Bank of Singapore has launched a new solution aimed at ultra-high-net-worth individuals (UHNWIs), offering key benefits of single-family offices (SFOs) without the operational and administrative burden.
The Family Office Catalyst enables clients with at least USD20 million in investable assets to access discretionary or advisory portfolio management, alongside eligibility for Singapore’s Sections 13O and 13U tax incentives — typically reserved for fully established SFOs.
Lim Leong Guan, global head of financial intermediaries, family office and wealth advisory at Bank of Singapore, said many wealthy families are seeking professional wealth structuring but are deterred by SFOs’ high operating costs and the difficulty of attracting skilled investment talent amid strong competition.
The Catalyst offering provides a scalable alternative. Clients can begin with this managed structure and transition to a full SFO later if required, combining cost efficiency with professional investment oversight.
Singapore has become a leading hub for family offices, with roughly 2,000 single-family offices operating in the city-state by the end of 2024, a 21 % increase from the previous year. Recent regulatory changes have shortened the approval period for family office tax incentives from up to a year to around three months, further enhancing the country’s appeal to UHNWIs.
Analysts say rising operational costs and the need for technology-enabled platforms are among the region’s most pressing challenges for family offices, making alternatives like Bank of Singapore’s Catalyst particularly relevant.
The bank said the solution offers cost-efficient access to professional wealth management, preserves eligibility for tax exemptions, and allows families to scale their investment structures as their needs evolve.
