Family Office
Credit Suisse, EY, University Of St Gallen Set Out Family Office Set-Up Guide
Credit Suisse, global consultancy and professional services firm EY (formerly known as Ernst & Young) and the University of St Gallen have issued a guide on how to create and run a family office.
Credit Suisse,
global consultancy and professional services firm EY (formerly known as Ernst &
Young) and the University of St Gallen have issued a guide on how
to create and run a family office. The white paper is entitled
The Family Office Dynamic: Pathway to Successful Family and
Wealth Management.
The paper analyses topics and issues to consider when deciding
whether to establish or restructure a family office operation,
the issuers of the report said.
"Credit Suisse has had the privilege of serving the world's
wealthiest families since 1865," said Rich Jaffe, head of Credit
Suisse Private Banking North America. "As family offices continue
to gain in popularity, this paper is an invaluable guide for
families considering setting up a family office,” Jaffe said.
Increasing numbers of family offices have been set up during the
last decade, and this trend shows no sign of declining.
“There is every reason to expect more family offices to be
established in light of continuing wealth concentration, the
desire of families to pass on assets to the next generations and
rising globalisation. This paper explores what a family office
does and the most effective structures and processes,” the
statement said.
Among the questions posed by the paper:
-- Why should a family set up a family office, and what are the
different
types of family offices?
-- What services are generally best performed in-house, and
which
outsourced?
-- How are family office professionals most effectively recruited
and
managed?
-- What needs to be included in a family office business plan -
and what are
the different stages involved in
setting up a family office?
-- Which are the most important considerations when selecting a
jurisdiction
for the family office?
-- What are the major risk areas and how can these be managed?
