Family offices are changing, and much faster than many people realise.
I have just returned from a fascinating trip to Bangkok and Hong Kong where I had the opportunity to meet senior members of several leading business families. The resulting conversations, together with my continuing discussions in the Gulf, have reinforced my sense of a significant shift in how private wealth is invested and what owners expect today from their family offices.
There is a much more active approach to selecting and backing private businesses often alongside other like-minded investors and drawing on commercial experience gained over many years. Private credit and infrastructure are broadening investment horizons while AI is emerging both as an investment theme and as a tool for evaluating opportunities and managing portfolios.
There is also a geographical dimension which I find particularly interesting.
The developing GCC–Hong Kong axis is bringing Asian businesses, expertise and private wealth into closer contact with substantial pools of Gulf capital. Hong Kong’s role as a super-connector to mainland China is also particularly compelling. The wider GCC–ASEAN corridor offers opportunities across technology, infrastructure, logistics, energy and manufacturing.
For me, however, the most important change arising from my discussions concerned the purpose of the family office itself. Wealth preservation of course remains central. But, alongside this, there is progressively a much more entrepreneurial ambition to back businesses, build partnerships and put capital and experience to work across markets.
This is a significant evolution and one I expect will accelerate.
