The Singapore operation of Hong Kong-based Raffles Family Office (RFO) has launched a joint venture with wealth management fintech platform iFast China Holdings to service the ultra-high net worth market in China.
RFO Holdings will own a 70% stake, while iFast China Holdings will have a 30% stake in the joint venture.
The business, named Raffles Family Office China (Raffles China), will focus on the family offices and related entities for ultra-high net worth clients, meaning those with at least $30m (£23.4m, €27m).
Raffles China will be headquartered in Shanghai and it is planning to expand into Beijing, Chongqing and Zhejiang, depending upon business growth.
Opportunity
“Raffles Family Office has a professional and international team and iFast Corp has a tremendous client base and influence in Asia,” said Chi Man Kwan, chief executive and founder of Raffles Family Office.
“The two of us together will create a synergy which unlocks a lot of new business opportunities in China, creating a win-win situation for both of us.”
Chung Chun Lim, chairman and chief executive of iFast Corp, said: “By combining Raffles Family Office’s experience in family office management and the ecosystem iFast China has built over the years, we believe Raffles China will be able to benefit from the immense potential in China’s booming ultra-high net worth wealth management market.”
According to the Billionaires Insights 2018 report by UBS and PricewaterhouseCoopers, China is the fastest growing billionaire market in the world, with two new billionaires popping every week.
