RFO has launched an incubation facility to help single-family offices to house their operations. Credit: Mimi Thian on Unsplash. RFO has launched an incubation facility to help single-family offices to house their operations. Credit: Mimi Thian on Unsplash.

Raffles Family Office (RFO) has set up a new headquarters in Hong Kong as part of its strategy to ramp up its presence across Asia.

The firm is also looking to concurrently expand its Singapore presence in line with its business growth trajectory and the launch of its Raffles Ecosystem offering.

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Raffles Ecosystem is an incubation facility that will enable single-family offices (SFOs) to house their operations.

Leveraging RFO’s network and specialist services, the offering to help SFOs from Asia and outside to enhance their reach and capabilities across the region.

The inaugural facility is situated close to RFO’s Hong Kong headquarters and is already housing two Raffles Ecosystem partner firms.

These company said that these firm are provided with a private office and communal lounge in addition to RFO’s supporting services, including fund and governance solutions as well as advisory offerings.

RFO CEO and founder Chiman Kwan said: “As a company with a single office family heritage, we’re acutely aware of their wealth management needs and challenges.

“Through Raffles Ecosystem, we hope to provide SFOs with the support and services they need to grow, which will be significantly enhanced thanks to the expanded resources in our Hong Kong and Singapore locations.”

RFO has also opened an office in Beijing and appointed Annie Hu, who recently joined to manage the firm’s business in mainland China, as executive director.

Commenting on the development, Hu said: “With its existing presence in Shanghai and now an on-the-ground team in Beijing, I believe RFO is extremely well placed to understand and serve the needs of China’s fast-growing ultra-high-net-worth individuals.”

RFO operates five locations across Asia and has offices in Shanghai and Taipei.

The firm divulged that it is eyeing to increase its employee headcount to 350 in the next two years, in line with its expansion.