Press release
Family Offices Market Size, Trends And Forecast Report 2024-2033
Family Offices Market
The family offices market size is expected to see strong growth in the next few years. It will grow to $23.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising ultra-high net worth individuals (uhnwi), impact investing trends, digital transformation in finance, generational shifts in wealth management.. Major trends in the forecast period include rise of co-investment opportunities, family office consolidation, focus on family governance, adoption of philanthropic strategies, increased regulatory compliance..
Market Overview -
A family office is a private wealth management organization that caters to the financial and investment needs of high-net-worth individuals or families. They enable a family to keep all their confidential information in one safe location that is also easily accessible.
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Rising Need For Wealth Management To Drive Market Growth
The increasing need for wealth management is expected to drive the growth of the family offices market going forward. Wealth management refers to the professional services and strategies employed to help individuals or families preserve, grow, and manage wealth. Family offices are growing by providing a broader range of sophisticated financial services and expertise to meet the complex needs of high-net-worth individuals and families. The benefit of a family office in wealth management is the provision of highly personalized and comprehensive financial services tailored to the specific needs and goals of affluent families, facilitating the preservation, growth, and efficient management of their wealth across generations. For instance, in June 2022, according to Global Family Office Report 2022 by UBS Group AG, a Switzerland-based investment banking company, over 80% of family offices invested in private equity, with a growing number making direct investments yearly. Private equity total wealth average allocations have continued to climb, from 10% in 2020 to 13% in 2021. Therefore, the increasing need for wealth management will drive the family offices market growth.
Competitive Landscape -
Major companies operating in the family offices market report are Cascade Investment Group Inc., MSD Partners LP, Stonehage Fleming Group, Glenmede Trust Co, The Bessemer Group Incorporated., The Bank of New York Mellon Corporation, UBS Group AG, BMO Financial Group, Cambridge Associates Ltd., Citigroup Inc., Wells Fargo & Company, Northern Trust Corporation, Silvercrest Asset Management Group LLC, The Pictet Group, Emerson Collective LLC, Bezos Expeditions LLC, Fedesa Europe S.A., The Woodbridge Company Ltd., Hillhouse Capital Management Limited, Premji Invest, ICONIQ Capital LLC, Bregal Investments LLP, Gart Capital Partners, Rockefeller Capital Management L.P., Soros Fund Management LLC, The Blackstone Group Inc., The Carlyle Group Inc., The Chernin Group Inc., The Pritzker Organization LLC, The Raine Group LLC, The Yucaipa Companies LLC, Tiger Global Management LLC
Technological Advancements Driving Innovation In Family Offices Market
Disruptive technology such as AI and blockchain is a key trend gaining popularity in the family offices market. Major companies operating in the family offices market frequently focus on disruptive technology to stay competitive by increasingly adopting them. For Instance, in October 2022, Raffles Family Office, China-based multi-family office that offers investment management services, launched Revo Digital Family Office. It is a next-generation platform that enables ultra-high-net-worth families to access and invest in digital assets. It is designed with blockchain technology that revamps legacy systems and processes in wealth management with better security and efficiency.
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Key Segments -
The family offices market covered in this report is segmented -
1) By Type: Single Family Office, Multi-Family Office, Virtual Family Office
2) By Asset Class: Bonds, Equities, Alternative Investments, Commodities, Cash Or Cash Equivalents
3) By Office: Founders' Office, Multi-Generational Office, Investment Office, Trustee Office, Compliance Office, Philanthropy Office, Shareholder's Office, Other Offices
4) By Net-Worth Managed: Less Than 50 Million, 50 Million To 100 Million, More Than 100 Million
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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