Sergey Brin
Photographer: David Paul Morris / Bloomberg
Photographer: David Paul Morris / Bloomberg
The family office of Google co-founder Sergey Brin is setting up a branch in Singapore, joining the chase of uber-rich races towards Southeast Asia’s financial center.
Bayshore Global Management, the California-based company that serves Brin, set up an office in Singapore at the end of last year, according to documents filed with the corporate regulator. Deputy Chief Investment Officer Marie Young has been named director of the unit.
Brin is the ninth richest man in the world, with a net worth of $ 86.5 billion, according to the Index Bloomberg Billionaires. He is the latest tycoon to take advantage of Singapore’s low taxes, high security and generous incentives for family offices, which govern the lives and wealth of the wealthy.
Head of hedge property Ray Dalio opens one in the country while cleaning machine maker James Dyson Weybourne Group Ltd already exists.
Brin co – founded the Google search giant – now a unit of Alphabet Inc. – by Larry Page in 1998. As the company expanded globally, Singapore became a regional hub and the pair reportedly he visited the city in 2016 to meet his leaders and learn about its development. While the men are a step away from the company’s executive management, high-voting shares still control them.
Bayshore films in Singapore show that its main activity will be related to family office. The office gets its name from North Bayshore – the region of Mountain View, California where Google is headquartered. Their unit in Singapore is held through a holding company called Parachute Capital (SGP) Pte., Which also lists Young as a director.
Representatives for Alphabet and Bayshore did not immediately respond to requests for comment. Young did not respond to an email seeking comment.
The move comes as the Singapore government tries to attract the richest people in the world to the shores. The jobs and training they offer local people are the main drivers behind tax incentives and a global investment program that gives permanent residents access to permanent residence. There are approximately 200 single family offices estimated to manage about $ 20 billion worth of assets in the city since October.
Singapore has become a very stable base for those looking for an Asian place, especially as Hong Kong’s political tensions are facing political tensions that could lead to exodus of money. There are family offices in Asia outperform their global counterparts thanks to their increased knowledge of Chinese stocks and technical companies, according to UBS Group AG.
Family offices in Singapore are not just set up by Western business officials. Shu Ping, co-founder of Chinese hotpot emperor billionaire Haidilao International Holding Ltd., one opened there, while an increase in Asian wealth fueled the family office request at DBS Group Holdings Ltd.
– Supported by Chanyaporn Chanjaroen, and Nico Grant
(Updates with Asian family office request in last paragraph)