#544
Dirty Rotten Scoundrels
Published:
Jun 15, 2024
Author:
Sarah Parsons Wolter
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The family office scene in Asia is booming, but it's not without its quirks. At a recent Singapore conference, Edoardo Collevecchio of Oppenheimer Generations Asia shared a bizarre encounter: a supposed executive at another “family office” turned out to be a complete fraud. This highlights a growing trend of imposters trying to hustle their way into the industry.
Asia's rapid growth in family offices, fueled by attractive tax breaks and easy visas, has unfortunately attracted scammers. Messaging groups meant for social events have morphed into detective networks, where members vet resumes and firms to weed out the fakes. It’s like a game of “CSI: Family Office Edition,” and it's clear that more scrutiny is needed in this largely unregulated space.
Despite these shenanigans, the future looks bright. According to UBS’s 2024 Global Family Office Report, the Asia-Pacific region is set to become a top investment destination, with over a third of family offices planning to increase allocations there. Additionally, 39% of family offices are now relying more on active management to diversify their portfolios—a 4% jump from last year.
So, while the fraudsters may think they're slick…They are probably no match for Ruprecht in Dirty Rotten Scoundrels.
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