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Single-Family Office or Multi-Family Office?

In: Wise Wealth

Author

Listed:
  • Joachim Schwass

    (IMD)

  • Håkan Hillerström
  • Holger Kück
  • Colleen Lief

    (IMD)

Abstract

In earlier chapters we have seen how challenging it can be to employ both cutting-edge design and efficient administration in a single family office. The difficulty in achieving the goals of a family office can be either eased or accentuated by joining a multi-family office (MFO), depending on your family’s situation. As we noted in Chapter 5, an MFO often forms when a family that already has an SFO seeks ways to reduce costs or to retain staff by asking other families to join it. The example of the Bessemer Trust later in this chapter shows that, with a clear mission and good governance principles, many of the benefits of an SFO can indeed be maintained in an MFO, provided that the participating families share the same objectives. However, MFOs do not always gradually evolve from SFOs; some are MFOs from the outset, for example Stanhope Capital (discussed in more detail later in this chapter).

Suggested Citation

  • Joachim Schwass & Håkan Hillerström & Holger Kück & Colleen Lief, 2011. "Single-Family Office or Multi-Family Office?," Palgrave Macmillan Books, in: Wise Wealth, chapter 7, pages 94-106, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29527-8_7
    DOI: 10.1057/9780230295278_7
    as

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