FAMILY OFFICES

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The Continuing Evolution Of The Family Office: 2023/24 Trends & Tips

Family Offices

Patricia Woo

Squire Patton Boggs

The family office sector continues to trend upward as substantive growth in both the number of establishments and the assets under management has been recorded. Publicly available statistics and reports might not, however, have captured the more personal and private activities and the rationale behind the growth. Though less quantifiable and perhaps less formal, these family office activities are as valuable - if not more so - to the families themselves and others. A number of trends have been observed in the sector.

A Better World: Expanded ESG Investments

This trend is hardly new, but the expansion in the breadth and depth of ESG investing is worth reporting. Extreme climates and other environmental issues have become key concerns for younger generations of wealthy families whose philosophy and purpose are aligned with ecosystem and collective well-being.

They are increasingly conscious of the impact the financial and human capital they can mobilise could have on society and the environment. While knowing how they can contribute, they are equally aware of the value and potential upsides of ESG-aligned and sustainability investments.

Sustainability value has been unlocked by family offices in different ways. Some incorporate social and environmental impacts into the family’s core values and therefore investment strategies. They set out clear, measurable objectives and criteria for sustainability investments. The key to success is to involve family members who are personally passionate about thi…