“Our corporate business at RGE is headquartered in Singapore. In addition, the growth and development of the Singapore financial industry over the years has enabled a vibrant and deep ecosystem that supports the needs of family offices,” Ms Imelda, the eldest daughter of Mr Sukanto, added.
“We appreciate the stable political climate, the considered moves in legislative and regulatory policies, and especially the relevant authorities’ close consultations with industry players. This gives confidence to family offices in planning how and where to invest our funds. The pro-business attitude of the Government and safe social environment are also a key consideration.”
Peam, which manages the family’s financial assets and invests in public and private equities, public and private debts as well as hedge funds, has 20 employees in investment, finance, accounting and other related roles.
Of the 20-strong staff, 16 are Singaporeans and two are permanent residents.
Ms Imelda said the office has contributed to the Singapore economy through close working relationships with local financial institutions such as private and investment banks, asset managers, as well as legal and accounting firms.
“In addition, we engage professional services companies on non-financial issues,” she added.
Singapore conglomerate Tolaram, which has business interests in consumer goods, fintech, infrastructure and industrial areas, considers itself a forerunner of family offices here.
It established the Tolaram family office eight years ago to hold its business operations and family assets.
The conglomerate, which has a strong presence in Indonesia, Estonia and Africa, has been based in Singapore for nearly 50 years after moving its operations from Malang, Indonesia. It has more than 50 employees here.
