Ocorian: Family offices face shift in priorities from next generation
Family offices are facing a change in investment priorities and approach as the next generation of the family become more involved, new global research from Ocorian shows.
It found almost all (93%) of family office professionals including those working for multi-family offices questioned say the next generation differ from the founding and preceding generations on how to run the family office with a third (34%) saying they differ significantly.
More than four out of five (82%) say the next generation is becoming more involved in developing and reviewing the family office’s investment strategy with 35% reporting much more involvement from the next generation, Ocorian’s international study among more than 300 family office professionals collectively responsible for around $155 billion assets under management found.
Key issues identified by the study include investing in digital assets which 66% reported as an area of difference while nearly half (46%) pointed to an increased focus on private markets from the next generation.
The study found 82% of family office professional expect an increase in the trend of family offices investing in companies that family members have an interest in or background in. It also found almost all (99%) questioned believe more needs to be done around succession planning.
But the research showed that almost all (94%) of family office professionals believe there is a natural succession of wealth and leadership in the family offices they work with. Just 2% said there was not and another 4% were unsure.