Singapore-based Farringdon Asset Management has launched a financial advisory arm targeting high-net-worth individuals in Asia Pacific.The new subsidiary – Farringdon Wealth – will provide succession and estate planning services to wealthy individuals. It will also partner private banks to offer advice on trusts and insurance-wrapped products, such as variable universal life policies.In addition, Farringdon Wealth is preparing to launch a financial technology-based advisory platform for wealth planning solutions.
The subsidiary will be led by two partners who joined from financial planning firm Globaleye in Singapore. Byron Murphy will lead the business as CEO, while Shreemati Vadarajan has been appointed COO. Speaking on the sidelines of the launch, Farringdon CEO Martin Young said: ‘The idea is that we will bring assets under management to private banks as part of our external asset management business. But what we are looking for in return is that they can onboard our financial advisory subsidiary on their panel.’Farringdon Wealth will then broker insurance contracts and provide tax planning advice to the private bank’s clients, Young told Citywire Asia.
The company will apply for a financial adviser’s licence in Singapore in the next few weeks.Farringdon, an independent asset manager, oversees over $1 billion for high-net-worth individuals and financial institutions in Singapore. Clients include expatriates from Japan, Latin America, the UK and the Caribbean region. Youg said that a number of high-profile Japanese technology investors are re-domiciling to Singapore to tap into opportunities in Southeast Asia and India.