Google co-founder Sergey Brin is opening family office in Singapore

The company is getting wealthier day by day; to manage the wealth Sergy Brin is set to open a family office in Singapore. 

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The company is getting wealthier day by day; to manage the wealth Sergy Brin is set to open a family office in Singapore. 

Mr. Brin established an office in Singapore late last year, according to documents filed with the corporate regulator. Deputy Chief Investment officer Marie Young was appointed as a director of the unit claims California based firm Bayshore Global Management.

However, with a net worth of US$86.5 billion (S$115 billion), Mr. Brin is the world’s ninth richest person, according to the Bloomberg Billionaires Index. He is the recent businessman to take advantage of Singapore’s low taxes, high security, and generous incentives for family offices, which manage the lives and wealth of the super-rich.

Mr. Brin cofounded search giant Google with Mr. Larry Page in 1998. The company expanded globally, Singapore became a hub of the company and the pair reportedly visited the city in 2016 to meet its leaders and learn about its expansion. However they stepped away from active management of the company, they still own super-voting shares which give them control.

Filings of Bayshore show that the company’s activities will be related to the family office, office name is North Bayshore in the section Mountain View, California, where Google has its headquarters. Its Singapore unit is held through a holding company named Parachute Capital (SGP), which also lists Ms. Young as a director

Singapore Government is attracting the world’s wealthiest people to itself. The jobs offered and key drives along with their tax incentives and a global investor program that gives ultra-rich individuals alleyway to permanent residence. Approximate 200 single-family offices are estimated to be managing assets worth about US$20 billion in the city as of October.

Family offices in Asia have outperformed their global peers, thanks to their bigger exposure to Chinese stocks and technology companies, according to UBS Group. Singapore is relatively succeeding as Hong Kong’s rival hub is facing political tensions that could lead to an exodus of cash.

Shu Ping, the billionaire co-founder of the Chinese hotpot empire Haidilao International Holding, has also opened an office in Singapore along with other westerners due to the surge in Asian wealth is fueling family office demand at DBS Group Holdings.