SINGAPORE (BLOOMBERG) – The family office of James Dyson, the billionaire founder of vacuum cleaning giant Dyson, has incorporated in Singapore and is in the process of hiring IT and financial services staff.
Weybourne Group Ltd is looking to build a team of senior staff in the city-state, according to job advertisements posted on Dyson’s website. The family office was established in 2013 and employs around 55 people globally.
James Dyson, who earlier this year decided to relocate the company’s head office to Singapore from the UK, has a net worth of about US$11.9 billion, making him the UK’s second-richest person.
Singapore has proven a popular place to set up a family office because of its high standard of living, plethora of international tax treaties and strict privacy rules. The number of family offices quadrupled between 2016 and 2018, Monetary Authority of Singapore data show.
Weybourne Services Singapore Pte was incorporated on Jan 31. A treasury analyst role being advertised on the website notes that any successful applicant will need to help manage the cash and funding requirements of the group while dealing with foreign currency transactions. Swiss private bank Lombard Odier is a banker to Weybourne, according to a filing to Singapore’s Accounting and Corporate Regulatory Authority.
A representative from Dyson didn’t immediately respond to a request for comment.
The family office’s expansion is further evidence Dyson’s commitment to Singapore is more than skin-deep. The appliance maker plans to hire extensively across Singapore, Malaysia and the Philippines, and Dyson himself has snapped up several luxury properties on the island.
RHTLaw Taylor Wessing LLP Partner Benjamin Szeto said Singapore is an attractive base for family offices because of its political stability, its connection to global markets and range of tax incentives.
“Singapore is pretty well known to have an extensive array of direct double taxation agreements with many countries,” said Szeto, who is also deputy head of the law firm’s private wealth practice. Those arrangements show the nation is “held in high regard by others around the world”.