Three in five (60 per cent) family offices have opened new offices in different jurisdictions around the world in the past five years, research by Ocorian has revealed.

The global asset management services provider’s latest study found that 83 per cent of family offices said the reason for opening more offices was because family members are increasingly moving abroad and living in different countries.

The study revealed that 40 per cent said their firm has four or more physical offices, while 55 per cent have three.

Three quarters (75 per cent) said they are opening more offices because their investments have diversified and become more sophisticated, while 32 per cent said its due to tax and regulatory issues.

Furthermore, 30 per cent said reducing geopolitical risks to the family is the driving factor for opening more offices, while 15 per cent said that it is because they can’t attract enough skilled people in their existing headquarters.

Managing director at Ocorian, Nina Auchoybur, said: "The continued expansion and sophistication of the family office sector is increasingly reflected in the establishment of multiple offices across jurisdictions. This growth is driven by the physical relocation of families, often in response to evolving family dynamics, and supported by regulators who are actively facilitating cross-border movement and the creation of second or extended offices. These offices are essential to ensure tailored wealth solutions that support complex, global family needs.

"Key factors influencing this expansion include the pursuit of tax efficiency, diversification and segregation of risk, access to emerging asset classes such as digital assets, and the need for multijurisdictional structuring. As more jurisdictions position themselves as global wealth hubs, families must navigate increasingly intricate cross-border investment landscapes and develop bespoke investment strategies that reflect their unique goals and circumstances."

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