As new sources of wealth and growing business fortunes drive unprecedented expansion in the adoption of the family office model, we partnered with Hedgeweek to create a "Family Offices: A New Era of Growth" report addressing your pressing questions by providing valuable intelligence and context. Drawing from Hedgeweek’s Family Office Insight Survey conducted in Q1 2024, and interviews conducted in February and March of 2024, our report discusses the outlook of the family office industry and the operational challenges faced by family offices.
Private credit is the most in-demand asset class among family office investors, with diversification benefits and return potential in a higher-rate environment. Alternatives also are a high priority for families looking to build and protect wealth. Also, while many survey respondents cited an interest in private market strategies, the interviews revealed an increasing interest in hedge funds.
As family offices look to respond to these trends, most have already chosen to outsource at least one key function, with three-quarters outsourcing their legal function, followed by IT infrastructure and accounting. Respondents reported a high level of importance given to technology, and while many are well on their way in their technology journey, the sophistication level is expected to continue to increase in the middle and back office to match increasing complexities.
While higher interest and increasing complexity have driven some changes in the family office industry, differing generational priorities are another driver, with technology being the biggest dividing line. Outsourcing is a common method of addressing the technology expectations of younger generations while achieving increased efficiency.
Read the full "Family Offices: A New Era of Growth" report to learn more about how the family office industry is expected to expand and how family offices can meet the resulting operational challenges. Download our "Family Offices: A New Era of Growth" brochure to learn more about our family office services.