Middle East Wealth Management Forum 2020 - Exclusive Insights - Ismael Hajjar

Ismael Hajjar of EY

Jan 31, 2020

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1. How should a Single or Multi Family Office be set up properly?

Video transcript

1. How should a Single or Multi Family Office be set up properly?

Starting with the single-family office then: a single-family office should be modelled based on the needs and requirements of the family, right? The more complex the family is, the more complex the family office should be. It's not just the product. It should really be bespoke and modelled as per what the family wants, and who the family is really. Speaking of multi-family office here, it's a bit different, and generally you have two types. You have let's say the non-commercial multifamily office, and that would typically be a multifamily office which started as a single family office, and which evolved in becoming a multi-family office by accepting maybe friends, or maybe the distant family ,or business partners possibly. Then, you have the commercial multifamily office. This commercial multifamily office, yes, it's a long journey for them to, I think, to go beyond the current perception that the market has of them. In most instances, they're very focused on either asset management or trust services, and they label themselves as ‘family office’. What are they missing really? I think they're missing, they're relying too much on standard product, I'd say, and they probably miss what is required to create a single-family office and what makes it so special, which is, like I said, the tailor made element and the ability to really adjust the menu of services of such multi-family office to their clients.



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