Credit Suisse Private Banking is opening a family office hub in Asia, appointing Bernard Fung as head of family office services in Singapore.

Credit Suisse Private Banking is opening a family office hub in Asia, appointing Bernard Fung as head of family office services in Singapore.

Located in Singapore, the service will provide advice, infrastructure and access for ultra high net worth clients to help them jump-start their family office plans in a secure and independent environment, while providing them with networking and education opportunities, as well as back and middle office support, Credit Suisse said in a statement.

The rollout of this service highlights how Asia is seen as vital growth area for such business by Western banks.

“This is a key part of the Bank’s strategy to drive the creation of a differentiated value proposition and experience for UHNW clients and their families, spanning investment solutions and family advisory,” Tee Fong Seng, Credit Suisse’s vice chairman for private banking and head of UHNW Asia Pacific.

Meanwhile, Fung will head the team with effect from 3 January. In his new role, Fung will report to Fung and will be responsible for leading the formulation and execution of family office solutions for UHNW private banking clients across the region.

Before joining Credit Suisse, Fung was chief executive of Innotech Advisers, the London-based single family office and investment vehicle of Lord Sainsbury of Turville, scion of the Sainsbury supermarket chain.

Prior to joining 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 Ltd to manage the Bank’s proprietary capital investments.