The year 2016 was an eventful one for the Asian operations of Collas Crill. In August, the offshore law firm lost its Singapore office head Marcus Hinkley, who moved to Withers KhattarWong as a special counsel. Collas Crill then hired partner Stephen Adams from Bedell Cristin, as well as senior associate Kathryn Smith; Adams now leads the Singapore office. The new hires necessitated a bigger office space in Singapore, and so the firm moved from Samsung Hub to its new digs in Ocean Financial Centre.
Globally, Collas Crill announced its merger – completed earlier this month – with BVI outfit Farara Kerins, that saw it expand its presence beyond its existing offices in Singapore, Cayman Islands, London, Guernsey and Jersey offices. However, it is in Asia where the firm sees a lot of the buzz being generated – particularly in the private wealth space.
Global uncertainties and increased economic instability has seen Asia overtake other parts of the world as the predominant growth market for the private wealth landscape. This has resulted in “a focus on Singapore and Hong Kong as important private wealth destinations,” according to Adams.
New wealth is growing in Asia, with the rich choosing to consolidate their wealth and assets in the region. “Asia represents the ‘new frontier’ for private wealth,” says Adams, who points out that the region is the fastest growing for new global millionaires. “Consequently, this part of the world has become the most important region for those in the private wealth industry.”
With an increasing number of high, and ultra-high net worth individuals in Asia, particularly from China, India and Indonesia, this has also given rise to a natural need for wealth protection. “It is estimated that there will be a triple digit rise in the number of family wealth offices established in Singapore by 2020,” he adds. It is increasingly imperative for firms to adopt strategies to capitalise on this private wealth demand.”
SINGAPORE IS KEY
Since expanding into the Asian market in 2011 with the opening of its Singapore office, Collas Crill has looked to establish its brand within the investment funds and private wealth sectors in the region. But it is the Lion City that remains at the heart of its growth plans. “Singapore is a vibrant market for the flow of capital, and a vital hub for advanced alternative investment products,” says Leon Santos, group partner with Collas Crill. “It is also a traditionally renowned location for asset and wealth management, where capital created can be reinvested forming stable foundations for Asian arms of businesses. As a jurisdiction, it also offers excellent regulatory framework and a good rule of law.”
An important part of the firm’s Asia strategy is Adams, who has experience in trust and private client matters. Adams headed Bedell Cristin’s BVI practice in Asia, having helped set up its Singapore office in 2012. At Collas Crill, he is overseeing an office that is looking to continue building its network within the region, and enhance its private wealth client offerings with services like assisting clients in raising private equity and venture capital funds which are then invested in growth businesses in the region. With these, Collas Crill aims to ensure it offers a suite of private wealth innovations necessary to keep up with the challenging demands of private clients, and to accommodate, facilitate and navigate an evolving and flourishing private wealth climate in Asia.
