Single-family offices have been around for a long time, in all sizes and shapes, but they have been in focus since the beginning of this century. Just as families are different from each other, so are their single-family offices, each with a different package of family-specific services. You can also visit ubs.com/global/en/global-family-office/home.html to hire a family office in Singapore.
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It is therefore difficult to give a general definition of a family office, and as some family office professionals say: When you have seen one family office, you have only seen one family office.
What does a single-family office do?
When the family business is sold, many single-family offices are created and suddenly lots of free fixed assets are available. Therefore, the primary task of a single-family office in most cases is the administration of family assets.
The activities of a single-family office may consist of, for example, managing publicly-traded holdings, investing in private capital, or acquiring commercial real estate. Each family office develops its own focus on this. The family office not only focuses on the day-to-day management of family assets but also specifically focuses on maintaining and extending these assets from generation to generation and on preserving family values.
Single-family offices often take part in legal and tax advice, sometimes also in inheritance execution and inheritance planning for the smooth transfer and preservation of assets for future generations. The performance, administration, and management of wealth planning structures such as foundations, beliefs, life insurance solutions (ULI), and corporations can also be part of the family office.