Billionaires are being minted at a slower pace in Asia, but the demand for professionals to manage their wealth remains strong, as contingencies have to be considered. Are family offices able to provide the much-needed service?

SINGAPORE (Dec 13): Chey Tae-won, chairman of South Korea’s third-largest chaebol, SK Group, could see one of the costliest divisions of personal wealth in Asia. According to Forbes, he is the country’s seventh-richest man, with a net worth of US$4.7 billion ($6.4 billion).

Chey’s wife, Roh Soh-yeong, recently filed for divorce and demanded KRW1.4 trillion ($1.6 billion) worth of shares in SK Holdings Co as part of the settlement. The move is a counterclaim against Chey, who first sought a divorce in 2017. He had confessed to an extramarital affair that produced a love child in a letter sent to a Korean newspaper in 2015. “I now think it’s right to let my husband go find the happiness he wants so desperately,” Roh, 58, posted on her Facebook page on Dec 4. Shares in SK Holdings are marginally down 0.2% year to date, closing at KRW259,500 on Dec 12.

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