Family Office
Today, private family capital is larger than private equity and venture capital combined. The increasing concentration of wealth held by very wealthy families and rising globalization are fueling the growth of family offices.
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There are thousands of single family offices around the world – most of which were set up in the last 15 years – and their number grows faster every year.
Family offices are complex organizations that require deep knowledge and expertise – not just of investment variables, but also a host of other factors.
Founder’s office
Often consists of an assistant or a few staff members who manage bills, travel plans and basic financial needs of the founder.
Embedded family office
Usually handles the shareholders’ personal financial affairs as well as corporate duties.
Compliance or tax office
Oversees investments and takes care of record-keeping, insurance and tax returns.
Investment management office
Manages private equity investments, hedge funds and similar activities, and may seek to manage money of other families as a service.
Full-service office or private trust company
Manages all aspects of service, including taxes, investments, family education, governance and accounting, usually across multiple generations.
Why successful business families set up family offices
As concerns about wealth preservation and succession planning within family businesses continue to rise, families are increasingly evaluating the benefits of setting up a family office. While each is unique, in general, a family office is a family-owned organization that manages private wealth and other family affairs. A family office supports the family vision and legacy, ownership transitions, leadership transitions and successful wealth transitions.
EY Family Office Guide
EY Family Office Guide is a detailed handbook that provides useful insight to family enterprise leaders who are considering setting up a family office.
The Guide is designed to be equally helpful to business families that wish to separate their family wealth and assets from the operating business, and successful entrepreneurs looking to structure and preserve their wealth following a major liquidity event. It offers technical information as well as insight into leading practices that successful family offices undertake for a long-term success.
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