Global family offices grow assets under management to nearly US$6 trillion, report shows
There are now 7,300 offices, an increase of 38 per cent in the last two years, according to Campden Research, while total assets under management were US$5.9 trillion and the wealth of the families behind them stood at US$9.4 trillion.
North America had the largest share of family offices, with 3,100 or 42 per cent of the total, while Asia-Pacific had 1,300 offices, and Europe had 2,300. Emerging markets, consisting of South America, Africa and the Middle East, were home to 600 family offices.
During the last two years, the number of Asia-Pacific family offices rose 44 per cent, while in North America they grew 41 per cent and, in Europe, 28 per cent.
Family offices will handle investments and accounting issues for families, but have also been known to handle other tasks, such as social relations between family members or yachting holidays. Estimates vary, but Campden Wealth said that family offices often become financially feasible for families with more than US$150 million in assets.
