As of late 2024, Singapore is home to over 2,000 Single Family Offices (“SFOs”), marking a 43% increase from 20231. According to the Monetary Authority of Singapore (“MAS”), tax-incentivised SFOs collectively employed approximately 2,200 local professionals, contributing meaningfully to job creation within the country.
Following the enhancements to the Section 13O and 13U tax incentive schemes effective from 5 July 2023, SFOs are now required to meet minimum Assets Under Management (“AUM”) thresholds of S$20 million for 13O and S$50 million for 13U at the point of application. In addition, each SFO must employ at least one non-family Investment Professional (“IP”), with a minimum monthly salary of S$3,500. Eligible IPs must hold relevant academic qualifications, such as a master’s, degree, or diploma in disciplines like Accountancy, Finance, Economics, Business Administration/ Management, or Financial Engineering. Alternatively, a recognised professional certification—such as CMFAS or CFA—or relevant industry experience, including formal roles in investment management or deal structuring (particularly within private equity, venture capital, or direct investments), may also satisfy the requirement2.
Under the S13O/U tax exemption requirements, all IPs must be tax residents of Singapore. Failure to meet this tax residency requirement would render the individual ineligible to be recognised as an IP for that year of assessment. Consequently, SFOs face compliance risks when hiring foreign IPs who are hardly in Singapore and are increasingly inclined to prioritise local talent to ensure continued eligibility for the incentive schemes.
Staffing for 13O SFOs
SFOs with AUM of S$20 million fall under the Section 13O tax incentive scheme. In our experience, the majority of SFOs we have supported choose to hire junior IPs to lower their running costs. These SFOs tend to prefer candidates who are either recent graduates from relevant academic disciplines with applicable internship experience, or individuals with fewer than two years of professional experience—typically as assistant relationship managers or investment analysts within the finance industry. An ideal candidate has to come with strong communication and interpersonal skills to liaise with various stakeholders; therefore, the candidate’s personality during the interview is a key factor in their decision-making process. Salary ranges for such roles generally fall between S$4,500 and S$6,000, depending on the candidate’s level of experience and previous industry background.
Staffing for 13U SFOs
SFOs operating under the Section 13U scheme often opt to hire either junior IPs or seasoned professionals such as Portfolio Managers and Traders. According to a report conducted by PwC, in the Singapore market, experienced Portfolio Managers typically command an average monthly salary between S$16,500 and S$33,0003. Throughout the interview process, key factors in our client’s consideration included the candidate’s experience with various financial products such as public equity, hedge funds, and derivatives, tailored to their needs, as well as demonstrated loyalty through staying power, and a strong, analytical, and decisive mindset, highlighting the ability to think critically and make sound decisions under time pressure. As asset management becomes increasingly complex and time-intensive, engaging experienced IPs provides strategic value. Their professional insights can help implement effective investment strategies, manage risk more efficiently, and broaden the family’s overall wealth portfolio.
Staffing for Global Investor Programme SFO
To help investors fast-track their Singapore Permanent Residency, the Singapore Economic Development Board (EDB) offers the Global Investor Programme (“GIP”), which includes three investment options4. For one of the options, investors establish an SFO that manages at least S$200 million in assets, with a minimum of S$50 million invested locally in equities listed on approved Singapore exchanges5. By the fifth year of the SFO’s inception, they must also employ five IPs, including at least three Singapore Citizens. In our experience, most of our clients typically bring in one or two trusted IPs from their home country, while hiring the remaining IPs locally—such as analysts or portfolio managers—based on their specific operational needs.
Case Study A: Speed Meets Quality in 13O SFO Recruitment
Through one of the major private banks, we were connected with an Indonesian client seeking an Investment Analyst for their 13O SFO. This client’s SFO was being set up by one of the Big Four accounting firms and since sourcing for a non-family IP is out of their scope of work, the client leaned on their private bankers to recommend a professional that was able to assist. After we got connected with the client, we conducted a detailed consultation to align on expectations and provide insights into Singapore employment laws and market trends. The process moved quickly—from the first round to the final interview, the full interview process was completed within 8 days. This candidate has 2 years of banking experience, with a focus on ultra-high-net-worth clients. With a strong academic background in economics and finance, this candidate brings both practical experience and strong analytical skills. This was followed by 2 days of offer negotiations, ensuring both the client’s requirements and the candidate’s considerations were addressed. The entire placement was successfully completed within 10 days. A success built on speed, trust, and seamless coordination — demonstrating the level of service excellence we consistently aim to deliver.
Case Study B: Successful Placement of a Portfolio Manager for 13U SFO
We were approached by a client from China, referred to us through a reputable law firm. They were in search of an experienced Portfolio Manager to join their newly established Family Office in Singapore. After gaining a clear understanding of their requirements and budget, we began the search for a candidate with strong expertise in public equities and REITs. Drawing from our talent bank, we carefully filtered and matched profiles that aligned with their expectations. Over the next two months, we worked closely with both the client and shortlisted candidates—managing interviews, expectations, and negotiations—until the right talent was successfully onboarded. An exceptional candidate with over 20 years of investment management experience, specialising in portfolio management and global equity strategies. The extensive background within a SFO showcases a strong track record in driving growth and securing high-net-worth portfolios. With a proven ability to drive high-impact decisions, this candidate is the ideal choice for any FO aiming to elevate investment performance. With the candidate’s placement, our engagement concluded on a successful note. Hiring the right candidate is never easy but with our dedicated service and constructive advice, with a focus on quality over quantity, ensuring each placement meets our client’s expectations.
SMTP Consult’s Experience
SMTP Consult is a family office concierge service firm that caters to our clients’ needs as they immigrate to Singapore. Our goal is to help our clients with their relocation needs as they settle in Singapore and provide bespoke services based on their specific requirements. SMTP Consult is a licenced employment agency and specialising in recruitment for family offices and corporate companies. Our expertise includes Investment Professionals (bankers, portfolio managers, research analysts), Accounting & Finance (accountants, auditors, finance managers), Corporate Services (administrative and HR executives), Sales & Marketing Professionals to drive business growth and provide Personal Driver hiring solutions tailored to client needs. With our industry expertise, we help businesses build high-performing teams. At SMTP Consult, we have built an extensive talent bank dedicated solely to recruiting investment professionals for SFOs. We have successfully completed mandates for principals from China, Indonesia, South Korea, the United Kingdom, Australia and India, spanning the full spectrum—from 13O SFOs with assets of at least $20 million AUM to GIP FOs managing at least $200 million AUM. This depth and diversity of experience enable us to deliver exceptional value and strategic insight to every client we support. Should you require any assistance or advice, please feel free to contact us to schedule a consultation.
¹ https://www.businesstimes.com.sg/companies-markets/singapore-family-offices-exceed-2000-2024-43-year
2 https://ask.gov.sg/mas/questions/cm1syf4it000zs9rh4b3kr68i
3 https://citywire.com/asia/news/family-offices-see-competition-and-wages-spike-for-skilled-staff/a2421470
4 https://www.edb.gov.sg/en/about-edb/media-releases-publications/changes-to-global-investor-programme-will-generate-more-spin-offs-for-the-singapore-economy.html
5 https://www.mas.gov.sg/news/media-releases/2025/a-comprehensive-set-of-measures-to-strengthen-singapores-equities-market