Multi-family offices in Singapore
A multi-family office (MFO) serves multiple families with investment management, governance, consolidated reporting, and concierge services under one MAS-licensed platform. 13 firms in our directory brand themselves explicitly as family offices — every firm linked below carries its MAS licence + regulatory status with regulator-grade provenance.
Singapore hosts 1,500+ family offices per MAS estimates; roughly 50–80 firms hold themselves out as MFOs. The directory below is the subset that brand themselves explicitly as family offices in their legal name — many more operate under broader wealth-advisory or fund-management branding (see full directory).
MFOs in directory
13
SG family office estimate (MAS)
1,500+
Primary licence
CMSL Fund Management
most also hold LFA/EFA
MFO vs SFO vs EAM — where the MFO sits
Three independent-wealth models compete for the same UHNW family. The MFO is the middle path: family-office service scope without the fixed cost of a dedicated team.
| Dimension | SFO | MFO | EAM |
|---|---|---|---|
| Serves | One family | Multiple families | Individual HNW clients |
| Typical entry | US$50M+ (economic threshold) | US$10M–200M per family | S$1M–10M+ (custodian-driven) |
| Cost | Fixed S$1–3M / year | 0.5–1.5% AUM + retainer | 0.5–1.5% AUM flat |
| Service scope | Full — bespoke | Full — shared platform (reporting, governance, tax admin, philanthropy) | Investment management focus |
| MAS licensing | Exempt if SFO conditions met (notice + annual return) | CMSL Fund Management | CMSL Fund Management (A/I LFMC) |
| 13O / 13U | Typical applicant | Funds it manages can apply, under MAS's non-SFO conditions | Not applicable |
| Deep dive | SFO vs MFO | This page | EAM Singapore |
Typical minimums and fees
There is no statutory minimum to engage an MFO. In practice most established SG MFOs serve families withS$20M–50M+ each; some boutiques onboard from US$10M. Fees typically run0.5–1.5% of AUM per year on discretionary portfolios plus fixed retainers for non-discretionary advisory work — a US$50M family might pay S$300k–800k all-in per year, versus S$1M+ fixed cost for a dedicated SFO.
Client assets usually remain custodied at private banks, so the custodian's threshold matters too — compare on the private-banking minimums tableor via the minimum picker. The 13O and13U minimums ofS$20 million and S$50 million apply to single-family-office funds; a fund managed by a licensed MFO is a non-SFO fund, for which MAS sets different conditions.
The SG MFO landscape — four provider types
1. Global MFO franchises with SG offices
Stonehage Fleming, Bessemer Trust, and Iconiq Capital run Singapore offices serving Asian families on their global platforms. Deep multi-generational practice; fees at the premium end.
2. Bank-affiliated family-office desks
UBS Global Family Office, HSBC Global Private Banking Family Office, Bank of Singapore Wealth Planning, Pictet and Lombard Odier family-office services. Product depth and balance-sheet access; structurally tied to one custodian.
3. Independent SG MFOs
SG-founded CMSL holders serving regional UHNW families — open custody architecture and typically flat-fee models. Examples in our coverage include Apeiron Wealth Advisory and Republic Investment Management.
4. Boutique and trust-led models
Smaller specialists — IFA-tier firms with family-office practices, and trust-company-led MFOs serving succession-driven families via licensed trust companies.
Full ranked editorial list with methodology:top multi-family offices in Singapore. Ranking uses only publicly available metrics (MAS-published key-personnel headcount, regulatory tier, tenure) — see the methodology note on that page.
Directory
Ranked alphabetically. Click any firm to see the full MAS regulatory record, key personnel, permitted activities, and contact details.
- 1
AF
AGLAIA FAMILY OFFICE PTE. LTD.
CMSL - 2AF
ALPHAROCK FAMILY OFFICE PTE. LTD.
CMSL - 3AF
APAC FAMILY OFFICE PTE. LIMITED
CMSL - 4AF
AVENUE FAMILY OFFICE (SG) PTE. LTD.
CMSL - 5
DF
DAS FAMILY OFFICE PTE. LTD.
CMSL - 6DF
DL FAMILY OFFICE PTE. LTD.
CMSL - 7GF
GRANDWAY FAMILY OFFICE PTE. LTD.
CMSL - 8KF
KORU FAMILY OFFICE PTE. LTD.
CMSL - 9RF
RAFFLES FAMILY OFFICE PTE. LTD.
CMSL - 10RF
RHEINGOLD FAMILY OFFICE PTE LTD
CMSL - 11RF
RJ FAMILY OFFICE PTE. LTD.
CMSL - 12RF
ROSELINE FAMILY OFFICE PTE. LTD.
CMSL - 13
TF
TSAO FAMILY OFFICE PTE LTD
CMSL
How to evaluate an MFO
- MAS licence type and number — CMSL Fund Management vs Exempt FA. Tier-A regulator-published fact on every profile.
- Regulated activities — advisory vs discretionary fund management vs custody arrangements.
- AUM and family count — match your family's size to the firm's typical client band.
- Fee structure — % of AUM vs retainer vs performance; ask about retrocessions.
- Custodian-bank relationships — which private banks, at what negotiated institutional terms.
- Services beyond investments — 13O/13U administration, consolidated reporting, governance, philanthropy, next-generation programmes.
- Independence — bank-affiliated vs independent; neither is automatically better, but know which you are buying.
Related
- Family office Singapore — setup guide, 13O/13U schemes
- How to set up a family office in Singapore
- Top multi-family offices in Singapore — ranked list
- SFO vs MFO — decision guide
- External asset managers (EAMs) in Singapore
- Private banking in Singapore — custodian banks
- All Capital Markets Services Licensees
Multi-family offices in Singapore — FAQs
What is a multi-family office (MFO)?
A multi-family office is a firm that provides investment management, governance, reporting, and concierge services to multiple wealthy families, typically with combined assets above S$50 million. MFOs differ from single-family offices (SFOs), which serve a single family. In Singapore, MFOs are typically structured as Capital Markets Services Licence holders (CMSL) regulated by MAS.
How is a multi-family office different from a single-family office?
A single-family office (SFO) serves one family, is typically larger (S$100M+ AUM), and, if it meets MAS's single-family-office conditions, is exempt from licensing and files a notice and annual return with MAS instead. A multi-family office (MFO) serves multiple families, requires a Capital Markets Services Licence from MAS, and can leverage economies of scale across clients. See /single-family-office-vs-multi-family-office-singapore for the full comparison.
How is an MFO different from an EAM?
Both are MAS-licensed independent firms, and the structures overlap. The practical difference is service scope: an External Asset Manager (EAM) focuses on investment management of assets custodied at private banks, while an MFO adds family-office services — consolidated multi-custodian reporting, governance, tax and 13O/13U administration, philanthropy, next-generation programmes. Many SG firms operate both models under one CMSL. See /eam-singapore.
How many multi-family offices are there in Singapore?
WealthManagement.sg's directory identifies 13 MAS-licensed firms explicitly branded as family offices in Singapore. The full MFO market is larger — roughly 50-80 firms hold themselves out as multi-family offices, many under broader fund-management or wealth-advisory branding. MAS estimates over 1,500 family offices (single and multi combined) operate in Singapore.
What licence does a multi-family office need in Singapore?
Most multi-family offices in Singapore hold a Capital Markets Services Licence (CMSL) for Fund Management, regulated by the Monetary Authority of Singapore. Some also hold Financial Adviser licences (LFA or EFA) to advise on investment products. Unlike single-family offices, MFOs cannot use the single-family-office licensing exemption, which covers managing money for one family (plus family-funded charities and the SFO's key employees) only. See each firm's profile for the exact MAS-published licence number.
What is the minimum AUM for a multi-family office in Singapore?
There is no statutory minimum AUM for an MFO. Most established MFOs in Singapore serve families with S$20M-S$50M+ each, with combined firm AUM frequently above S$500 million. Some boutiques onboard from US$10M. The S$20 million (13O) and S$50 million (13U) minimum AUM figures apply to single-family-office funds; a fund managed by a licensed MFO is a non-SFO fund, for which MAS sets different conditions.
How much does a multi-family office cost in Singapore?
MFO fees typically run 0.5-1.5% of AUM per year on the discretionary portfolio plus fixed retainer fees for non-discretionary advisory work. A US$50M family using an MFO might pay S$300k-800k all-in per year versus S$1M+ for a dedicated single-family office — the economic crossover to an SFO is usually around US$100-200M.
How do I choose a multi-family office in Singapore?
Compare firms on (1) MAS licence type and number, (2) regulated activities (advisory vs custody vs fund management), (3) AUM and number of family clients, (4) fee structure (% of AUM, retainer, performance), (5) custodian bank relationships, (6) governance services beyond investments, (7) independence (bank-affiliated vs independent). Every firm in the WealthManagement.sg directory shows the MAS-published facts for items (1) and (2).
Planning a Singapore family office?
We can introduce you to MAS-registered family-office service providers and Singapore tax/legal partners covering 13D / 13O / 13U structures. Typical client portfolio S$20M+.