Family Offices Spread International Wings With New Offices – Study

Editorial Staff

18 September 2024

A study of more than 300 family office professionals finds that more than three quarters (78 per cent) of them have opened more offices in different countries in the past five years, highlighting the increasingly international nature of this industry.

The findings come from , a specialist global provider of services to high net worth individuals and family offices, financial institutions, asset managers and corporates.

The main reason for opening more offices – cited by 79 per cent of respondents – is because family members are increasingly moving abroad or living in different countries. However, 57 per cent of respondents said more offices were needed as investment portfolios have diversified or become more sophisticated, and 41 per cent have done so in response to risk posed by geopolitical events.

Around 40 per cent of respondents said new locations were opened to handle tax and regulatory issues, while 11 per cent said they have already opened more offices in different jurisdictions because of a skills shortage.

More than a third (36 per cent) of family office professionals surveyed said they have three physical offices, followed by around a quarter (27 per cent) who have more than five. Around 15 per cent have four, 14 per cent have two, 5 per cent have five and just 4 per cent have one physical office.

The international trend appears set to endure, the authors of the study said.

When asked specifically whether they’ve seen an increase in family members having different or multiple citizenships or residing in different countries over the past five years, almost 9 in 10 (89 per cent) of respondents said they have done so. Of these, 86 per cent predict that this trend will increase in the next five years, with 9 per cent saying it would increase dramatically.

See previous examples of research from the firm here and here.