HSBC Private Wealth Solutions tops the multi-family office list according to a report compiled by Bloomberg. The report which is based on self-reported data ranks multi-family offices by the amount of assets under investment as at the end of 2012.
According to the report HSBC manages assets totalling $137.3 billion on behalf of 340 families, up 11% on the previous year. Second on the list is Northern Trust managing $112 billion for 3457 families, followed by Bessemer Trust ($77.9b) and BNY Mellon Wealth Management ($76b).
The report excludes those who manage a family office on behalf of a single family but does highlight some interesting trends within family offices. Alongside the figures, Bloomberg reports that although banks have a strong presence at the top of the list, the trend for independent firms has accelerated and that overall the family office sector is “booming”.
One of the strong themes to come out of the report is the way in which many family offices not only provide financial advice but also offer non-investment services such as family meetings, financial education and art consulting as well as concierge services such as property management, private travel arrangement and shopping assistance.
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