INTHEBLACK November 2025 - Magazine - Page 22
F E AT U R E
“The key to successful succession planning in families lies
in aligning family values with governance structures, while
actively preparing the next generation through education
and clearly defined roles.”
LH KOH, UBS
cashed-up young Australian entrepreneurs
are “hopping on the bandwagon”. “It is
driven by the weight of capital, access
to opportunities not available through
traditional channels and a belief that they
can do it better,” he says.
However, families can go awry if they
underestimate the skills required to assess
and manage investment opportunities,
Werdiger warns. “They often don’t have
the expertise to do that, but they think they
do because they are successful in other areas.”
To offset such risks, Werdiger says it is
important to understand the purpose of the
family office and, in turn, let that objective
drive form and function.
TAKING CUES FROM ASIA
The Middle East is another family-office
leader, drawing from the Asian blueprint
of tax breaks and minimal red tape to create
a tax-efficient and business-friendly market.
Dubai and Abu Dhabi in the United Arab
Emirates (UAE) are now home to maturing
family offices that are embracing more
institutionalised governance while increasingly
hiring expertise to boost their capabilities.
Ralph Khoury FCPA is the Dubai-based
CFO of Nissan United, an Omnicom
global communications agency dedicated
to servicing Nissan. He is responsible for
the company’s Africa, Middle East, India,
Europe and Oceania operations, and says
family-office lessons have been learnt from
Europe and Singapore, especially.
“I wouldn’t say that Dubai has modelled
itself on Singapore’s family offices, but it
has watched and observed the success
of Singapore and said, ‘We could mirror
and perhaps even do better than Singapore
given our proximity to Europe, to Asia,
to India and to Africa,” he says.
He credits the Dubai International
Financial Centre, a finance hub and an
22 INTHEBLACK November 2025
independent free zone, with laying down
smart rules and regulations for investment
in the Middle East. These parameters provide
surety for international investors and family
offices, given they follow the common-law
framework and operate in English.
“This provides comfort that things are being
dealt with in a way that you can govern your
business, your investments and your portfolio
in the right way.”
THE IMPACT ON BANKS
AND ASSET MANAGERS
Banks and multi-family offices have,
in the past, taken the lead in serving APAC’s
UHNW families. However, single-family
offices that serve just one family are likely
to gain favour due to the high level of
customisation and control they offer.
While such changes may threaten the role
of external banking and asset management
services, there are opportunities for banks,
insurers, asset managers and legal advisers
that offer cost-effective, personalised and
automated advice. Some WealthTech
companies are also thriving as they deploy
innovative technologies that enhance the
delivery of financial services and improve
customer experiences.
Koh believes wealth management experts
will continue to play a crucial role in
assisting families with their financing,
philanthropic and sustainable investment
functions, while helping the new wave
of family members align their personal values
with a family legacy.
“By fostering financial literacy, leadership
skills and a shared sense of purpose across
the family, family offices can ensure longevity
and success for their future leaders,” he says.
To prepare the rising generation of family
members, Werdiger agrees that financial
education and understanding will be
important. “If they are to be inheritors
