Billion Dollar Secret: Apac Family Offices Set to Defy Economic Odds in 2023!

FAMILY offices in the Asia-Pacific expect growth in both their family wealth and assets under management (AUM) despite geopolitical instability and uncertain market conditions, based on a report jointly released by Deloitte Private and Raffles Family Office on Tuesday (Sep 10).

The report highlights the confidence of family offices in the Apac region as they navigate the complex landscape of global economic uncertainty. Despite the looming presence of macroeconomic challenges, family offices remain optimistic about their prospects for growth and wealth creation.

Deloitte Private and Raffles Family Office conducted the survey to gauge the sentiment of Apac family offices regarding their investment strategies, wealth management priorities, and succession planning. The findings suggest that family offices in the region are proactively addressing the challenges posed by the current market conditions.

Key takeaways from the report include the expectation of growth in both family wealth and AUM. This optimism is likely driven by the increasing focus of family offices on strategic investment and wealth management. The report notes that many family offices are adopting a more sophisticated approach to investment, leveraging a range of asset classes and instruments to achieve their financial goals.

Another significant finding is the growing sense of urgency around succession planning. With family wealth and AUM expected to grow, there is a pressing need for family offices to put in place effective succession plans. This includes the development of clear governance structures, the identification of suitable successors, and the implementation of comprehensive wealth transfer strategies.

The report also highlights the critical role that technology is playing in enabling family offices to adapt to the changing landscape. The use of digital platforms, data analytics, and other technologies is facilitating more efficient and effective wealth management, while also enhancing the overall client experience.

Commenting on the report, a spokesperson for Deloitte Private noted that the findings underscore the resilience and adaptability of family offices in the Apac region. "Despite the challenges posed by the current market conditions, family offices are demonstrating a strong sense of optimism and a clear focus on strategic growth and wealth creation," the spokesperson said.

For Raffles Family Office, the report highlights the ongoing shift towards a more sophisticated and institutionalized approach to family office management. "As family offices continue to evolve and mature, they are increasingly demanding more complex and bespoke solutions to meet their investment and wealth management needs," said a spokesperson for the firm.

Overall, the report offers a compelling insight into the world of Apac family offices, highlighting their confidence and resilience in the face of uncertainty. As the year unfolds, it will be interesting to see how these family offices continue to adapt and evolve in response to the changing market landscape.