Tembusu launches Singapore multi-family office

The new entity, known as Tembusu Wealth Management, is led by Jonathan Ng, who previously headed up the Southeast Asia wealth management unit at Pictet, a Switzerland-headquartered private bank and financial services provider.

Tembusu was established in 2006 by four business-owning families with Andy Lim in the leadership role. It backs early and growth-stage companies, providing mezzanine and equity financing as well as operational expertise. China, India, and Southeast Asia are the primary target markets.

Strategies have sometimes been opportunistic. Previous funds have sourced capital from individuals pursuing residence by investment in Singapore. In 2019, Tembusu launched a renminbi-denominated fund targeting the liquor industry in Guizhou province, which is renowned for producing baijiu, a Chinese spirit.

Lim said that Tembusu Wealth Management has been several years in the making, but the launch is timely. According to the Monetary Authority of Singapore, assets held by family offices, clients of external asset managers, private trusts and high network individuals rose by SGD 470bn (USD 356bn) between 2017 and 2021. The country had 700 family offices as of end-2021, nearly twice the 2020 total.

“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,” Ng said in a statement.

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• Topics
• Southeast Asia
• LPs
• People
• Singapore
• Appointments
• Tembusu Partners
• Family office