Indian billionaire Mukesh Ambani to open family office in Singapore: sources

Mukesh Ambani is the latest in a series of ultra-rich people to pick Singapore for their family offices. - Bloomberg

SINGAPORE (The Strait Times/Asia News Network): Asia's second-wealthiest man, Reliance Industries chairman Mukesh Ambani, is setting up a family office in Singapore, according to people familiar with the move.

The Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running, the people said. The Ambanis have also chosen real estate, one of the people said.