Google co-founder sets up family firm in Singapore

By Justin HarperBusiness reporter, BBC News

Google co-founder Sergey Brin is setting up a family office in Singapore to help manage his wealth.

Mr Brin is the world's ninth-richest person with a personal fortune of $86.5bn (£63.2bn).

He joins the rush of super-rich families opening up family offices in the Asian financial hub including British entrepreneur Sir James Dyson.

Family offices are private investment companies set up to manage the assets of wealthy individuals and clans.

Mr Brin's family office is called Bayshore Global Management and established a branch in Singapore late last year, according to documents filed with regulators.

The name derives from North Bayshore, the section of Mountain View, California where Google has its headquarters.

Mr Brin and fellow Google co-founder Larry Page set up the search giant in 1998 but both have stepped away from active management of the company.

Super-rich

Mr Brin is the latest billionaire to take advantage of Singapore's low tax regime and generous incentives for family offices. Singapore regulators also offer a number of exemptions for these private investment companies.

Singapore is also one of the easiest places in the world to do business, ranking number two in Asia according to the World Bank.

Hedge fund boss Ray Dalio who is worth around $17bn announced in November he is opening a family office in Singapore while Mr Dyson's Weybourne Group family office was set up in 2019.

Many wealthy families also choose Singapore as they want more exposure to the investment opportunities in Asia's fast-growing economies.

Mr Dalio, the founder of Bridgewater Associates, said in a statement that he has had excellent relationships in Singapore and China for the last three decades.

"He likes and admires both and he is excited by what is happening in the region," the statement said.

"Family offices that are attracted to Asia's growth story view Singapore as a gateway to the region - a base where they can identify opportunities and invest in high growth sectors, like technology and healthcare," said Sivakumar Saravan, a senior partner at advisory firm Crowe.

There are about 200 single-family offices in Singapore managing assets worth about $20bn, according to government figures.

Singapore has a global reputation for being a relatively stable political and economic landscape, and as a rival Asian hub to Hong Kong which faces political tensions.

"Ongoing pressures will only make doing business in Hong Kong increasingly difficult and alternatives will be sought out," said Jacob Doo, at wealth management firm Envysion. "Singapore has the added advantage of being shielded from political influences."

Billionaire Facebook co-founder Eduardo Saverin moved to Singapore in 2009 to live and work.

ncG1vNJzZmivp6x7o67CZ5qopV%2Bjsri%2FjpusrKGemsC0eZRucGpsYWyE