Credit Suisse Family Office White Paper
The Family Office Dynamic: Pathway to Successful Family and Wealth Management.
Increasing numbers of family offices have been set up during the last decade, and this trend shows no sign of declining. Indeed, with continuing wealth concentration, the natural desire of families to pass on assets to the next generations and rising globalization, there is every reason to expect more family offices to be established. But what exactly does a family office do, and what are the most effective structures and processes?
This white paper provides answers to the following key questions:
- Why should a family set up a family office, and what are the different types of family offices?
- Are there disadvantages as well as benefits in setting up a family office?
- What services are generally best performed in-house, and which outsourced?
- Is there an ideal minimum amount of assets under management, and what costs are involved?
- How are family office professionals most effectively recruited and managed?
- What needs to be included in a family office business plan and what are the different stages involved in setting up a family office?
- Which are the most important considerations when selecting a jurisdiction for the family office?
- What are the major risk areas and how can these be managed?
This paper also includes key insights on investment processes, and on IT systems, trading tools and platforms. The appendix, drafted by Ernst & Young, contains useful details on the legal and regulatory situation for family offices in various important jurisdictions, including Germany, Austria, Switzerland, the UK, Dubai International Financial Center and the US.
There are also contributions detailing the insights of family office professionals and a successful family office, as well as a list of best practices.