Singapore-based private equity firm Tembusu Partners has launched a multifamily office (MFO) in partnership with Reuss Private AG, a Zurich-based wealth management company under Reuss Private Group AG.
Dubbed as Tembusu Wealth Management, the firm said in a statement on Wednesday that the MFO has been in the works for several years. The family office unit will be led by managing partner Jonathan Ng, an industry veteran who previously served as Southeast Asia’s market leader at Pictet Private Wealth.
“The financial landscape is constantly evolving, this new partnership platform unites the best ideas and expertise to create a tailored solution for each unique client, ensuring financial harmony and a legacy that lasts,” said Ng.
The private equity firm added in its announcement that the establishment of Tembusu Wealth coincides with an “influx of private funds” in the city-state. The assets under management (AUM) held by family offices, clients of external asset managers, private trusts, and high networth individuals (HNIs) have risen by S$470 billion from 2017 to 2021, Tembusu Partners said.
Tembusu Partners, which has a mandate to invest in high-growth ventures across Asia’s emerging markets, launched a sustainability-focused fund in partnership with Eco-Business with a $100-million target in 2021. The vehicle, at the time, said that it will focus on energy transition, climate action, sustainable cities and circular economy, sustainable food and agriculture, and inclusion.
Bloomberg reported on Wednesday that The Monetary Authority of Singapore will adjust tax incentives to family offices that meet its criteria to drive investment in climate-related projects and philanthropy.