Although still in its infancy, the family office has arrived in Asia, and is growing fast both in terms of numbers and sophistication.
In response, private banks in the region are offering an increasingly nuanced variety of services designed to meet the particular needs of Asia's high-net-worth families.
Family offices are generally set up as private companies that manage the investments and trusts of such families.
Beyond that basic purpose and structure, the variations in their composition and competencies are myriad.
'The term 'family office' is loosely defined in Asia,' says Fan Choi, director of wealth planning at Coutts & Co, whose wealth institute advises families on issues including succession and preparing family agreements. 'It could range from just a small unstructured office offering concierge services to family members to a large-scale, fully fledged and structured office run by professionals with different specialist teams.'
At BSI Asia, family office services include banking, wealth planning and investment services.
