Family offices continue to experience significant growth globally. Not only has there been growth in the amount of Family Offices, but the amount of wealth being managed by these family offices has also grown tremendously. With estimated assets of over $4 trillion, they have become true competitors for some of the large companies and institutions.
One of the trends that we see happening now, is that many family offices that were initially set up as Single Family Offices are now moving into the Multi-family office model. We are currently working with several SFO’s on their conversion to MFO’s.
Due to the volatility and complexity of the global markets and the global economy, Family Offices continue to hire more talented and highly sophisticated Chief Investment Officers, Chief Financial Officers, Chief of Staffs and Chief Operating Officers and they are bringing in more General Counsels to handle some of the legal work as well. As they continue to do more direct investments which is another trend that we expect to continue, they will have to add more infrastructure and talent.
One of the areas that continues to need more attention and has become one of our greatest areas of expertise, lies in succession planning and the transfer of assets from one generation to another. As a family business ourselves, we are well equipped to deal with intergenerational issues.
For additional information on trends for Family Office in 2019 and 2020, please feel free to contact: Michael Rosenblatt, President of FON Search at 212-971-0033 or Michael@questorg.com