NEW DELHI, Oct 08 (UNB): India's billionaire businessman Mukesh Ambani is reportedly setting up a family office in Singapore, joining the rush of the world's ultra-rich opening such entities in the Asian city-state to manage their wealth.
Ambani, the owner of India's oil-to-telecom conglomerate Reliance Industries, has even hired a manager to recruit other staff for the family office in Singapore, media reports said, quoting sources close to the family.
This comes barely three months after Ambani-the second-richest person in Asia-kickstarted a dynastic succession, handing over the reins of Reliance's telecom arm Jio to his eldest son Akash.
A family office is basically a private investment entity designed to oversee the wealth of rich individuals, aimed at growing and transferring assets on to their future generations.
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