Credit Suisse has opened its first-ever family office hub in Singapore and appointed Bernard Fung head of family office services in Singapore.
The new hub has been set up to provide advice, infrastructure and access for ultra-high-net-worth (UHNW) clients to help them jump-start their family office plans. Credit Suisse also provides its clients with networking and education opportunities, as well as back- and middle-office support.
This is a timely initiative from Credit Suisse as a number of UHNW clients in the region are going through generational wealth transfer issues and are beginning to consider setting up a single family office, said Credit Suisse in a press release yesterday.
Fung will lead the family office services team with effect from January 3, 2011. He will report to Tee Fong Seng, Credit Suisse’s vice chairman for private banking and head of UHNW for Asia-Pacific.
Fung has 15 years of experience in principal investing. Before joining Credit Suisse, he was chief executive of Innotech Advisers, a London-based single family office and the investment vehicle of Lord Sainsbury, who is heir to the Sainsbury supermarket chain.
Before he joined the Sainsbury family office, Fung managed an independent venture capital fund based in New York. He began his career in investment banking in Singapore, before moving to DBS Capital Investments to manage the bank’s proprietary capital investments.
Tee said: “I am pleased that we are bringing on board professionals who have worked in senior management positions in significant single family offices globally. Credit Suisse intimately understands the needs of UHNW families and is equipped with best practices in setting up and running family offices.”