[Asia Economy Reporter Byunghee Park] It has been confirmed that Google co-founder Sergey Brin has established a base in Singapore to manage his personal assets.
Bloomberg reported on the 3rd that, after reviewing a report submitted by Bayshore Global Management to financial authorities, it was confirmed that the company established a branch in Singapore at the end of last year.
Bayshore Global Management is a family office managing Brin's personal assets. A family office refers to an asset management firm established by billionaires like Brin to invest and manage their own assets. It is known that Bayshore Global Management has about 10 employees. Mary Young, Deputy Chief Investment Officer (CIO) of Bayshore, oversees the Singapore branch.
In Bloomberg's billionaire rankings, Brin is currently ranked 9th. His asset holdings amount to $86.5 billion, with an increase of $6.7 billion just this year.
Singapore offers various tax benefits to family offices, attracting global billionaires. When billionaires establish family offices, it not only creates jobs but also strengthens Singapore's status as a financial hub. Amid recent political issues causing serious friction between Hong Kong and China, billionaires have recently turned their attention to Singapore.
Hedge fund magnate Ray Dalio and James Dyson, founder of the British appliance company Dyson, have family offices in Singapore. As of October last year, there are about 200 family offices in Singapore, managing approximately $20 billion in assets. UBS stated that family offices in the Asia region achieve better returns than those in other regions by investing in Chinese companies.
Brin co-founded Google with Larry Page in 1998. As Google grew into a global company, Singapore also served as Google's Asia regional hub. Brin visited Singapore with Page in 2016.
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