A new player in the world of advising people creating family offices in Asia has been launched, aiming to tap what it sees as large potential in this sector.

Fusang Family Office, based in Singapore and Hong Kong and including a former top-level Credit Suisse private banker on its board, has officially launched. Fusang aims to tap into the continued rapid growth in the region’s ultra-high net worth segment of the population.

The organisation will offer local, regional and global services. These services include creating single family offices and providing the solutions, structures, governance and platforms that are required.

The launch of Fusang comes at a time when, it says, a trillion dollars are expected to pass down through generations over the next few decades, however, 88 per cent of Asian families are said to be unprepared for this wealth transition (source: JP Morgan Private Bank, April 2015).

It has been noted by this news services and other organisations that family offices are relatively new to the Asian marketplace, but potential is considerable because of how so much wealth in the region is family-controlled. (To see an article on these issues, click here.)

“We believe the wealth that is earned today should also be taken care of for the generations to come. Investment and growing wealth is important, but wealth preservation is too often overlooked in Asia. We are here to change that,” Henry Chong, chief executive officer of Fusang, said.

The Fusang team consists of family office principals, members and managers. Lee Pang Tye and Samir Rajpal bring decades of experience from large Southeast Asian family conglomerates, and have advised how to construct portfolios, manage risk and structure investments. Pooja Gurbani oversees a portfolio of investments for her family and serves as an advisor to Mesitis Pte.  Tye, Rajpal and Gurbani are managing directors of Fusang.

The firm’s board of directors include: Marcel Kreis, CEO of Branded Trust Assurance Systems, and a former managing director and head of private banking at Credit Suisse; Tan Sri Tee Tua Ba, former Singapore Commissioner of Police, non-resident ambassador to Switzerland, and chairman of the Singapore Red Cross Society. Chairman David Chong is the founder and President of Portcullis Group and managing director of David Chong Law Corporation, Singapore and is credited with shaping family-office services for ultra-high net worth individuals and families in Asia.

Fusang is a Registered Fund Management Company in Singapore.