Bank of Singapore: Preserve your wealth

Bahren has been the CEO of Bank of Singapore since February 1, 2015. Under his leadership, the bank's Assets Under Management (AUM) almost doubled to $102 billion (as of March 2018). A career private banker for more than 30 years, Bahren is also a member of Singapore's Council of Presidential Advisers and was conferred the Public Service Medal in 2008 for his outstanding contributions to public service. In 2016, he received the Singapore Institute of Banking and Finance Distinguished Fellow award in recognition of his significant contribution to the financial industry and his outstanding leadership qualities.
"Private wealth in the Middle East is expected to grow from $8.1 trillion in 2016 to $12 trillion by 2021. The oil boom in the region has generated a tremendous amount of wealth in the region over the last 40 to 50 years. Much of this wealth is stored in family businesses.
This means that this region is set for a huge transfer of family business wealth from one generation to the next over the coming decade or two.
Many family-owned businesses, though, don't cope well with succession. This is true in the Middle East, Asia, and virtually every part of the world. A study of family businesses shows that seven in 10 family businesses globally don't last beyond the first generation.
Bank of Singapore sees more family businesses come to set up a Family Office. These are private wealth management advisory firms set up to oversee the day-to-day administration and management of the family's assets and investments.  The main goal of the Office is to preserve, grow and transfer wealth on to the next generation and future generations to come.
The Family Office puts in place clear family governance and succession planning - both of which are crucial elements to a family business' continued longevity.
In the passing on of a family business to the next generation, there must be clear instructions from the patriarch on who gets what. This can be achieved with proper advice from lawyers and accountants, facilitated by wealth planners such as those at Bank of Singapore, which has been in this region since 1996." 
Bank of Singapore has one of the oldest trust companies in Singapore, BOS Trustee, and has the experience and cultural sensitives to execute the best form of wealth transfer to the next generation. As Asia's global private bank, it offers clients a unique perspective steeped in Asian values, but with a global outlook.