Farro Capital focuses on intergenerational wealth, legacy and global mobility

Singapore-based multi-family office, Farro Capital, aims to carve a niche with its dual focus on long-term intergenerational wealth transfer and alternative residency solutions, through its affiliate Farro & Co. It's co-founders discussed their unique value propositions and the trends in the wealth management hubs of Singapore and Dubai, where they operate.

Farro Capital, founded in October 2022, has quickly emerged as a player in the multi-family office (MFO) sector, managing over $1.5 billion in assets within two years, and serves a wide spectrum of ultra-high-net-worth (UHNW) families, including single family offices of an increasing number of billionaire clientele. In an exclusive interview, co-founders Hemant Tucker, Manish Tibrewal, Mahesh Kumar, and Rajiv Garg provided insights into their business model, expansion into Dubai, and the broader trends shaping the MFO industry in Singapore and Dubai.

Farro Capital’s unique approach

Tucker, co-founder and CEO said: “Our goal is to create a legacy that lasts.”  He explained that ‘Farro’, one of the oldest grains that still exists today, symbolises longevity and resilience, reflecting the firm’s philosophy.

Tibrewal, co-founder, highlighted that Farro Capital focuses not only on investments but also on intergenerational wealth transfer, family governance, and philanthropy. “This holistic approach ensures that all aspects of our clients’ wealth are managed effectively,” he noted.

Kumar, co-founder and managing partner, emphasised the importance of technology in their operations. “We invest heavily in technology to ensure that our services are comprehensive and efficient. This enables us to manage complex portfolios and provide real-time insights to our clients,” he claimed.

Tucker elaborated on Farro Capital's differentiation, stating: "We focus on family governance, looking many generations ahead to ensure that the legacy lasts. It's not just about managing wealth today but ensuring it endures and grows for future generations."

Additionally, Farro Capital’s sister company, Farro & Co., offers a unique service helping clients with alternative residency and citizenship options. Kumar added: “This service is crucial for families looking for flexibility and security across borders. Farro & Co.’s expertise in this area provides our clients with peace of mind and additional opportunities.”

Expansion into Dubai

Farro Capital established a regional headquarter in the Dubai International Financial Centre (DIFC) in December 2023, recognising Dubai’s strategic importance as a financial hub.

Garg, co-founder and managing director, said: “Our Dubai office is integral to our strategy.” He believes that Dubai's positioning allows them to cater to the needs of UHNW families seeking international access and robust wealth management solutions.

Tucker added: “We don’t see it as a competition between Singapore and Dubai; rather, we aim to offer the best of both worlds to our clients.”

Garg also sees promise in the Dubai market. “The initial success in Dubai has been promising. We have seen a strong demand for our services, and we expect this market to grow significantly in the coming years.” He believes that Dubai has the potential to outgrow Singapore as a wealth management hub due to its strategic location and favourable business environment.

Trends in the MFO industry in Singapore and Dubai

The MFO industry in Singapore and Dubai has experienced growth due to increasing wealth concentration and the demand for sophisticated wealth management services. Both cities have used their unique advantages to attract global investors and MFOs.

Singapore has emerged as a global wealth management hub, partly due to its stable political environment, regulatory framework, and strategic location in Asia. The Variable Capital Companies (VCC) framework, introduced in January 2020, allows fund managers to incorporate investment funds under a flexible legal structure. Additionally, the Financial Services and Markets Act (FSMA), effective from July 2022, consolidates various regulations to enhance clarity and efficiency. The Institute of Banking and Finance (IBF) provides certifications and training programmes, while the Singapore Fintech Festival (SFF) promotes financial technology advancements.

The Global Investor Programme (GIP) has also played a significant role in attracting high-net-worth individuals and entrepreneurs to Singapore by offering permanent residency status in exchange for substantial investment in the economy. “The GIP is an excellent initiative that enhances Singapore’s appeal as a wealth management hub,” said Tibrewal. “It provides our clients with valuable opportunities for residency and investment.”

“Singapore has a well-established ecosystem that supports the wealth management industry,” he continued and pointed out that regulatory frameworks and talent development initiatives are particularly beneficial.

Furthermore, the Philanthropy Tax Incentive Scheme offers up to 100% tax deduction for family offices on philanthropic giving, including overseas donations, which encourages global charitable activities. “This scheme is highly beneficial for our clients who are keen on making a global impact,” noted Tucker.

Dubai has also positioned itself as a key financial centre in the Middle East, with the DIFC playing a crucial role. Dubai offers a zero-tax regime on income and capital gains, attracting UHNW individuals and family offices. The DIFC’s independent regulatory framework, based on common law, and initiatives like the DIFC Wealth Management Review aim to further enhance the wealth management ecosystem.

“Dubai’s zero-tax policy and strategic initiatives make it an attractive destination for wealth management. The DIFC provides a robust framework that supports our growth,” Kumar remarked.

Client demographics and business traits

Farro Capital serves a diverse clientele, ranging from young tech entrepreneurs to established business families. Understanding their unique needs helps shape the firm’s risk appetite and investment style. 

“Our clients come from various backgrounds, and each has unique requirements,” Tucker explained. He emphasised the firm’s focus on creating customised investment mandates tailored to their clients' specific goals and risk profiles.

Tibrewal observed: “The diversity of our client base, from second-generation business owners in their 50s to young tech billionaires, is a testament to our ability to meet a wide range of needs.”

Kumar highlighted the importance of technology in serving this diverse clientele. “Technology allows us to offer tailored solutions efficiently. We can manage complex portfolios and provide real-time insights, which is crucial for meeting the sophisticated needs of our clients.”

Growth drivers and opportunities

The expansion into the Middle East opens up significant opportunities for Farro Capital. Dubai’s strategic location and business-friendly environment are key growth drivers.

“Dubai is set to become a bigger market for us,” said Kumar. He noted that the initial success they’ve seen there indicates a strong demand for their services, and they expect significant growth in the coming years.

Garg concurred: “Our goal is to make Dubai a key hub for our operations. The market potential is immense, and we are well-positioned to capitalise on it.”

Farro Capital’s growth and strategic expansion highlight its impact on the MFO industry. By leveraging the strengths of Singapore and Dubai, the firm aims to continue its success and provide services to UHNW families globally.

“Our vision is to ensure that the wealth we manage can be successfully transferred across generations,” concluded Tucker. “We work with families looking for comprehensive wealth management solutions to partner with us and secure their legacy for the future.”