Withers KhattarWong LLP, the Singapore office of international law firm Withers, recently advised DBS, one of Asia’s leading financial institutions, in the launch of the DBS Multi Family Office Foundry VCC (DBS MFOF), the first bank-backed multi-family office utilising Singapore’s Variable Capital Company (VCC) structure globally.
DBS MFOF provides clients with an alternative option for managing their wealth in Singapore without having to establish their own single-family office (SFO). Through the DBS-managed VCC, DBS also provides fund administration and custody, which removes the need for clients to deal with multiple third-party providers that other MFOs may need to engage. Certain tax exemptions on specified income derived from designated investments are also available through DBS MFOF.
The Withers team was led by Singapore-based funds partner Daniel Yong and senior associate Teng Si Ning, with critical support from Withers’ private client and tax team led by Stacy Choong and Leon Kwong Wing. The team advised DBS on structuring the DBS MFOF, drafting the fund documents, obtaining requisite regulatory approval for establishing the DBS MFOF and applying for fund tax incentives.
Globally, Withersworldwide has advised generations of successful families since 1896, and many families continue to retain and entrust the firm with all legal aspects of their lives, including family wealth structures, family governance, estate planning, succession, philanthropy, their investments, divorce and dispute matters. Withers KhattarWong is also a pioneering firm advising family offices on the potential usage of the VCC for structuring family funds. The firm’s deep experience proved valuable in the launch of DBS MFOF.
Daniel Yong comments: “We are privileged to have supported DBS in its launch of a pioneering solution in the family office space. It was an exciting journey, and we look forward to its implementation and success. Growth in the family offices landscape continues, and we will continue to adapt our capabilities to remain at the frontier of market developments.”
Said Lee Woon Shiu, Group Head of Wealth Planning, Family Office & Insurance Solutions, DBS Bank: “The launch of DBS MFO marks yet another milestone in the evolution of our family office proposition, where our clients look to us as a trusted advisor for bespoke wealth preservation and legacy planning solutions. Our new offering has already attracted keen interest from global UHNW families and their advisors, who see tremendous value in leveraging the VCC as a unique wealth structuring solution. It is also an attractive option for some families who are not looking to immediately relocate to Singapore, but would like to consolidate their assets here.”
Trusted advisor for funds structuring
Withers represents a unique proposition in being able to provide market-leading legal and tax advice on the entire lifecycle of open-end and closed-end funds, and for a broad spectrum of asset management clients including family offices, private equity, hedge fund, venture capital and real estate managers and investors. One of our key differentiators which sets us apart from other law firms is our well-established international tax advisory team that is highly proficient in structuring Asia-focused funds using global tax treaties and regimes to achieve optimal tax efficiency for our clients. With the continuing growth of our regional fund management platform, our integrated legal and tax teams provide a unique ‘one-stop’ shop for our clients in forming, managing and investing funds.
