Ever wondered which the biggest family offices in the world are? Traditionally, a family office refers to a private company that undertakes the management of investments for a single family. However, in a more modern context multi-family offices have become the common phenomenon. These are the independent organization which handles investments and manages the wealth of multiple wealthy families.
Family offices today are taking care of a number of services for their clients! From tax planning, risk management, financial counsel, investment management to co-ordination of professionals, they are providing a one-stop solution to more and more of their clients’ needs. Some even provide more personal services such as making travel arrangements and household management. It wouldn’t be too wrong to say that some of these family offices have a significant hand in the lavish lifestyles that the billionaire families of the world maintain. And, if the billionaires of the world and their lavish lifestyles are a subject of interest for you, you should also check out our list of the 11 Countries with the Most Billionaires in the World.
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The current list we have at our hands is based on the Bloomberg Market’s Annual Ranking of the Richest Family Offices in the World, and is based on the Asset Under Administration (AUA) of the respective companies. We also see that the major players are either big banks or boutiques catering to niche services as well as major financial services. As most of the wealthy families tend to lose their legacies by each passing generations these firms even provide some history lessons and training to the heirs. Hence, in a way these firms are helping the rich families to protect and further their inheritance and heritage.
So here are the multi-family offices which are helping the wealthiest clans of the world stay super rich!
11. Hawthorn (PNC Financial),
AUA – 28.2 billion
Just ahead of Rockerfella Financial is Philadelphia-based Hawthorn (PNC Financial), offers a plethora of services to over 682 families. The services range from wealth management, private banking services to administrative and trusteeship, and asset-custody services as well.
10. U.S.Trust (Bank of America),
AUA – $ 36.8 billion
The Bank of America subsidiary handles wealth structuring, investment management, banking and credit for its clients. Based in New York, the firm has over 100 offices in the United States with highly accomplished teams of advisors catering to their clients’ needs.
9. Abbot Downing (Wells Fargo),
AUA – $37.4 billion
The boutique firm offers custom-made solutions for its ultra-rich clientele in the areas of asset management, planning and family dynamics, fiduciary, trust, private banking and foundations. Nearly 600 families have chosen the firm for their wealth management needs because of their high-value client-first philosophy.
8. CTC| myCFO (BMO Financial Group),
AUA- $40.4 billion
Another boutique firm which has been creating waves lately. It offers a wide range of services in wealth and asset management to over 300 affluent families. The company has around 11 offices all over United States.
7. Pictet,
AUA – $ 55.0 billion
The Pictet Group is a Swiss private banking institution, delving into wealth and asset management, investment funds and other asset services for its exclusive clientele. Though headquartered in Geneva, the company has made its presence across Europe, Asia, North America and Middle East.
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6. UBS Global Family Office,
AUA – $ 67.6 billion,
With a global presence and worldwide branches the company has been helping over 125 high-net-worth families with informed investment decisions, philanthropic endeavors and family governance for over 150 years. It currently has around 50 offices world over.
5. BNY Mellon Wealth Management,
AUA – $ 81.0 billion
To the 424 families included in its clientele BNY Mellon Wealth Management provide tailored services in wealth management and financial services and contributes to their advancement. Though the company has experience minimum growth through last year, it still holds its position among the biggest family offices in the world.
4. Bessemer Trust,
AUA – $ 96.6 billion
Serving over 2100 wealthy families, Bessemer Trust is definitely one of the biggest family offices in the world. The firm has over 17 offices and helps its clients preserve their familial heritage and prepares the next generation to further it, along with the traditional financial services.
3. Citi Private Bank,
AUA – $100.58 billion
A subsidiary of the acclaimed Citigroup, Citi Private Bank offers its services to an exclusive wealthy clientele. It offers all the customary services, including investment structuring, concentrated stock management, and consolidated reporting from its 60 offices located worldwide.
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2. Northern Trust,
AUA – $ 116.4 billion
Northern Trust is in charge of providing trust wealth management, asset management and asset services to over 4000 high-net-worth families. Essentially based out of Chicago, the company has been able to build a global presence with a network of over 85 offices.
1. HSBC Private Wealth Solutions,
AUA – $ 143.58 billion
With over 334 families under its client list, the private banking venture of HSBC group strives to offer services directed towards growth, management and preserving of wealth. The company holds pride in its service philosophy of working closely with the client and developing a higher value for them and that has also helped them grow into one of the biggest family offices in the world.
