Raine Group, a New York-based boutique advisory firm, is closing its Hong Kong office and offering staff relocation to Singapore. This strategic move aims to consolidate operations within Asia and capitalize on Singapore’s growing financial activity. The decision reflects a broader trend of businesses streamlining their regional presence for increased efficiency and talent development.
Three Hong Kong-based employees, including a managing director, have received relocation offers. Raine Group’s Singapore office, already its largest in Asia, is experiencing significant growth and will become the central hub for the firm’s regional operations. By consolidating in Singapore, Raine Group seeks to improve operational efficiency and provide enhanced career growth opportunities for its junior staff.
This consolidation strategy underscores Raine Group’s commitment to optimizing its Asian presence. A larger Singapore hub facilitates streamlined collaboration and resource allocation, enabling the firm to better serve its clients in the dynamic Asian market. The move also allows Raine Group to leverage Singapore’s robust financial ecosystem and attract top talent.
Raine Group’s Singapore expansion began in 2022 with the appointment of Jonathan Pflug, former head of Southeast Asia mergers and acquisitions at Morgan Stanley. Deborah Mei, co-founder and head of Raine’s Asia practice, is also based in Singapore. The firm’s strong leadership presence in Singapore further reinforces the city’s strategic importance.
Founded in 2010 by Joseph Ravitch, formerly of Goldman Sachs Group Inc., and Jeffrey A. Sine, previously a senior banker at UBS Group AG, Raine Group received early investment from SoftBank Group Corp.’s founder and CEO, Masayoshi Son. The firm has a long-standing relationship with SoftBank, advising on significant deals like the $32 billion acquisition of Arm Holdings Plc.
Specializing in technology, media, and telecommunications, Raine Group has a notable track record in Asia. Key deals include advising Grab on its 2018 merger with Uber Southeast Asia. More recently, the firm facilitated Serene Productions’ investment in Dharma Productions and Dharmatic Entertainment, owned by Indian producer Karan Johar. Globally, Raine Group advised Manchester United on the stake investment from billionaire Jim Ratcliffe.
In addition to its presence in Singapore, Raine Group maintains offices in Shanghai and Mumbai. The closure of the Hong Kong office marks a significant shift in the firm’s Asian strategy, concentrating resources in Singapore as the primary hub for regional operations. This strategic realignment positions Raine Group for continued growth and success in the evolving Asian market. This consolidation allows Raine to better leverage its expertise and resources, offering clients comprehensive advisory services across the region.
