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David Ramli: You have everyone from James Dyson, the vacuum billionaire and tycoon, to even Ray Dalio, the hedge fund billionaire, whose ship was docked here in Singapore not too long ago. Ramli: In other words, the person had exaggerated, and managed to get so far with that exaggeration that they were about to go on stage at a conference in Singapore and speak on behalf of the family office.
Ha: Welcome to the Big Take Asia from Bloomberg News. I’m Oanh Ha. Every week, we take you inside some of the world's biggest and most powerful economies, and the markets, tycoons and businesses that drive this ever-shifting region. Today on the show: a new breed of imposters in Asia’s family office business and how people in the wealth industry are getting creative to weed out the fakes.
Ramli: What you're seeing is it being used as almost as a buzzword for governments from Hong Kong to Singapore, and even in the Middle East, in the UAE to draw super wealthy families and their businesses. Because, as hedge funds and other investors start looking for family office money, governments also want family offices to come so that other investors in other parts of the finance sector also want to base there and turn that place into a hub.
Ramli: If you go to any of the conferences nowadays that are held in Singapore, Hong Kong and other places, there's always this differentiation in class, right? So if you say you're from a family office or you say you're from an institutional investor, you get in, no cost. You're eating the food for free. You're drinking the free wine and the sponsored dinners. And, importantly, you get there and you even get access to investor-only sessions, panels or events.
Ramli: Because there is no definition for family office, technically speaking, are these people even lying? If they're exaggerating, that's a sort of different issue, right? But it makes the job of trying to ferret out exaggerators and fakers quite difficult, when combined with the fact that even the real players in family office are often so vague and vacuous in their LinkedIn profiles and their public personas.
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