High net-worth families are increasingly setting up their own private offices in London to manage their finances, the Financial Times reports.
More than 300 families with assets over 100 million each have set up such offices in what the newspaper calls the “financial services sectors newest trend.” Private wealth management consultancy group Scorpio Partnerhsip estimates there are a further 100 “multi-family offices.”
“Family offices could become the new icon for the financial services industry, displacing the ubiquitous hedge fund manager,” Sebastian Dovey, Scorpios managing partner, told the Financial Times.