The Whampoa Group is a multi-family office based in Singapore. Its management announced that they are boosting their involvement in cryptocurrencies.
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The Whampoa Group intends to spin out its asset management business for virtual investments, per the news report posted online by finance, markets, and business news outfit Bloomberg.
Shawn Chan is the Whampoa Group’s chief executive officer and co-founder. He said their company plans to raise US$50 million for a cryptocurrency-related hedge fund.
He described the Whampoa cryptocurrency-related hedge fund as market-neutral to offset crypto-assets’ volatility and mainly trades Ether and Bitcoin.
Additionally, it occasionally trades other virtual tokens when identifying a favorable risk-reward setup.
Chan affirmed that they also seek to deploy US$100 million for a venture capital fund in the virtual currency space.
He cited that they are searching for strategic partners for this venture and had been conversing with some large Chinese Internet firms and regional family offices.
Family wealth is a very complex and specific wealth type, management-wise. It concerns a wealthy family’s business, privately used assets, and debt structures.
Family wealth also involves affluent clans’ stock portfolio investments, private equity investments, and liquidity ratio management.
As a family office, the Whampoa Group offers dedicated solutions with a very specific approach to the complex management of a family’s wealth.
It is a dedicated vehicle supporting the day-to-day management and administration of its wealthy family clients’ affairs and long-term strategy.
The Whampoa Group is anchored by principals from two of Singapore’s most prominent families. Amy Lee is the niece of Singapore’s founding prime minister Lee Kuan Yew.
Meanwhile, the Lee family founded the Oversea-Chinese Banking Corporation, Limited, which is popularly known as OCBC Bank.
This Singaporean financial services and multinational banking corporation is headquartered in the Southeast Asian city-state’s OCBC Centre.
Family offices tend to be less regulated compared to standard financial companies. They are among the larger players that have been seeking to get into alternative investments.
In Singapore, wealthy families have embraced cryptocurrencies. These particular investors have aided in propelling Bitcoin trading at the DBS Group Holdings Limited’s virtual exchange that serves family offices and institutional investors.
We are glad about the Whampoa Group’s decision to get further involved in cryptocurrencies. We think Singapore’s Lee family scions made the right decisions.
After all, besides managing family wealth effectively, they will be able to entice more clients with their new hedge funds and venture capital funds that are cryptocurrency-oriented.