Asian charitable asset management

Singapore bank first to specialize in Asian charitable asset management

A Dutch private bank in Singapore is the first financial institution in Asia to offer philanthropic asset management services for high net worth individuals. MeesPierson wants to link the region's estimated 3,000 to 4,000 individuals and families with assets of at least $1 million to nonprofit organizations that can use the money. "Asia has more millionaires than any other part of the world. It's easier (for them) to make money than to give it away. So, we're helping them with their philanthropic focus," said Terry Alan Farris, head of MeesPierson's Charity Management, Asia. MeesPierson hopes to tap into the growing number of wealthy families looking for social returns on their investments. The bank also offers asset management services to nonprofit institutions such as UNICEF to help them grow their funds and become more transparent. The bank estimates that nonprofit organizations in Asia hold between $15 billion to $20 billion in assets. Kees Stoute, the bank's managing director of Private Banking, Asia, said the call from the public for more transparency in managing charitable funds has been growing. The bank foresees resistance to this from some wealthy Asians concerned about keeping their donations out of the public eye. But Farris is hopeful their attitudes will change, saying "It's a way to bring family members together in a non-threatening way. In Hong Kong, we had a family whose members haven't talked to each other in years," he said. They ended up meeting regularly to discuss their philanthropic efforts. "There is enough money in Asia to fund Asia, but we need to organize it." (TODAYonline (Singapore), April 2, 2004)