The number of single-family offices in Asia lags well behind its potential given the region’s booming wealth, but that may be about to change, argues the Swiss bank.
Dave Reymond, a senior executive at the Swiss private bank, takes issue with comments by Pictet’s Grégoire Imfeld that the multi-family model may not work so well in the region.
A growing desire to build peer networks of like-minded investors is driving family offices in Asia to branch out geographically. And their Western counterparts are doing the same.
Banks cannot provide as wide a range of services as in the past, say family offices, which are having to broaden their range of counterparties as a result.
Co-investments and club deals raise issues over control, deal ‘bite size’ and competition, note specialists in the field.