Multi-family offices facing cost challenges

The number of new external asset managers and multi-family offices in Asia has risen swiftly in the past couple of years, but now looks to be slowing as this segment gets to grip with rising costs, say private bankers. There has been a growing trend of private bankers leaving to set up EAM/MFO firms, but this trend has started to show signs of reversal in Singapore in recent months, said Jimmy Ng, Singapore-based investment director at Swiss private bank Bordier & Cie. “Comp…