One of the trends in wealth management in recent years has been the growth of the multi-family office and private investment office sectors. Although there are a number of similarities between the two, there are also a number of differences.
Multi-family offices
These are independent firms serving very wealthy families. As they serve the needs of families, they tend to work across the generations and advise and manage the preservation and transfer of wealth to future generations.
They tend to provide independent advice and do not manufacture or sell investment products. Instead they seek the best-of-breed to meet the specific needs of their client families. They typically offer a bespoke investment proposition.
A multi-family office will offer a range of services beyond investment advice and management, these can include philanthropic advice, estate planning, tax services, insurance, household management, private school arrangements and more. They often also provide services to family-owned businesses, advising on issues such as governance and business management.
Often, a multi-family office may have grown from being a single family office, which served one family but for a variety of reasons has decided to open its doors to other families. Usually, this is to help the original family to cover the costs of the family office and to turn it into a commercial activity. Others have grown out of existing wealth management firms or trust companies.
Private investment offices
Private investment offices are independent firms, usually structured as a partnership, where partners invest their money alongside clients.
Like multi-family offices, they tend to focus on the upper end of the wealth scale. However, as the name suggests, they solely deal with the investment affairs of clients. They offer asset allocation and bespoke investment management services.
Again they tend to remain independent and unconficted, as they seek the best-of-breed solutions for a client.
The PAM Directory is a comprehensive guide on comparative data focusing on asset managers, investment managers, private banks, stockbrokers, wealth managers and multi-family offices, who provide discretionary and/or advisory portfolio management services for private clients.
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