One Step Into The Past, One Into The Future
Family Office Elite Magazine|Summer Issue 2017

One Step Into The Past, One Into The Future

One Step Into The Past, One Into The Future

WHAT CHALLENGES DO FAMILY OFFICES FACE?

“Family Offices once the preserve of a select few are becoming increasingly ubiquitous. We see an increase in the number of wealthy individuals globally with age-old concerns around wealth preservation, corporate governance and succession planning remaining” states Luigi Pigorini, Head of Citi Private Bank’s operation in EMEA. Luigi has over 30 years’ experience in the financial sector and oversees all aspects of the Private Bank’s operations in Europe, the Middle East and Africa.

The current data points to phenomenal growth in the number of Family Offices with their history stretching back to the late 19th century with pioneering Family Offices such as Rockefeller and Co which was founded in 1882. Some experts on Family Offices credit the Medici’s of Florentine fame for setting up the first Family Office in the 16th century.

The growth is most acutely being felt in Asia where unlike the established markets of North America and Europe, the explosion of wealth is creating a steady demand for more Family Offices as investment intermediaries.

This growth increases the demand for specialist services that Family Offices require, as well as expertise on how to structure themselves and how to adapt to an ever changing environment. Family Offices are not immune to challenges. With the ever growing demands of wealthy families, offices are looking to external providers to outsource parts of their services; Family Offices also face challenges in terms of succession planning; and offices are facing technology roadblocks through ageing IT infrastructure, automation and the threat of cyber security.

To insource or to outsource?

Esta historia es de la edición Summer Issue 2017 de Family Office Elite Magazine.

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Esta historia es de la edición Summer Issue 2017 de Family Office Elite Magazine.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.