Family Office Market Scope
Family office is a private wealth management advisory firm designed to manage wealthy family’s private wealth. This firm provides investment advice only to family members. Family office also securing family’s financial future by building, preserving, and transferring family wealth and legacy. The demand of family office services is kept growing over the years. It provides full time professional management. The presence of family offices in the United States is grown around 3,000 single-family offices and 150 multi-family offices. The growth of family offices got unseen by private wealth management firms and become a big competitions with private banks. The family office is having strong opportunity. However, these are struggling with regulatory, operational, and technological challenges. The family office majorly classified in two types such as single-family office and multi-family office. And apart from these two others are hybrid family office, administrative family office, and fully integrated family offices.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | HSBC Bank (United Kingdom), Northern Trust (United States), Bessemer Trust (United States), BNY Mellon Wealth Management (United States), Pictet (Switzerland), UBS Global Family Office (Switzerland), BMO Financial (Canada), Abbot Downing (United States), Bank of America (United States) and Wilmington Trust (United States) |
CAGR | 11.0% |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Family Office market throughout the predicted period.
HSBC Bank (United Kingdom), Northern Trust (United States), Bessemer Trust (United States), BNY Mellon Wealth Management (United States), Pictet (Switzerland), UBS Global Family Office (Switzerland), BMO Financial (Canada), Abbot Downing (United States), Bank of America (United States) and Wilmington Trust (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are PNC Financial Services (United States), Rockefeller (United States), Glenmede (United States), Atlantic Trust (United States), GenSpring Family Office (United States), Veritable (United States), Silvercrest Asset Management (United States), Oxford Financial Group (United States) and Whittier Trust (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Family Office market by Type and Region with country level break-up.
On the basis of geography, the market of Family Office has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In May 2023, BlackRock Wealth launches "Next Gen Connect," a digital platform connecting younger family members with financial resources and experts.
In September 2023, Flexport launched "Family Office Solutions," a platform providing trade finance, logistics, and supply chain management for family businesses.
Influencing Trend:
Rising Wealth, Demand for Family Offices Grows In Latin America & Asia
Market Growth Drivers:
Increasing Resurgent Economic Activity in Latin America and Asia Have Driven Investors to Return to Emerging Markets, Rising Ultra-HNWI Wealth and Growing Complexity of Ultra-HNWI Financial Needs
Challenges:
Implications of New Regulations for Family Offices
Restraints:
Growing Cross-Border Transaction Leading To Complexity Managing Operations
Opportunities:
Brazil Is One of the Best Opportunities in a Generation and Family Offices Can Adopt a Lean Business Model by Outsourcing Non-Core Functions
Analyst View
To study the market, we approach the market from the business side. As these two are the major type of family offices. Major players are continuously investing in multi-family office services to deliver more than one family group. To analyse the market in we segment in investment type on the base of individual approach. Here we adopted firmographic segmentation.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Family Office Service Providers, Government Regulatory and Research Organizations and End-Use Industries