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.
Wealthy Asians are increasingly looking to dispose of parts of their businesses via methods such as IPOs, and family offices are responding by building up corporate finance capabilities.
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.
Multi-family offices question the independence of private banks, but say they are losing the battle for mindshare because they don't have the same sort of marketing budget.