FAMILY OFFICES AND THE SHIFT TO A UNITED APPROACH TO STRUCTURING
WHAT IS A FAMILY OFFICE?
A family office is an alternative to the traditional wealth management outlets. Family offices are private wealth advisory firms that manage and serve the ultra-high net worth. A single-family office is a privately held company that handles the investment management of the family wealth.
The unique value proposition for all family offices is the single common aim to manage their accrued wealth and seek professional advice, hence creating an effective form of structuring and being able to meet the family’s overall long-term goals.
According to the global family office report conducted in the last year (Campden Research 2019), there are an estimated 7,300 single family offices worldwide, with a collective estimated assets under management of US $5.9 trillion.
The article also quoted “Whilst family offices are most famously known for investing, a lot of their other activity involves succession planning and next generation prepping. In turn, family offices are ideal vehicles for those looking at how best to preserve their wealth for generations to come.”
As families seek to use professionals to manage, enhance and protect their personal and business affairs, the pivot to Middle East alternative structures has gained momentum.