Raffles Family Office to enter Korea’s super-rich market

Raffles Chief Executive Officer Chi Man Kwan. [Courtesy of Raffles Family Office Pte.]

A global family office is poised to take on South Korea’s ‘super-rich’ market, the first time an overseas family office is entering the Korean market.

According to industry sources in Hong Kong and Singapore on Wednesday, Raffles Family Office Pte. (RFO) plans to open a family office in Korea in 2025 and has already recruited a private banker (PB) fluent in Korean for its Singapore branch.

“We see great potential in the Korean wealth management market,” Raffles Chief Executive Officer Chi Man Kwan said. “There is a growing number of high-net-worth individuals in the country who are increasingly concerned about wealth succession.”

Raffles had $68 billion in assets under management as of 2023.