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Singapore WMI Chairman & GIC CEO Lim Chow Kiat Speech at WMI Global-Asia Family Office Summit 2024: Global-Asia Family Office (GFO) with 1,200 Members, Sharing & Insights Including from Eduardo Saverin, Oppenheimer Generations, Shaw, Forrest Li, Zhang Lei, Lee Han Shih & Fred Tsao, 3 Needs of Family Offices are Governance, Investing & Social Impact
20th September 2024 | Hong Kong
Singapore Wealth Management Institute (WMI) Chairman & GIC CEO Lim Chow Kiat Speech at WMI Global-Asia Family Office Summit 2024 – 1) Global-Asia Family Office (GFO) with 1,200 members, 2) Sharing & insights including from Eduardo Saverin, Oppenheimer Generations, Shaw, Forrest Li, Zhang Lei, Lee Han Shih & Fred Tsao, 3) The 3 needs of family offices are Governance, Investing & Social Impact. See below for full speech:
“ Singapore WMI Chairman & GIC CEO Lim Chow Kiat at WMI Global-Asia Family Office Summit 2024: Global-Asia Family Office (GFO) with 1,200 Members, Sharing & Insights Including from Eduardo Saverin, Oppenheimer Generations, Shaw, Forrest Li, Zhang Lei, Lee Han Shih & Fred Tsao, 3 Needs of Family Offices are Governance, Investing & Social Impact “
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Singapore WMI Chairman & GIC CEO Lim Chow Kiat at WMI Global-Asia Family Office Summit 2024
Welcome Address by WMI CEO at GFO Summit – SFO Forum 16 September 2024
Mr Lim Chow Kiat, CEO of GIC and Chairman of WMI
Distinguished speakers and delegates,
Ladies and gentlemen,
Welcome
- Good morning. A very warm welcome to the Global-Asia Family Office Summit 2024!
- In the next two days, we are privileged to bring together over 600 global thought leaders, families, and professionals from across the world, including the US, Europe, Middle East, China, India, ASEAN, Australia, and more. This will be our largest gathering among our Summits to date. This underscore continued interest in Singapore as a premier destination for family offices as well as relevance of the topics we will explore.
- Today’s forum is exclusively designed for single family office principals and their professionals. We have had a great start this morning, kicking off the Summit with the Owner’s Symposium on Climate and Global Dynamics with a distinguished panel.
How the GFO Circle Has Developed
- To serve the rapidly growing family office community, WMI established the Global-Asia Family Office (GFO) Circle three years ago, with support from the Singapore Economic Development Board (EDB) and Monetary Authority of Singapore (MAS).
- It has been an impactful three years filled with milestones. The community of the GFO Circle has now grown to 1,200 members.
- We have greatly benefited from the generous sharing of our members, such as the recent venture capital roundtable with Eduardo Saverin and his B Capital community, where we discussed the latest trends in AI investing.
- Throughout the year, we have had invaluable insights from many family offices, including Oppenheimer Generations and Shaw, as well as from passionate principals like Forrest Li, Zhang Lei, Lee Han Shih, Fred Tsao, and emerging next-generation leaders.
- Through our forums, we enable our members to meet other family offices as well as industry giants, global leaders, Nobel Prize winners, royalty, and deep domain experts.
- Beyond convening, we are helping new family offices integrate better into Singapore and orient themselves to get plugged into our dynamic ecosystem, through the Family Office Discovery Series.
Strong Traction to Deepen Capabilities
- Critically, we played a major role in deepening capabilities in the sector. It has been inspiring to see the deep dedication within the sector to learn, upskill and thrive.
- Two years ago, at our inaugural Summit, we announced a bold ambition to reach 5,000 enrolments in family office related programmes by 2025. I am delighted to share that we have achieved that ambition one year early.
Addressing the Needs of Family Offices: Governance, Investing, and Social Impact
- Going forward, let me share three key priorities that WMI will focus on in the coming years to support family offices in their journey to professionalize, scale, and make wider social impact with our comprehensive suite of programmes and initiatives.
- First, Governance. Professionalising family offices is increasingly crucial as we navigate a complex and rapidly evolving environment. This requires a shift from traditional, informal management of family wealth to adopting a more structured approach.
- Our programmes are designed to help families build this foundation, from defining clear roles and responsibilities within the family and office, enhancing family alignment in key decisions, integrating robust risk management strategies, leveraging technology for better insights to establishing clear succession plans.
- A critical aspect of this journey is preparing the next generation – not just to inherit wealth, but to take on leadership roles, uphold family values, and drive the family’s legacy forward.
- I vividly recall a family principal, whose legacy spans over 500 years, sharing insights at WMI’s forum on the secrets to successful transitions across generations. When asked about their secret, the principal emphasized one crucial factor: cultivating the right values and culture within the family.
- Longevity, they stressed, only comes when the next generation grows up ‘high on responsibility, low on entitlement.’ This enduring commitment to values is what truly stands the test of time.
- We all recognize that enabling successful transitions is one of the key challenges facing families. At WMI, our programmes are dedicated to equipping next-generation leaders with the capabilities and networks they need to continue the family legacy.
- Second, investing. Investing is at the core of what family offices do – it is not just about preserving wealth, but also about long term growth enabling longevity across generations.
- WMI’s Chairman and GIC CEO, Lim Chow Kiat shared earlier at the Owner’s Symposium about the significant uncertainty in the investment landscape. With the profound changes happening in the world, there is a wide range of possible outcomes. I agree with Chow Kiat that it is not all negative—one can win big or lose big. He highlighted that pitfalls and windfalls await in equal measure, and that today’s challenges can indeed turn into tomorrow’s great opportunities.
- It is our goal at WMI through our GFO Circle engagements to help family offices develop strong understanding of these trends so you can position your portfolio strategically.
- Furthermore, many family offices are still in the early stages of systematizing their investment approach, which makes capturing long-term value a significant challenge.
- Without a well-defined investment strategy that includes robust asset allocation, disciplined risk management, and alignment with family objectives, there is a heightened risk of inconsistent performance and missed opportunities.
- WMI has curated a wide range of investment programmes for family offices, helmed by some of the best investors in the world who create portfolios for long-term, multi-generational success, such as Ray Dalio, GIC and Temasek.
- We recently launched the Dalio Market Principles Online Program, in partnership with Ray Dalio, Founder and CIO Mentor of Bridgewater Associates.
- Ray has been a global macro investor for over 50 years and his investment innovations and thought leadership have made a lasting mark on the industry.
- This groundbreaking online education programme is designed to enable our students to deeply understand the underlying principles that drive markets, economies, and investment performance to develop their market instincts, and the skills needed to build all-weather portfolios that can navigate through market cycles.
- Leveraging generative AI, we even incorporate a digital version of Ray Dalio, known as Digital Ray, as a virtual tutor to guide our learners through the programme.
- We are delighted to have the real Ray Dalio speak at our Partners Forum in person tomorrow. Please stay tuned for the announcement of a new programme specially designed for family offices to build resilient, multi-generational portfolios. It also covers key areas such as building family office investment teams, selecting investment managers, and developing robust risk management capabilities. Watch this space!
- Third, Philanthropy and Social Impact. Many families view philanthropy as a unifying force—a glue that binds the family together across generations. Engaging the next generation through initiatives like venture philanthropy and integrating social impact into the family business can be a powerful way to bridge generational values.
- This approach not only aligns with the next generation’s passion for sustainability and innovation but also provides a meaningful platform for them to actively contribute to the family business.
- By tapping into the next generation’s drive for impact, families can inspire them to take on leadership roles and bring fresh perspectives and innovations that enhance the family business.
- To support this, WMI launched the Asia Centre for Changemakers (ACC), to be Asia’s leading learning lab for impact capital. Through ACC, we want to help wealth owners to see philanthropy as a strategic asset class and seek returns along many dimensions – creating impact for individuals, communities and societies.
Launch of the Changemaker Impact Endeavour Fellowship (CHIEF) Programme
- I am delighted to announce a new programme under ACC, the Changemaker Impact Endeavour Fellowship, or CHIEF Programme for short.
- This fellowship will be the first of its kind in Asia. Participants will reimagine the purpose of capital, explore the impact landscape, assess the viability and scalability of impact projects, and delve into topics such as the spectrum of capital and how various financial models may be suited to different contexts.
- The programme includes learning from the world’s leading institutions, such as the London School of Economics’ Marshall Institute, as well as from impact pioneers. The programme will also include learning journeys to the UK and Asia.
- Our vision for the CHIEF programme is to groom a new generation of changemakers who will develop transformative solutions for Asia’s most pressing challenges.
- I invite you to embark on this journey with us, to steer the movement of purposeful wealth in Asia.
Thank You
- Finally, before we proceed with today’s exciting programme, I would like to extend my sincere thanks to all our distinguished speakers.
- We are privileged to have Mr. Chee Hong Tat, Minister for Transport and Second Minister for Finance, delivering a keynote address after lunch.
- Thank you to MAS and EDB for your unwavering partnership.
- Thank you to GIC and Temasek for your steadfast support.
- Thank you to all participants, everyone here, for taking the time to join us, with many of you flying in specifically for this event. We are truly honoured by your presence.
- Expect a day filled with inspiring discussions and meaningful connections.
- With this, I wish everyone a fruitful day ahead.
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