Strategy & Practice Management

The Ongoing Trend of Family Offices Outsourcing

A recent global survey conducted on family offices across the Americas, Europe, the Middle East, and Asia affirms what many in the industry may already feel that they know - outsourcing is a significant trend that is expected to persist without slowing down in the near future.

According to a report by Ocorian, family offices are under pressure from clients to offer a wider range of support and more sophisticated services, leading them to outsource more services.

Ocorian surveyed over 130 family office professionals responsible for approximately $62.425 billion assets under management and found that 91% believed outsourcing would increase over the next three years. Additionally, 28% predicted a significant increase, and only 3% believed that outsourcing to third parties would decrease.

The study also found that family offices in various countries, including the US, the UK, Canada, China, Germany, India, Norway, Saudi Arabia, Singapore, South Africa, Sweden Switzerland, the UAE, Denmark, France, and Japan, are turning to third-party providers to offer specialized services, improve overall service levels, and focus on their core strengths.

The report further suggests that third-party outsourcing services will expand globally, offer a broader range of financial services, and provide access to a global network of administrative centers to meet growing demand from family offices.

More information on the report can be found here: https://www.ocorian.com/insight/family-offices-turn-outsourcing-demand-more-sophisticated-support-grows