Andy Lim strides into the boardroom and sits in the only chair there that’s placed at the head of the table. Barely a heartbeat passes before he jumps up like he has accidentally sat on a hot potato and scoots over to the right.
“That is the boss chair,” he jokingly exclaims. It is the seat his father, John Lim, who is the co-founder and group chief executive of ARA Asset Management, takes when the board convenes, and the 35-year-old Lim seems self-conscious in the hallowed spot. And this despite the fact that the scion has been the chief executive officer of JL Family Office, the holding company for the family’s wealth, since 2019.
However, there is a distinction to be made here. ARA Asset Management, which has a presence in 28 countries – and whose most recognisable landmark is Suntec City – manages about $87 billion in assets and is estimated to be worth about $5 billion.
The JL Family Office holds a 19.85 per cent stake in ARA and this comprises a significant portion of the Lim family’s fortune. It also holds a 10.5 per cent stake in Straits Real Estate, which is co-owned by The Straits Trading Company.
“The office takes care of 100 per cent of the family’s wealth,” he says. “The beauty of the family office concept is that I have the ability to run my own thing away from the core business. There is a latitude that allows me to do things I feel are right for the family.”
TAKING THE LEAP
By his own admission, Lim originally had no intention of getting involved in the family business. “I enjoyed my practice as a commercial real estate lawyer. I enjoyed the rigours of law and was involved in a lot of negotiations and contracts. I loved that every day I would be doing deals,” says Lim, who holds a law degree from the University of Liverpool and spent four years at Allen & Gledhill till 2014.
This story is from the March 2020 edition of The PEAK Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2020 edition of The PEAK Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Wear The World On Your Wrist
These watches are proudly made in Switzerland, but prouder still are their homages to other cultures.
Shaping Healthy Confectioneries Through Science-Backed Innovation
At a time when health-conscious consumers are questioning the norms of processed foods, Glico tells us why it stands firm in its confidence.
The Home Advantage
This AI-dependent reno-tech platform is cutting out the middleman for interior designing and, recently, its financing.
Financing Art
UOB, UBS, OCBC, and Bank of America are some financial institutions involved heavily in today's art world. Why is this the case?
Airing New Possibilities
Acclaimed chefs Matthew Orlando and Will Goldfarb hope to inspire and spark deeper conversations and action around food and circular cooking at their idyllic concept Air in lush Dempsey Hill.
Taking Initiative
Nicole Robinson, andbeyond's chief marketing officer, shares how the luxury safari operator is accelerating its ground partnerships in a race against time to save the planet's remaining wilderness.
Tropical Modernism
In this three-storey inter-terrace belonging to a family of four, designer Ethan Lin of TE-EL sought to create a cosy nest that marries the disparate tastes of its owners.
A Symphony of Vintage
Antoine Bakhache, founder of Bakhache Jewellery, shares the story behind the brand's inception, its curated vintage collections, and the journey ahead.
Time is of the Ressence
Time is of the Ressence Independent watch brand founder Benoit Mintiens on creating unique timepieces by focusing on the user experience.
A Timeless Impact
The Rolex Awards for Enterprise celebrate innovators like Denica Riadini-Flesch, whose work at SukkhaCitta focuses on ethical craftsmanship.