An outpost in Singapore has been opened by Nicky Oppenheimer’s and Jonathan Oppenheimer’s family office to increase their Asian exposure and work with the region’s rich.
Oppenheimer Generations’ former chief of staff Edoardo Collevecchio is relocating to Singapore to establish and lead the company’s team there, while Temasek’s head of investment Yi Ling Ong is joining from Asia, the company announced in a statement.
According to the investment group, which represents a branch of the dynasty behind mining giant Anglo American and diamond manufacturer De Beers, a presence in the city-state will assist boost investments between Asia and Africa.
Collevecchio, 33, predicts significant synergies between Africa and Asia in the next 20 to 30 years. “To be here at the beginning of that journey is important to us.” said Collevecchio
In 2012, the Oppenheimer family sold a $5 billion share in De Beers, according to the Bloomberg Billionaires Index, bringing their combined net worth to $8.2 billion.
Billionaires from around Asia are flocking to Singapore, including the Oppenheimers. Many of the world’s wealthiest people have established investment firms to handle their money in Singapore, including Google co-founder Sergey Brin and vacuum-cleaner millionaire James Dyson. According to government statistics, the number of Singaporean family offices more than doubled from 2017 to 2019.
According to the announcement, executive chairman Jonathan Oppenheimer, 51, said, “We look forward to expanding connections with like-minded partners.
The Oppenheimers owe their success to Anglo American’s establishment in South Africa in 1917. Later, the company acquired De Beers, which had been led by 76-year-old Nicky Oppenheimer since 1998.
With almost two dozen workers spread across South Africa, the United Kingdom, and Jersey, according to LinkedIn statistics, Oppenheimer Generations, which was formed after Anglo American purchased the family’s 40 percent ownership in the diamond corporation was launched. Tana Africa Capital, a private equity joint venture established with Temasek a decade ago to invest in African companies, is one of its other interests.
Collevecchio described Asia’s task as “very intriguing.”. “We see a lot of promise.”