（Singapore, 06.11.2026）Family offices have traditionally operated behind closed doors, placing a premium on privacy, independence and control over family wealth. However, as wealthy families expand their investments and business interests across international markets, some are beginning to explore closer cooperation with their peers.
For Walter Ng, Director and Chief Financial Officer of Singapore-based Ruifeng Wealth Management (RWM), this shift reflects the increasingly complex needs of wealthy families, whose financial affairs often extend far beyond managing an investment portfolio.
“As families become more internationally diversified and their wealth structures grow more complex, they are increasingly looking for a more holistic approach to wealth management,” he said.
That approach increasingly encompasses cross-border asset management, succession planning, tax considerations, risk management and family governance, areas that may require expertise beyond the capabilities of an individual family office.
The changing landscape has brought renewed attention to the potential benefits of international family office networks. According to a report by The Business Times on 2 November, some family offices are exploring the establishment of an international organisation aimed at strengthening connections and cooperation among wealthy families worldwide.
While such initiatives remain at an exploratory stage, they raise a broader question about whether family offices, long accustomed to operating independently, could benefit from sharing knowledge, professional resources and investment opportunities.
Ng believes collaboration can complement the capabilities of individual family offices without necessarily compromising their independence.
For smaller family offices, international networks could provide access to specialised expertise and resources that would be costly or difficult to develop internally. Larger family offices, meanwhile, could benefit from exchanging industry insights and exploring opportunities across different markets.
The value of such networks, he explained, extends beyond investment introductions. Access to professional knowledge and established relationships could help family offices navigate increasingly complicated financial and regulatory environments while making more informed decisions.
Rather than attempting to build every capability in-house, families could draw on external expertise when necessary while retaining responsibility for their own wealth management strategies.
Collaboration Opens Doors to Larger Investments
One area where cooperation could offer tangible benefits is co-investment, particularly in private companies, real estate developments and other large-scale opportunities.
Such investments may require substantial capital commitments, making them difficult for an individual family office to undertake without concentrating too much of its wealth in a single project.
By pooling capital with other family offices, investors may be able to participate in opportunities that would otherwise be beyond their individual capacity.
Co-investment can also distribute financial exposure among several participants, reducing the amount of capital that any one family must commit.
However, Ng cautioned that sharing an investment does not necessarily mean sharing the same objectives.
Different families may have different investment horizons, liquidity requirements and risk appetites. These differences can become particularly challenging when participants must make decisions about additional funding, changes in investment strategy or the timing of an exit.
For example, one family may be prepared to hold a private investment for many years, while another may need to release capital earlier to meet other financial commitments.
If the underlying investment is illiquid, finding a mutually acceptable exit arrangement could prove difficult.
Disagreements may also arise when investment performance falls short of expectations or when participants hold different views about how an asset should be managed.
Ng therefore emphasised the importance of conducting proper due diligence and establishing clear arrangements before entering a co-investment.
These should cover decision-making responsibilities, risk allocation and exit mechanisms, ensuring that participating families understand their respective rights and obligations.
Such arrangements are particularly important because the interests of co-investors may evolve over time, even when they initially agree on the investment’s objectives.
Collaboration, in other words, can expand access to opportunities, but it also introduces another layer of complexity that family offices must be equipped to manage.
Balancing Shared Opportunities With Independence
Beyond investment considerations, greater cooperation raises questions about confidentiality and the protection of sensitive family information.
Family offices often manage details relating to personal wealth, business ownership, investment strategies and long-term financial plans. Sharing information within a wider professional network therefore requires clear boundaries.
Ng said family offices should establish appropriate information-sharing protocols, ensuring that sensitive information is disclosed only when necessary and to those who have a legitimate need to access it.
He also stressed the importance of formal conflict-of-interest policies and procedures, supported by regular reviews and updates.
These safeguards can help family offices identify situations where the interests of different participants, advisers or service providers may not be aligned.
At the same time, participation in a collaborative network should remain consistent with each family’s investment objectives and risk appetite.
Crucially, Ng believes family offices must retain control over their own investment decisions, regardless of the extent of their cooperation with others.
This distinction is important because access to shared expertise or investment opportunities does not remove the need for independent assessment. An opportunity that suits one family may be inappropriate for another with different financial priorities.
Singapore could play an important role in facilitating these international connections, with its political and economic stability, strong regulatory framework and well-developed financial ecosystem reinforcing its position as an international wealth management hub, Ng said.
With wealthy families managing assets and business interests across multiple jurisdictions, Singapore-based family offices are well placed to participate in networks connecting investors and professional advisers from different markets.
Such connections could also influence the role of independent wealth management firms, as Ng expects services to evolve beyond traditional investment products to meet family offices’ growing needs in areas such as legacy planning, tax advisory and next-generation education.
Independent wealth management firms, he said, can act as a bridge between wealthy families and specialised service providers, connecting them with the expertise and resources needed to manage their wealth across different jurisdictions.
This does not necessarily mean every family office will embrace closer cooperation. The appropriate level of involvement will depend on each family’s circumstances, investment objectives and willingness to share information.
Nevertheless, the growing interest in international networks points to an evolving approach to managing family wealth, in which independence and collaboration need not be mutually exclusive.
For Singapore’s wealth management industry, the development could create further opportunities for professional firms to connect families with expertise and investment resources across borders, while allowing each family to maintain control over its own financial decisions.
