Raffles Family Office (RFO) has appointed Edward Sit as executive director and head of Greater China corporate development, according to a statement from the firm.
Sit will be responsible for executing the multi-family office’s corporate strategy in China, including areas in establishing business partnerships and client development. He will split his time between Hong Kong and mainland China.
Sit is also expected to work closely with the management team overseeing the Greater China market, which includes Ray Tam, managing partner and co-founder, and Stella Kong, managing director for Greater China. Sit reports to Chiman Kwan, RFO’s founder and CEO.
Kong is also a recent hire, having joined the firm in May to lead RFO’s business expansion in Greater China.
Sit was previously at the Hong Kong Exchange & Clearing, where he was vice president responsible for the bourse’s global client development function. In total, he has 15 years of experience in the finance industry.
Business expansion
Both Sit and Kong’s hires follow after RFO established in October a Shanghai-based joint venture firm with I-Fast Corporation. It also has an office in Taiwan, where it started operations last year.
Hong Kong remains the firm’s largest office with about 35 staff, including relationship managers and investment professionals. The majority of the firm’s assets are also sourced from Hong Kong, particularly from offshore mainland Chinese clients.
Elsewhere, it has an office in Singapore, where it set up an office in 2018. The Singapore team has around 20 staff, including relationship managers, one portfolio manager and operational support.
Since March, the firm made several senior hires in Singapore, including managing director and relationship manager Marvin Koh, who was previously from DBS, and Simon Lints, who was hired to drive the firm’s business expansion in Southeast Asia, including Thailand and Malaysia. In June, the firm also hired Paul Tay from RBC Wealth Management as senior vice president for trading and advisory.
