Xinergee | Women and Wealth: The Changing Face of Family Office Leadership
A Quiet But Significant Shift
For much of its history, the family office has been a male-dominated institution. Wealth was concentrated among male founders, and leadership of family offices — whether through succession or establishment — followed the same pattern. That picture is beginning to change across Asia, and the shift carries meaningful implications for how family wealth is governed, invested, and ultimately defined — including here in Malaysia.
Women now comprise 18% of family office principals in the Asia-Pacific region, and 15% globally — a growing share reflecting both greater access to wealth and expanding leadership roles. (Source: Deloitte, Defining the Family Office Landscape 2024; Altrata, 2024)
Source: Deloitte, Defining the Family Office Landscape 2024; Altrata, Global Family Offices and the Economics of Legacy, 2024
The Malaysian Context
In Malaysia, many family-owned businesses were built by first-generation male entrepreneurs. However, the current transition to second and third generations is producing a more inclusive picture of family leadership. Daughters, daughters-in-law, and female family members are increasingly involved in managing family affairs — yet formal governance frameworks that recognise and structure their roles remain rare.
Establishing a Single Family Office under Malaysia’s SFO Scheme provides an opportunity to formalise inclusive governance. The family constitution — a foundational document in any well-structured family office — can explicitly define leadership eligibility, succession criteria, and governance roles in a manner that is fair, transparent, and meritocratic across all family members regardless of gender.
Leadership vs. Ownership: A Persistent Gap
While more women are inheriting wealth or establishing family offices, executive leadership at the senior level remains largely male-dominated in Asia. Industry talent surveys, including research by executive search firm Agreus, consistently find that female representation in SFO CEO roles across Asia remains significantly lower than in Western markets — where women account for approximately 20% of single-family office leadership positions. However, women are increasingly taking on investment and governance roles — particularly on advisory boards and investment committees — representing meaningful progress.
As the next generation takes on greater responsibilities within family offices, gender dynamics are expected to evolve more rapidly. Europe leads globally, with 20% of family office principals being women — regions with more female representation in governance also tend to demonstrate more advanced ESG frameworks and philanthropic structures.
The Investment Case for Inclusive Governance
The link between governance diversity and investment outcomes is increasingly recognised across the wealth management industry. According to McKinsey’s longstanding research on diversity and performance, companies with greater gender diversity at the leadership level are statistically more likely to outperform their peers financially. Within family offices specifically, advisors across Asia observe that families with broader governance participation — including female principals and next-generation members — tend to show stronger engagement with values-based investing, philanthropic structuring, and long-term risk planning. These are qualities that define well-governed, enduring family wealth. (Source: McKinsey & Company, Diversity Wins, 2020; advisory industry observation)
▌ CASE STUDY
Jennifer Cheng Lo, based in Hong Kong, is the Founder and Chair of NewChic Capital — the venture capital and private equity arm of her single family office. Under her leadership, NewChic Capital focuses on impactful technology investments, with a mandate that includes sustainable food systems and social impact ventures. Jennifer is also a Founding Partner of Ace Investment Management, a women-led hedge fund. As Chair of the ‘Women With Purpose’ initiative at the Society of Family Offices, she actively champions female leadership in wealth management. Her profile — serial entrepreneur, impact investor, and family office principal — represents a growing archetype of next-generation female wealth stewards in Asia who are bringing entrepreneurial energy and values-driven investing to the family office space. (Source: NewChic Capital; JennClub; Society of Family Offices, verified 2025)
Source: NewChic Capital (NewChicCapital.com); JennClub.com; Society of Family Offices — Women With Purpose Initiative, 2025
Practical Steps for Malaysian Families
For Malaysian families seeking to build more inclusive governance within their family office, the starting point is the family constitution. Clearly codifying principles around leadership eligibility, succession criteria, and governance roles — independent of gender — creates a framework for meritocratic transitions. Structured education programmes and mentoring tracks that engage female family members in investment and governance from an early age are also increasingly recommended by leading advisors in the region.
Advisory Perspective: Inclusive governance is not simply a matter of equity — it is a strategic advantage. Malaysian families that cultivate leadership talent across all members, regardless of gender, build a broader base of institutional knowledge and a more resilient family office over the long term. The SFO framework is an ideal platform to formalise this commitment.
Outlook: As Malaysia’s wealth transfer accelerates and next-generation leaders step forward, the profile of family office leadership will continue to evolve. Families that proactively build diverse and inclusive governance structures will be better positioned to navigate the complex social and investment landscape ahead.
Author Positioning
CEO of Xinergee
Certified Family Office Advisor by Wealth Management Institute, Singapore
British Chamber of Commerce member
Email: evonne@xinergee.com or yeevon09@gmail.com
Website: https://xinergee.com/
Evonne Lim is a Malaysia-based family office advisor specialising in wealth structuring, governance advisory, and intergenerational planning for ultra-high-net-worth families. Her work focuses on helping families navigate the evolving family office landscape across Malaysia and Asia, particularly in areas of succession planning, risk management, and long-term wealth preservation.
