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by Beverly Chandler, Opalesque London:
A White Paper from Advent finds that the wealth management landscape is changing as family offices become a growing force in the international investment
community.
In what Advent describes as a 'best practices’ guide to family office technology, the firm starts with commenting on the rapid growth of the investor group. "The number of ultra high net worth families around the
world has proliferated as the wealthy in developed countries accumulated
assets during the recent boom years, while rapid growth in the
emerging economies of Asia, the Middle East, and Latin America has
created—and will continue to create—a whole new swathe of family
fortunes. And as more families come to appreciate the range of wealth
management services that a family office can provide, demand for
such structures is expected to grow."
Advent reports that the trend was highlighted by research and consulting firm Celent in a
recent report entitled The European Family Office Market: Where is
the Opportunity? It noted that the European high net worth market
made up nearly 27% of the region’s total wealth, and had been
growing at a rate of 8% in the last two to three years.
"Yet the
family office market remained under-represented in Europe, having
only achieved an average penetration rate of 18% of ultrawealthy
individuals." Advent reports that given these factors, Celent predicted that the
family office market was poised for rapid expansion. "What is...................... To view our full article Click here
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