Research carried out by Ocorian is said to show that a boom in family offices turning to outsourcing can be expected with benefits for the Channel Islands’ financial services industries, which have long been specialist centres for private client-related services.
91% of respondents to Ocorian’s survey predict that family offices will increase their outsourcing of key services over the next three years.
Reasons given included an increased demand for more sophisticated services, growing regulatory requirements, outsourcing being more cost effective, and an increased risk appetite among underlying families.
The Channel Islands have a combined trust wealth of more than £1 trillion, and family offices have been a growing area of expertise for the islands for more than a decade.
Amy Collins, Head of Family Office at Ocorian, said this means the islands are well placed to service family offices who are seeking greater outsourcing:
“The Channel Islands are renowned centres for private client services so are often the first ports of call for family offices. We benefit from a mature industry with experienced professionals who have expertise in building long-term relationships and providing management and administrative support.
“Most family office work originates from Europe and the US albeit that the principals behind the family offices are more global and our islands’ geographical centrality and established links with intermediaries and advisors from these regions also stand them in good stead to see increased workflows in the family office space.”
Ocorian's survey was conducted by PureProfile which interviewed 134 family office investment managers across multiple jurisdictions including the US, China, Germany, Norway, Singapore, South Africa, Switzerland, UAE, and Japan.
Pictured top: Amy Collins.
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