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What is a Family Office?

A Family Office is a private company that provides full and dedicated services to the needs of a family.  It is often used to manage a family’s wealth & assets, including managing income and expenses.

The asset size can range from a few hundred millions to billions of assets.  There are 2 common types of Family Office – Single Family Office (SFO) or Multi Family Office (MFO).

 

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What is the difference between Single Family Office and Multiple Family Office?

SFO serves only one family while MFO provides similar services, but serves more than one family.  MFO provides families a ready infrastructure, lower cost of operation and providing joint investment partnerships and opportunities.

 

What does a Family Office do?

Family office differs greatly.  It depends on the needs and life cycle of the family and if the family have adequate financial & international knowledge.

Example of what goes on in a Family Office:

Wealth Family General Concierge
Asset Management Governance Adminstration Travel
Investments Education Accounting Luxury
Real Estate Succession Planning Payroll Emergency
Philanthropy Legal
Trust & Foundation

 

What is the asset size of a Family Office?

Wealthy Asian Family
Wealthy Asian Family

For Single Family Office, it usually starts from a few hundred millions to billions of assets.  For Multi-Family Offices, the amount to start can be ranging from as low as $5 Million to $20 Million.

The qualifying amount is directly dependent on the fees incurred, services provided and exclusivity of the Family Office.  The cost of operating a Family Office starts from $1 – $2 Million annually.

 

Which are the famous family offices?

Walton Enterprises LLC, Rockefeller & Co. … …

 

Which are the biggest Multi Family Offices?

HSBC Private Bank, Citi Private Bank, Northern Trust … …

 

Can your client start a family office with $20 Million?

A Single Family Office typically manages a few hundred millions due to the high cost of running a family office.  As the value of wealth & assets fluctuate alongside changing family needs, the asset value and structure needs to be sustainable.

For smaller wealth & asset value, joining a Multi-Family Office or setting up a Private Investment Vehicle / Company (PIV / PIC) might be more sustainable in terms of cost.  The PIV / PIC can be adapted into a Family Office as wealth & asset value increases.

To run a Family Office, your clients will need to pool a team of quality professionals.

An example of a Family Office Cost Setup:

Expenses Amount ($)
CFO / Finance Manager $250,000
Chief Investment Officer / Portfolio Manager $250,000
Investment Analyst $100,000
Operations Manager $100,000
Adminstrative Staffs $100,000
Office & Insfrastructure $250,000
$1,050,000

 

Example of Annual Cost of $1 Million against Assets under Management (AUM):

  • $10 Million – Annual Cost is about 10% of AUM
  • $20 Million – Annual Cost is about 5% of AUM
  • $100 Million – Annual Cost is about 1% of AUM

Related:

Learn More: Coming Soon

  • Should You Join a Family Office?
  • How can a Family Office help your clients?
  • What is the purpose of a Family Office?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


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