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 | Class exemption + notification | CMSL Fund Management | CMSL Fund Management (A/I LFMC) |
| 13O / 13U | Typical applicant | Family vehicles inside the MFO can apply (13O) | 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 with S$20M–50M+ each; some boutiques onboard from US$10M. Fees typically run 0.5–1.5% 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 table or via the minimum picker. Families targeting the 13O tax incentive need S$20M+ in the fund vehicle; 13U requires S$50M+.
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 - 2
AF
ALPHAROCK FAMILY OFFICE PTE. LTD.
CMSL - 3 AF
APAC FAMILY OFFICE PTE. LIMITED
CMSL - 4 AF
AVENUE FAMILY OFFICE (SG) PTE. LTD.
CMSL - 5
DF
DAS FAMILY OFFICE PTE. LTD.
CMSL - 6 DF
DL FAMILY OFFICE PTE. LTD.
CMSL - 7 GF
GRANDWAY FAMILY OFFICE PTE. LTD.
CMSL - 8 KF
KORU FAMILY OFFICE PTE. LTD.
CMSL - 9 RF
RAFFLES FAMILY OFFICE PTE. LTD.
CMSL - 10 RF
RHEINGOLD FAMILY OFFICE PTE LTD
CMSL - 11 RF
RJ FAMILY OFFICE PTE. LTD.
CMSL - 12 RF
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.
Frequently asked
How is a multi-family office different from a single-family office?
An SFO serves one family under MAS class-licence exemption. An MFO serves multiple families and requires a Capital Markets Services Licence from MAS. Full comparison: SFO vs MFO.
How is an MFO different from an EAM?
Service scope. An EAM focuses on managing assets custodied at private banks; an MFO adds family-office services — consolidated reporting, governance, tax administration, philanthropy. Many SG firms run both models under one CMSL.
What licence does an MFO need?
Most hold a CMSL for Fund Management. Many also hold Financial Adviser licences (LFA or EFA) to advise on investment products. See each firm's profile for the exact MAS-published licence number.
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
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+.