The Family Office Report 2013

Date: April 12, 2013
Pages: 74
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US$ 4,995.00
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Publisher: WealthInsight
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: F36C44CE53EEN
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The Family Office Report 2013
SYNOPSIS
  • This report is the result of WealthInsight’s extensive research covering the worldwide family office market.
  • A “family office” is defined as a wealth management company that focuses on a single HNWI or a small group of selected HNW clients.
SUMMARY

This report reviews the global family office industry. It also includes family office lists for over 30 countries.

SCOPE
  • Size of the global family office industry in 2012
  • Lists of major family offices for over 30 countries
  • Competitive landscape of the global family office sector
  • Profiles on the world’s largest 20 family offices
  • Case studies on wealthy European families with single family offices
  • Future prospects for the family office industry
REASONS TO BUY
  • The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 60,000 HNWIs from around the world.
  • The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
  • With the Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover.
KEY HIGHLIGHTS

At the end of 2012:
  • Worldwide wealth held by individuals amounted to US$195 trillion.
  • There were 16.8 million HNWIs in the world and worldwide HNWI wealth stood at US$66 trillion.
  • Assets managed by worldwide wealth managers, private banks and family offices totaled US$19.3 trillion. US$8.3 trillion of this was held in offshore centers.
  • There were more than 5,000 family offices operating globally, the majority of which were based in the US and Europe. This includes 2,700 single family offices (SFOs) managing approximately US$1.7 trillion in assets and 2,300 multi-family offices (MFOs) managing US$800 billion in assets.
  • Together, the global family office industry managed US$2.5 trillion, which accounted for 13% of global wealth management assets under management (AuM) (US$19.3 trillion) and 3.7% of global HNWI wealth (US$66 trillion).
  • There were over 2,900 family offices in the US.
1 INTRODUCTION

1.1 Definitions

2 SUMMARY

3 COUNTRY PROFILES

3.1 Australian Family Offices
3.2 Austrian Family Offices
3.3 Belgian Family Offices
3.4 Brazilian Family Offices
3.5 Canadian Family Offices
3.6 Dutch Family Offices
3.1 Finnish Family Offices
3.2 French Family Offices
3.3 German Family Offices
3.4 Guernsey Family Offices
3.5 Indian Family Offices
3.6 Isle of Man Family Offices
3.7 Irish Family Offices
3.8 Israeli Family Offices
3.9 Italian Family Offices
3.10 Japanese Family Offices
3.11 Jersey Family Offices
3.12 Liechtenstein Family Offices
3.13 Luxemburg Family Offices
3.14 Norwegian Family Offices
3.15 Polish Family Offices
3.16 Russian Family Offices
3.17 Singapore Family Offices
3.18 South African Family Offices
3.19 Spanish Family Offices
3.20 Swiss Family Offices
3.21 Turkish Family Offices
3.22 UAE Family Offices
3.23 UK Family Offices
3.24 USA Family Offices
3.25 Other Countries
3.26 Case Study: Wealthy European Families

4 COMPETITIVE LANDSCAPE OF FAMILY OFFICE SECTOR

5 LARGEST FAMILY OFFICES

6 FUTURE PROSPECTS

6.1 Summary
6.2 Regional Business Trends
6.3 Future Growth
6.4 Huge Potential in Asia

7 GLOBAL WEALTH MANAGEMENT STATISTICS

8 ABOUT WEALTHINSIGHT

LIST OF FIGURES

Figure 1: HNWI Wealth Band Definitions
Figure 2: Wealth Management Industry – Maturity Level of Players
Figure 3: Australia: SFOs – Geographical Location by Region
Figure 4: Australia: SFOs – State Comparison
Figure 5: Australia: SFOs – By Sector
Figure 6: Australia: SFOs – Sector Comparison
Figure 7: Australia: SFOs – Retail and Fashion vs. Real Estate
Figure 8: Australia: SFOs – Basic Materials and Manufacturing vs. the Services Sector

COMPANIES MENTIONED

U.S. Advisory Group
Bessemer Trust
GAM Fund Management Limited
Stonehage
Ziff Brothers Investments
Rockefeller Wealth Advisors
Tethys SAS
Wilmington Family Office, Inc.
Hawthorn PNC Family Wealth
Smith and Williamson
Network Services
GenSpring Family Offices
HQ Trust of Harald Quandt Holdings
Arnerich Massena and Associates, Inc.
Stenner Investment Partners
Kedge Capital Services
Azim Premji Investments
United Capital Private Wealth Counseling
Veritable Family Office
Moneta Group, LLC

At the end of 2012:

  • Worldwide wealth held by individuals amounted to US$195 trillion.
  • There were 16.8 million HNWIs in the world and worldwide HNWI wealth stood at US$66 trillion.
  • Assets managed by worldwide wealth managers, private banks and family offices totaled US$19.3 trillion. US$8.3 trillion of this was held in offshore centers.
  • There were more than 5,000 family offices operating globally, the majority of which were based in the US and Europe. This includes 2,700 single family offices (SFOs) managing approximately US$1.7 trillion in assets and 2,300 multi-family offices (MFOs) managing US$800 billion in assets.
  • Together, the global family office industry managed US$2.5 trillion, which accounted for 13% of global wealth management assets under management (AuM) (US$19.3 trillion) and 3.7% of global HNWI wealth (US$66 trillion).
  • There were over 2,900 family offices in the US.

Family offices provide a more customized offering than wealth managers and private banks. Services on offer typically include: managing household staff, property management, philanthropy coordination, managing family education, intergenerational transfer and legal and tax services, on top of the usual investment services. A family office’s services are exclusively for family members and their related trusts, foundations, charities, non-profit organizations and family-related investment vehicles.

Single family offices

A single family office (SFO) is an entity created by a family to manage its investments and financial affairs. SFOs generally take the form of a private company that manages the investments and trusts of ultra high net worth individuals (UHNWIs), those with more than US$100 million, and their extended family.

Usually, an SFO has a small team consisting of a lawyer, an investment specialist, a tax lawyer and an accountant. SFOs offer wealthy individuals a high degree of privacy and control in the management of their wealth.

Multi-family offices

There are a significant number of families with at least US$5 million that do not have the economies of scale to establish stand-alone family offices. Multi-family offices (MFOs) cater to these families and allow them to co-invest and share due diligence and other administrative costs with other families.

MFOs tend to employ professionals to manage all activities in-house (e.g. families may share a chief financial officer, legal, trust, tax and insurance professionals). This saves on operating costs and increases the range of expertise in managing wealth, while still offering UHWNIs access to a highly personalized wealth management service. MFOs can be a competitive threat to high-end financial advisors.

Clientele model

WealthInsight has shaped an HNWI clientele model that depicts the various business units operating in the wealth management industry in Canada. Different wealth bands are catered to by different service providers.

Although service providers look to cater to a specific wealth band, their services often overlap. Wealth managers have the widest coverage, servicing everyone from mid-tier millionaires to billionaires. SFOs are the most exclusive of all service providers, catering exclusively to centimillionaires and billionaires. At the base are retail banks which offer generalized solutions. In these cases, one relationship manager often caters to a large number of individuals and personalized attention is rare.

The material was prepared in August, 2013.

LIST OF TABLES

Table 1: HNWI Wealth Band and Group Definitions
Table 2: Australia: Multi-Family Offices, 2012
Table 3: Australia: SFOs – State Comparison and Potential
Table 4: Australia: SFOs – Sector Comparison and Potential
Table 5: Australia: SFOs – Top 10 SFOs by AuM
Table 6: Austria: Family Offices, 2012
Table 7: Belgium: Family Offices, 2012
Table 8: Brazil: Family Offices, 2012
Table 9: Canada: Family Offices, 2012
Table 10: The Netherlands: Family Offices, 2012
Table 11: Finland: Family Offices, 2012
Table 12: France: Multi-Family Offices, 2012
Table 13: Germany: Family Offices by City, 2012
Table 14: Germany: Family Offices, 2012
Table 15: Guernsey: Family Offices, 2012
Table 16: India: Family Offices, 2012
Table 17: Isle of Man: Family Offices, 2012
Table 18: Ireland: Family Offices, 2012
Table 19: Israel: Family Offices, 2012
Table 20: Italy: Family Offices, 2012
Table 21: Japan: Family Offices, 2012
Table 22: Jersey: Family Offices, 2012
Table 23: Liechtenstein: Family Offices, 2012
Table 24: Luxemburg: Family Offices, 2012
Table 25: Norway: Family Offices, 2012
Table 26: Poland: Wealth Managers and Family Offices, 2012
Table 27: Russia: Multi-Family Offices, 2011
Table 28: Singapore: Family Offices, 2012
Table 29: South Africa: Family Offices, 2012
Table 30: Spain: Family Offices, 2012
Table 31: Switzerland: Asset Allocation of Typical Single Family Office, 2011
Table 32: Switzerland: Family Offices, 2012
Table 33: Turkey: Wealth Managers and Family Offices, 2012
Table 34: UAE: Family Offices, 2012
Table 35: UK: Major Multi-Family Offices, 2012
Table 36: UK: Major Single-Family Offices, 2012
Table 37: The US: Family Offices, 2011
Table 38: The US: Family Offices by City, 2011
Table 39: Rest of the World: Family Offices, 2012
Table 40: Europe: Major Single-Family Offices, 2012
Table 41: Europe: Major Single-Family Offices, 2012 (continued)
Table 42: Top 20 Global Family Offices, 2011
Table 43: Global: Offshore Centers by AuM (US$ Billion), 2011
Table 44: Global: Major Countries by AuM (US$ Billion) 2011
Table 45: Global: AuM Compared to HNWI Wealth by Major Country (US$ Billion), 2011
Table 46: Global: Other Countries by AuM (US$ Billion), 2011

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