Nearly 60% wealthy families without a family office are keen to enter this space shows a report released by Campden Family Office and Edelweiss Private Wealth Management.
Titled ‘A roadmap for the Indian family office’ the report shows that 29% families are ‘very interested’ to set a family office; 29% are ‘interested’; 24% ‘neither interested nor disinterested’ and 18% are disinterested.
The report also showed how much progress these families have made in their bid to set up a family office. Amongst those in the interested category, 29% are in the process of establishing a single family office, while 21% are in the midst of establishing or joining a multi-family office. The remainder are in stages still too premature to define.
A family office is a private office for a family with considerable wealth. Some of its functions include wealth management, investing, managing corporate and family governance issues and performing administrative and concierge duties.
Popularity of family offices has picked up after 2000. Reflecting the more recent emergence of family offices in India, the report shows that 58% family offices were set up after 2000.
The recent expansion of the family office space is a global phenomenon as other areas such as Singapore, Australia and the United Arab Emirates have seen a rise in family offices after 2000. The Global Family Office Report 2018 reveals that over two-thirds or 67% of family offices globally were founded on or after the millennium.
Family office set up trend in India:
|
After 2010 |
34% |
|
2000-2010 |
24% |
|
1990-2000 |
14% |
|
1980-1990 |
7% |
|
Before 1980 |
21% |