Single-family office structures have existed for quite a long time in all sizes and shapes However, since the turn of the century, they’ve been more in the spotlight. Because families differ from each other as do their single-family offices, each with a particular set of services.
So, it’s difficult to define a general concept of what a family office is and what it means. The saying goes in the family of some office specialists: If you’ve been to only one family office, you have seen only an office for the entire family. You can click https://www.ubs.com/global/en/global-family-office/home.html for appointing a single family office in Switzerland.
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A family office may be a multi-family or an office that is single-family. A single-family office can support only one family with wealth. Single-family offices are available in a variety of sizes and types, based on the amount of money and the composition of the family.
They can provide just the services of investing to a small family (in this case, they are typically described as an investment firm or a private single-family investment company) or offer a larger range of services with a substantial staff, or a vast multi-generational, diverse family.
A lot of single-family offices are created when the family’s business is sold, and there is an abundance of investment-ready assets available suddenly. Thus, the main function of a single-family business is managing the wealth of a family in most instances.