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Early Asian family offices sink deep roots in Singapore
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Singapore-based conglomerate Tolaram's joint venture with Kellogg culminated in the opening of a US$100 million (S$135 million) cereal plant in Lagos Free Zone in 2017.
PHOTO: TOLARAM
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SINGAPORE – Long before family offices became a buzzword here, some of Asia’s biggest conglomerates had already set up such entities in Singapore to provide fund management services, conduct succession planning and hold their business operations and assets.
One such outfit, Pacific Eagle Asset Management (Peam), was set up 20 years ago to offer fund management services in Asia to the family of Indonesian billionaire Sukanto Tanoto. Since then, it has sunk roots in the Singapore economy, and its philanthropic arm, Tanoto Foundation, has helped drive initiatives here since 2001.
