SMU Vice President (Business Development and External Relations) and Academic Director of the Business Families Institute, Associate Professor Annie Koh said that the practice of employing third-party managers is gaining popularity among China's wealthy individuals as the younger, "more open" second generation begins to take the reins of private businesses in the mainland. She added that many first-generation business owners in China are now very keen to separate their personal wealth from their business assets, and a gradual shift of focus from growing to preserving assets will also usher in family offices to service the country's high-net-worth individuals (HNWIs).