Google co-founder Sergey Brin has opened a family office in Singapore to help manage his fortune, making him the latest tycoon to establish a private investment company in the financial hub, reported TechXplore.

Brin, the co-founder of Google and the world’s ninth-richest person with wealth of US$86.5 billion, set up its Singapore branch late last year, according to documents filed with the corporate regulator.

It is known that the ultra-wealthy have often chosen the city-state in recent years to open so-called “family offices” focused on handling their fortunes.

According to the documents filed with the regulator, the Singapore office of Brin’s US-based Bayshore Global Management will mainly focus on managing family investments. The office of Brin is named after North Bayshore, the area of Mountain View, California where Google has its headquarters.

Singapore is attractive with the city-state’s low tax rates, political stability, and incentives such as a scheme giving investors a pathway to permanent residency.

The city-state is also widely seen as having received a boost from long-running turbulence in rival financial hub Hong Kong.

Brin and Larry Page co-founded the internet search engine — now a unit of parent company Alphabet — in 1998. They stepped down from their roles at the helm of Alphabet in 2019.