Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/155409
|
| Title: | 聯合家族辦公室探討 : 萬方家族辦公室案例分析
Multi-Family Offices: A Case Study of Raffles Family Office |
| Authors: | 黃子翎
Huang, Tzu-Lin |
| Contributors: | 周冠男
Chou, Robin K.
黃子翎
Huang, Tzu-Lin |
| Keywords: | 聯合家族辦公室
家族辦公室樞紐
私募股權
數字資產
家族信託
Multi-Family Office
Family Office Hub
Private Equity
Digital Asset
Family Trust |
| Date: | 2025 |
| Issue Date: | 2025-02-04 15:25:07 (UTC+8) |
| Abstract: | 本研究旨在界定建立可持續且具彈性的聯合家族辦公室所需的關鍵特徵及基本要素。研究探討了超高淨值人士（UHNWI）在亞洲日益增長的現象，並分析了他們在財富分配方面的偏好。此外，考量到該行業的當前及未來趨勢，本研究亦評估了聯合家族辦公室所提供的最佳結構與服務。
本研究調查了香港、新加坡及瑞士現有的財富管理平台，對這些地區行業專業人士的訪談提供了有關當前考量因素及趨勢的寶貴見解。文獻綜述將家族辦公室置於更廣泛的家族治理及財富管理框架中，探討了單一家族辦公室、聯合家族辦公室的演變，以及它們在資產管理及業務連續性方面的角色。本論文指出家族辦公室面臨的多項挑戰，包括繼任規劃、風險管理及人才的招聘與保留。論文強調了一些關鍵因素，如與單一家族辦公室相關的財務影響、家族章程的重要性、人才管理的複雜性，以及監管與許可要求。特別強調在建立單一家族辦公室過程中制定家族章程的必要性，並詳細介紹了相關的程序步驟。此外，關於家族辦公室內部人才管理的討論，重點在於招聘、留用及繼任規劃策略。
通過對在岸與離岸辦事處的比較分析，闡明了它們各自的差異及在選擇辦事處時需考量的因素。研究調查了不同司法管轄區，特別是香港、新加坡及瑞士的家族辦公室監管框架及許可要求，評估了與每個地點相關的優勢與挑戰，以協助家族辦公室做出明智的決策。本研究評估了一系列資產類別，包括股票投資、固定收益、外匯、共同基金，以及房地產、數字資產和私募股權等替代性投資。每種資產類別均具備其特定的優缺點，為尋求投資組合多樣化的家族辦公室提供了潛在的投資策略見解。
家族信託專章節探討了家族信託在財富管理及資產保護方面的重要性。在討論家族信託的優勢（如避免遺囑認證、資產保護、稅收效率及規避強制繼承規則）時，亦分析了其缺點（包括複雜性、成本、失去控制權、受託人責任及潛在法律糾紛）。強調建立家族信託的必要性，以保護資產並依據委託人的意願進行管理與分配。
本論文為成功建立對社會有積極貢獻的聯合家族辦公室提供了戰略建議。通過闡明家族辦公室領域的關鍵屬性、挑戰及機遇，本研究使家族辦公室能夠有效駕馭複雜的財富管理，確保跨世代家族資產的有效管理。該研究強調了家族辦公室不斷變化的動態，並確定了促進其成功與可持續發展的重要因素，最後討論了在亞洲建立領先的聯合家族辦公室所需的必要步驟及其必須提供的全面服務。
關鍵字：聯合家族辦公室、家族辦公室樞紐、私募股權、數字資產、家族信託
This study aims to identify the key characteristics and fundamental elements required to establish a sustainable and resilient multi-family office. The research explores the increasing phenomenon of ultra-high-net-worth individuals (UHNWI) in Asia and analyzes their preferences for wealth allocation. Additionally, considering the current and future trends in the industry, this study evaluates the optimal structures and services provided by multi-family offices.
The study investigates existing wealth management platforms in Hong Kong, Singapore, and Switzerland, Interviews with industry professionals from these regions provide valuable insights into current considerations and trends. The literature review situates family offices within the broader context of family governance and wealth management, discussing the evolution of single-family offices and multi-family offices and their roles in asset management and business continuity. The thesis highlights several challenges faced by family offices, including succession planning, risk management, and talent acquisition and retention. It emphasizes key factors such as financial implications related to single-family offices, the importance of family constitutions, the complexities of talent management, and regulatory and licensing requirements. The necessity of drafting family constitutions during the establishment of single-family offices is particularly underscored, with detailed procedural steps provided. Additionally, the discussion on internal talent management within family offices focuses on recruitment, retention, and succession planning strategies.
Through a comparative analysis of onshore and offshore offices, the study elucidates their differences and the considerations required when selecting an office location. The research examines the regulatory frameworks and licensing requirements for family offices in various jurisdictions, particularly in Hong Kong, Singapore, and Switzerland, evaluating the advantages and challenges associated with each location to help family offices make informed decisions. This study assesses a range of asset classes, including equity investments, fixed income, foreign exchange, mutual funds, and alternative investments such as real estate, digital assets, and private equity. Each asset class has specific advantages and disadvantages, providing insights into potential investment strategies for family offices seeking portfolio diversification.
A dedicated section on family trusts examines their role in wealth management and asset protection. The discussion covers the advantages of family trusts, such as avoiding probate, asset protection, tax efficiency, and bypassing forced inheritance rules, as well as their disadvantages, including complexity, costs, loss of control, trustee responsibilities, and potential legal disputes. The importance of establishing family trusts to protect assets and manage distributions according to the settlor's intentions is emphasized.
This thesis provides strategic recommendations for establishing a successful multi-family office that positively impacts society. By elucidating key attributes, challenges, and opportunities within the family office sector, the research equips family offices to navigate the complexities of wealth management and ensure the effective stewardship of family assets across generations. The study highlights the evolving dynamics of family offices and identifies crucial factors contributing to their success and sustainability, concluding with a discussion of the steps needed to establish a leading multi-family office in Asia and the comprehensive range of services it must offer.
Keywords: Multi-Family Office, Family Office Hub, Private Equity, Digital Asset, Family Trust |
| Reference: | [1] Castro-Balaguer, M. F.-M. R. (2011). Looking for the perfect structure: The evolution of family office from a long-term perspective*. UNIVERSIA BUSINESS REVIEW.
[2] Daniell, M. H., & McCullough, T. (2024). Family Wealth Management: Seven Imperatives for Successful Investing. Second edition.
[3] González-Cruz, T., Clemente-Almendros, J. A., & Puig-Denia, A. (2021). Family governance systems: the complementary role of constitutions and councils [Article]. Economic Research-Ekonomska Istrazivanja, 34(1), 3139-3165. https://doi.org/10.1080/1331677X.2020.1867603
[4] Imberg, M. (2023). Billionaire Census 2023. https://altrata.com
[5] John, D. (2020). The Family Office Boom : Constrast between East and West. T. E. I.
Unit.www.dbs.com/sg
[6] López, A. V. G. M. V.-V. E. R. (2016). FAMILY OFFICE: A NEW CATEGORY IN
FAMILY BUSINESS RESEARCH? [Working paper]. ResearchGate. https://doi.org/10.13140/RG.2.1.3306.2003
[7] Mark, D., & Sara, H. (2010). Family Legacy and Leadership : Preserving True Family Wealth in Challenging Times [Book]. Wiley. http://ezproxy.insead.edu:80/login?url=https://search.ebscohost.com/login.aspx?direct=true& db=nlebk&AN=347942&site=ehost-live
[8] Raffles Family Wealth and Legacy Series, vol. 3.Singapore:World Scientific. http://ezproxy.insead.edu:80/login?url=https://search.ebscohost.com/login.aspx?direct=true& db=ecn&AN=2071646&site=ehost-live
[9] Schickinger, A., Bertschi-Michel, A., Leitterstorf, M. P., & Kammerlander, N. (2022).
Same same, but different: capital structures in single family offices compared with private equity firms [Article]. Small Business Economics, 58(3), 1407-1425. https://doi.org/10.1007/s11187-021-00448-x
[10] Singapore, C., Meng, L. K., & Saravan, S. (2020). A look at why Singapore is a preferred destination in Asia for family offices [Article]. International Tax Review, N.PAG-N.PAG. http://ezproxy.insead.edu:80/login?url=https://search.ebscohost.com/login.aspx?direct=true& db=bth&AN=145717536&site=ehost-live
[11] Tax Planning with Private Placement Life Insurance. (2002). [Article]. Asset Protection Journal,4(2), 48. http://ezproxy.insead.edu:80/login?url=https://search.ebscohost.com/login.aspx?direct=true& db=bth&AN=9171158&site=ehost-live
[12] Timpany, J., Kong, K. H., & Lu, L. (2022). Hong Kong SAR's proposed family office tax concession regime [Article]. International Tax Review, N.PAG-N.PAG. http://ezproxy.insead.edu:80/login?url=https://search.ebscohost.com/login.aspx?direct=true& db=bth&AN=156863258&site=ehost-live
[13] Ugolini, S. (2018). The Origins of Swiss Wealth Management? Genevan Private Banking, 1800-1840. Financial History Review, 25(2), 161-182. http://ezproxy.insead.edu:80/login?url=https://search.ebscohost.com/login.aspx?direct=true& db=ecn&AN=1740388&site=ehost-live
[14] Wealth, C. (2022). The Asia-Pacific Family Office Report. www.campdenwealth.com
[15] Wessel, S., Decker, C., Lange, K. S. G., & Hack, A. (2014). One size does not fit all: Entrepreneurial families’ reliance on family offices [Article]. European Management Journal, 32(1), 37-45. https://doi.org/10.1016/j.emj.2013.08.003
[16] Yazdani, D. (2023). Asset and wealth management revolution 2023: The new context. www.pwc.com/awm-revolution
[17] Zeidan, R. (2022). Why don't asset managers accelerate ESG investing? A sentiment analysis based on 13,000 messages from finance professionals [Article]. Business Strategy & the Environment (John Wiley & Sons, Inc), 31(7), 3028-3039. https://doi.org/10.1002/bse.3062
[18] Zucman, G. (2011). The Missing Wealth of Nations: Evidence From Switzerland, 1914- 2010 [Working Paper]. Article halshs-00565224. www.pse.ens.fr (Paris School of Economics) |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
112932110 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112932110 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 211001.pdf | | 1463Kb | Adobe PDF | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
