Family offices are gaining visibility, but remain tricky to define. Here's how an HSBC private bank exec explains the term to ultra-rich clients.
space isn't well understood, particularly for a segment that's grown in visibility in recent years.
The number of single-family offices has risen by 38% globally over the past two years, according to aciting data tracked by advisory group Campden Wealth. Campden's research director, Rebecca Gooch, estimated there are 7,300 single-family offices globally, with 42% housed in North America and 32% in Europe. Those firms oversaw some $5.9 trillion as of July.
Having wealth siphoned off to pay to sort out intergenerational squabbles is a danger for wealthy families in general, she said. "It's the litigation risk, where they end up fighting to the death," she said. If the structure of a family office — whether that includes a tiny staff or a sprawling set of professionals including a chief investment officer, a president, and other experts — isn't quite right, Doshi said, she helps families figure out how to fix that and how to define "what a family office is, and what a family office isn't."
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