Asian family offices using private banks less

The family office concept is less well established in Asia than in Europe or the US, but that is changing as regional wealth grows, along with the need to preserve and transfer it to the next generation. And as the scale of single- and multi-family offices (FOs) grows, so does the threat posed to their traditional relationships with private banks, argue FO executives. An Asian FO will typically use a number of private banks to help manage its wealth, says Ong Iu-Jin, chief execu…