In a recent ION Influencers Fireside Chat, Rebekah Woo, Managing Director of Private Markets and Funds at Farro Capital, provided an expert deep dive into the rapid evolution of the family office landscape in Asia Pacific. Here are the key takeaways from her discussion.

The family office ecosystem in Singapore has exploded, with official numbers hovering around 2,000. But how many are truly “institutionalized”? According to Rebekah, a 20-year veteran of the space, the journey is just beginning for many—and the path to professionalization is the most critical trend defining the industry’s future.

Key Topics Discussed:

1. The Meteoric Rise of Singapore’s Family Office Hub

Rebekah attributed Singapore’s success to a “confluence of factors”:

• A long-standing government strategy to become the “Switzerland of the East.”

• Political events like the 2017 Occupy Hong Kong movement.

• A global “flight to safety” during the COVID-19 pandemic.

• Proactive tax incentive programs rolled out by the Monetary Authority of Singapore (MAS).

2. East vs. West: What Family Offices Can Learn From Each Other

• What Asia Can Learn from the West: Rebekah emphasized the need for Asian families to adopt the sophisticated, long-term “endowment model” of portfolio construction—focusing on strategic asset allocation and building resilient, multi-generational wealth.

• What the West Can Learn from Asia: She highlighted the unique Asian strength of deep-rooted family values and collegiality, which powerfully drives the desire to preserve legacy and keep businesses within the family for generations.

3. The $200M Question: Institutionalization and Talent

A central theme was the challenge of building a professional family office. Rebekah identified a key threshold:

• The Magic Number: While the MAS tax incentive starts at a lower AUM, Rebekah noted that a truly scalable investment team typically becomes viable with assets between $100 million and $200 million.

• The Talent Dilemma: Attracting and retaining top-tier CIOs and investment professionals is a major hurdle. This is why many single-family offices are now partnering with multi-family offices (MFOs) like Farrow Capital to access institutional-grade expertise and platforms without the overhead.

4. Navigating Private Markets & Assessing Fund Managers

As head of private markets, Rebekah outlined Farrow’s “six building blocks” for a diversified portfolio: Hedge Funds, Private Credit, Private Equity, Venture Capital, Real Estate, and Infrastructure.
Her advice for families entering alternatives:

• It’s a Journey: Start with asset classes you understand (e.g., real estate if that’s your business background).

• Manager Selection is Key: The biggest red flag is a general partner (GP) without significant “skin in the game.” She prioritizes founder-led, GP-owned firms.

• Look Beyond Performance: Track record is crucial, but so are team depth, risk management frameworks, and a viable succession plan to ensure the strategy outlives its charismatic founder.

5. Geographic Opportunities: Where to Deploy Capital Now

• Most Bullish on India: Rebekah sees “tremendous tailwinds,” comparing India’s growth trajectory to where China was 10-15 years ago.

• Pockets of Value in China: Despite macro headwinds, she believes selective opportunities remain in China’s restructuring economy.

• The US vs. Europe Debate: While the US remains the deepest market, Rebekah suggested current currency volatility and potential US dollar corrections make a compelling case for diversification into European assets.

The Bottom Line:

The Asian family office space is maturing rapidly. The future lies in professionalization, strategic global diversification, and smart partnerships. As Rebecca concluded, there is ample room for both sophisticated single-family offices and multi-family platforms to thrive, working in tandem with private banks to serve the complex, multi-generational needs of Asia’s wealth creators.

Key timestamps:

00:07 Introduction to Family Offices in Asia Pacific
01:40 The Growth of Family Offices in Singapore
07:07 Comparative Insights: US vs. Singapore Family Offices
08:56 Institutionalization of Family Offices
11:26 Key Roles in Family Office Management
13:15 Opportunities for First-Time Managers
16:35 Evaluating Investment Performance
18:11 Growth Potential in Asia Pacific Markets
19:05 Investment Perspectives: US vs. Europe
20:47 The Role of Private Bankers in Family Offices
21:16 The Future of Family Offices: Multifamily vs. Single Family
21:58 Conclusion and Acknowledgments