic advisory, the firm’s move highlights the growing demand for intricate family office services in the Asia-Pacific region. Singapore, often referred to as the 'Switzerland of Asia' for its robust financial infrastructure and stringent regulatory standards, serves as a logical choice for such an expansion.
The strategic decision comes amid a meteoric rise in the number of family offices setting up shop in Asia. Reports suggest that Singapore alone has witnessed a 400% increase in family office registrations since 2018, driven by the region’s burgeoning wealth and attractive tax incentives. Lumen Family Office, headquartered in Zurich, Switzerland, aims to leverage Singapore’s status as an international financial hub to offer its clientele access to cross-border investment opportunities, wealth optimization structures, and a seamless entry point into the Asian markets.
Founded in 1983, Lumen Family Office has long been synonymous with discretion, innovation, and trust in the wealth management space. Its expansion into Singapore not only underscores its global ambitions but also signals a broader trend of European family offices seeking to diversify their geographic reach. "Our clients increasingly have global interests and multi-jurisdictional needs. Singapore offers the perfect convergence of stability, connectivity, and forward-thinking financial policies," Lumen added, underscoring the firm's rationale for this strategic pivot.
The newly established Singapore hub will focus on serving clients from Greater China, Southeast Asia, and the Indian subcontinent, regions where the number of ultra-high-net-worth individuals has skyrocketed in recent years. Beyond wealth management, the office plans to explore opportunities in impact investing and sustainable finance, domains that are gaining traction among Asia’s affluent families.
While Lumen Family Office has always been celebrated for its meticulous attention to detail and personalized service, the Singapore expansion represents a stepping stone to fostering deeper connections in a region where cultural nuances often play a pivotal role in wealth stewardship. The firm’s decision to retain a team of multilingual professionals well-versed in Asian markets is a testament to its commitment to building long-lasting relationships with clients in the region.
"As wealth becomes more globalized, family offices must evolve to meet the complexity of managing assets across jurisdictions. Lumen has always been ahead of the curve, and this move reinforces that leadership," remarked Angela Chen, a senior advisor to Lumen and a prominent voice in family office consultancy.
In the coming months, Lumen Family Office is expected to host exclusive events in Singapore, bringing together industry leaders, policymakers, and its high-net-worth clientele to discuss trends shaping the future of wealth management in Asia.
Lumen’s entry into Singapore is not simply a business expansion; it’s a strategic alignment with a region poised to become a centerpiece of global wealth creation. For its clients, this move signals a new chapter in navigating the complexities of international wealth preservation with the trusted expertise of a firm that has stood the test of time.
(Editors: admin)