Importance of Family Office.
Family office is a Service that handles investment management and wealth management for families, it manages the complexities of multi-generational wealth, ensuring that the client's financial interests are safeguarded and their legacy is preserved.
Family offices play an essential role in helping wealthy business families navigate the complex world of long-term stewardship, legacy, succession, ownership, and wealth management. They provide a range of services that are tailored to the unique needs of each family, including investment management, tax and legal services, estate planning, philanthropic advising, and more.
Its Contribution to Family Businesses in Globally, Africa region and Kenya.
There are approximately 10,000 family offices in the world and 50% of them have been created since 2005 representing thousands of business families.
When searching for “family office” on Google in 2009, it produced 169 million hits. In February 2010, the figure had grown to 282 million, and by June 2019 it produced 9 billion hits according to a report from the (Swiss wealth management firm Pictet).
The family offices hold an estimated 7 trillion USD of assets under management (AUM) and have become an increasingly important source of global investments.