Credit Suisse Private Banking has opened a new Family Office Hub in Singapore as part expanding service offering for ultra high net worth (UHNW) clients.
Credit Suisse said that the new Family Office Hub is set up to provide advice, infrastructure and access for UHNW clients to help them jump start their Family Office plans in a secure and independent environment, while providing them networking and education opportunities, as well as back and middle office support.
Family Office Hub assists clients in family legacy and wealth transfer matters, as well as investment policy and governance by providing them access to bank’s expertise and resources across the entire bank to support them in the investment management of their family assets.
Credit Suisse has also appointed Bernard Fung as head of Family Office Services Singapore and lead the Family Office Services team with effect from January 3, 2011.
In his new role, Fung will be responsible for leading the formulation and execution of Family Office solutions for UHNW Private Banking clients across the region. He will report to Tee Fong Seng, Credit Suisse’s vice chairman Private Banking and head of UHNW Asia Pacific.
Fung has 15 years of experience in principal investing on behalf of organizations with a long term value added orientation. Before joining Credit Suisse, he was chief executive of Innotech Advisers, the London-based Single Family Office and investment vehicle of Lord Sainsbury of Turville.
Prior to joining the Sainsbury Family Office, he managed an independent venture capital fund based in New York.
Seng said that the opening of Credit Suisse’s Family Office Hub in Singapore represents the continued expansion of Family Office service offering in Asia. 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.