HKUST Business School Magazine

Foo Mee Har, Chief Executive Officer of the Wealth Management Institute (WMI) in Singapore, plays an influential part in driving and guiding the rapid expansion of the city- state’s family office sector. The institute, which was founded by GIC and Temasek, is viewed by many as Asia’s center of excellence for education and research in the economically vital areas of wealth and asset management. Under Foo’s leadership, it has grown to become a key provider of specialized training for private banks, wealth managers, asset managers, lawyers, trust professionals, regulators, family offices and members of high-net-worth families who need practice-based, industry- focused education. In the space of family office, this covers topics such as family office governance, leadership, investments and social impact. “There has been much interest in the arrival of family offices in Singapore recently,” Foo noted in a speech to the nation’s Parliament, where she has served as an elected member since 2011. “They come from a diverse range of countries and represent some of the most successful entrepreneurs and business owners around the globe.” Family businesses are choosing Singapore to establish their offices for a variety of reasons. Some are attracted by the safety and stability. Others come in search of new investment opportunities in Southeast Asia, good growth prospects, an uncomplicated regulatory framework, and steady returns. “They have made money and need to manage it professionally,” Foo says. “But if you look at the literature, there is also a lot of talk about the great wealth transfer between generations. Trillions of dollars are involved across the world, and the family office is a very helpful vehicle to plan and organize that, segregate things away from the operating business, and invest for longevity.” Wealth Management Institute Founded by GIC and Temasek Appointed as Singapore’s Lead Training Provider for Private Banking by the Institute of Banking and Finance Singapore and supported by the Monetary Authority of Singapore Provides practice-based certification and diploma programs and collaborates with leading universities for master’s qualifications Building Capabilities Biz@HKUST 33