Does size matter at multi-family offices?
These firms promote themselves using the buzzwords “boutique” and “bespoke,” so it might seem counterintuitive that they also trumpet such metrics as assets under management (AUM) and staff levels on their websites.
The behemoths of the global multi-family world often serve hundreds of ultra-wealthy families each, maintain offices in multiple jurisdictions and employ hundreds of specialists in investing, tax management, estate planning and other services expected of a family office.
Take the U.S. firm BBR Partners, for example. Its website proclaims it offers “highly customized investment strategies, meticulously bespoke advice, and simplified complexity for a select group of wealthy families.” The company has offices in New York, Chicago and San Francisco and in 2024 had $31 billion in assets under management.
Marketing metrics used by these firms can be difficult to decrypt. They might quote assets under management, assets under advisement or assets “under supervision.” Many offer no information at all about how much money they are managing.
Mindy Mayman, partner at Richter Family Office in Montreal, says the lack of standard metrics can be confusing.
AUM refers to investments being managed by the family office, she says. Assets “under advisement” could refer to a family’s net worth, which might include homes and operating businesses. “Even though they don’t really advise on that business or charge fees on that business, it’s part of that family’s net worth,” says Mayman.
In addition to a firm’s apparent size, potential clients might also check out its history and team, she says, though “it’s hard to sort that out because there isn’t a common language.”
Mayman says Richter has between $8 and $10 billion in assets under management (AUM).
At large multi-family offices around the world, big AUM numbers might suggest they have large staffs, but they could be outsourcing functions to other providers.
Other firms, including Richter, keep expertise in-house for all family office functions.
“We’re a team of 60 people just in the family office portfolio management space at Richter, and that doesn’t include tax and financial statements and accounting and next-generation education and estate planning,” says Mayman.
Hazy definitions, varied origin stories
Multi-family offices take varied paths in their development. Some started as single-family offices and eventually branched out to serve other wealthy families. Others, such as Richter, started as accounting and tax specialists. Others still have long histories as investment firms or banks.
Hottinger, a venerable brand in the UK, traces its private banking history to 1786. In 2015, the firm transitioned more formally into a multi-family office.
There is no solid definition of what constitutes a multi-family office, but more firms are using the term.
“They’re trying to attract larger and larger clients,” Mayman says. “There is some acknowledgement that if you call yourself a family office that means you’re telling the market that you are after higher-net-worth families.”
The largest multi-family offices in the world are scattered among big commerce centres, such as New York, San Francisco, London and Hong Kong.
In Canada the multi-family office field is still nascent but maturing, says Mayman.
“The ultra-high-net-worth market in Canada is not going to compare to other jurisdictions globally in terms of the size of the market. We’re at the phase now where you’re seeing a proliferation of competitors, but I’m not sure that … all of these competitors are managing to gather assets sufficient for their businesses to be robust and take off.”
Our list of top multi-family offices
Given the lack of a hard-and-fast definition of family office and the varied metrics for determining their size, compiling a list of the world’s largest multi-family offices is difficult. Add to that the question of independence: Many large banking, accounting and investment institutions offer multi-family services.
So this list of 18 large global multi-family offices is far from definitive. It concentrates on independent stand-alone firms that market specifically to high-net-worth families and offer core independent investment management along with services such as estate planning, tax law, succession planning, multi-generational education and philanthropic advice.
Some maintain an independent profile but may be part of a larger group or financial company. Others also offer investment services to institutional or charity-based investors.
The asset numbers, where available, generally come from the firms’ websites or other news sources and are in U.S. dollars.
Here are the top 18:
Bessemer Trust: Based in New York, with offices in 22 cities in the U.S. Has more than $200 billion in assets “under supervision.”
Started as a single-family office for Henry Phipps, founding partner of Carnegie Steel, in 1907. The Phipps family is still involved in the office. It expanded to provide services to other families in the 1970s. Now it has about 3,000 clients.
Stonehage Fleming: Based in Jersey, Channel Islands, with offices throughout the UK, Europe, Africa, Israel, the U.S. and Toronto. Has more than $170 billion under management, fiduciary oversight and administration.
In 2015, the multi-family offices Stonehage and Fleming Family & Partners, run by family members of banking pioneer Robert Fleming, merged to become one of the world’s largest family offices.
Pathstone Family Office: Based in Englewood, N.J., with offices throughout the U.S. Has $150 billion under management and advisement; wealthmanagement.com says it has $100 billion AUM.
Pathstone is partner-owned, with more than 260 partners. Founded in 2010, it also offers services to other family offices.
Global 70 Multi-Family Office: Based in Hong Kong. Website says it has an initial AUM of more than $100 billion.
It’s billed as a shareholder network of 70 influential families and successful entrepreneurs from China (mainland), Hong Kong, Macao, Taiwan, Japan, Southeast Asia, the Middle East, Europe and the United States.
AlTi Tiedemann Global: Based in New York. Has $72 billion in assets under management/advisement.
This firm was created by a merger of Tiedemann Group in the U.S. and UK-based Alvarium Investments in 2023. The firm is publicly traded, and a majority of shareholders are employees. Has 400 staff in 20 cities, including Toronto.
Glenmede: Based in Philadelphia, with offices in nine U.S. cities. Has an AUM of $46 billion.
Glenmede Trust Company was founded in 1956 as the Pew family’s memorial trust. It expanded over the 1960s and ‘70s to provide services to other wealthy families.
Stanhope Capital: Founded in London, with offices in Europe and the U.S. Has $43 billion in assets under supervision.
Founded in 2004 as a wealth management firm, Stanhope later merged with Luxembourg-based multi-family office Arche Associates. In 2021 that company merged with U.S.-based FWM Holdings, owner of the Forbes Family Trust, LGL Partners and Optima Asset Management. Although the company bills itself principally as an investment firm, it also coordinates specialist services such as estate and legal services.
Silvercrest Asset Management: Based in New York, with seven offices in the U.S. Has $35 billion in AUM.
Founded in 2002 as an independent, employee-owned investment adviser. Its website says it now serves 837 clients.
If you call yourself a family office that means you’re telling the market that you are after higher-net-worth families.
Mindy Mayman, Richter Family Office
BBR Partners: Based in New York, with offices in San Francisco and Chicago. With about $31 billion in AUM.
Founded in 2000 by corporate investment veterans Brett Barth and Evan Roth, it operates on a partnership model.
Oxford Financial Group: Based in Carmel, Ind., with seven offices throughout the U.S. Has $30 billion in assets under advisement.
Founded in 1981, Oxford is now an independent firm owned by its partners, serving more than 700 families and institutions.
Whittier Trust: Based in Pasadena, Calif., and Reno, Nev. With $20 billion in AUM.
This firm was founded as a single-family office in 1935 for California petroleum and real estate entrepreneur Max Whittier. In 1989, it registered as a trust company and began offering wealth management advisory and investment.
Aspiriant: Based in Los Angeles, with 10 offices across the U.S. Has $15 billion in AUM.
Founded in 2008, the firm has 220 employees, one-third of whom are partners in the company.
1875 Finance: Based in Geneva, with offices in Zurich and Luxembourg. Has $14 billion in AUM.
Founded in 2006 by five bankers. The reference to 1875 is the year an ancestor of a couple of those bankers founded a wealth management firm in Geneva.
Meeschaert Family Office: Based in Paris, with eight offices throughout France. In 2023, its AUM was estimated at more than $9.5 billion by Gestion de Fortune, a wealth management publication.
This firm traces its history back to around 1935. In recent years it has participated in a number of corporate mergers.
Ballentine Partners: Offices in New Hampshire, Florida and Boston. Has $11.9 billion in AUM and $24.8 billion under advisement.
Founded in 1984 as a fee-only consultancy by chartered financial consultant Roy Ballentine, the company is now owned by 21 employee partners.
HQ Trust: Based in Bad Homburg, Germany, with offices in Berlin and Dusseldorf. Looks after the assets of about 100 families. Its AUM is uncertain.
One of the largest multi-family offices in Germany, it was founded in 2006 by industrialist Harald Quandt, whose family owned a stake in car manufacturer BMW. HQ Trust also advises institutional investors.
WE Family Offices: Based in New York, with an office in Miami. Advises on about $10.2 billion and reports on an additional $3.9 billion.
Founded in 2000 as TBK Investment, it now operates as an outsourced multi-family office and provides support to other family offices.
Hottinger: Based in London. Its AUM is uncertain.
In February, Swiss private banking and wealth management firm Edmond de Rothschild Group bought 70 per cent of Hottinger, which provides family office services in 16 countries. Hottinger as a private bank and wealth management firm dates back to the mid-18th century.
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