Family Office Metrics, a US-based consultancy that advises
single-family offices on converting to multi-family offices, has
signed up its 100th client.
The business, set up in 2001 by Jon Carroll, helps family
offices with selecting and integrating of systems, improving
operations and controls and clarifying business strategy. Its
recent growth is another illustration of the growing
professionalisation of single family offices (SFOs) following the
financial crisis. Many are believed to have fared badly because of
a preference for alternative investments and insufficient risk
management and reporting capabilities and are now being forced to
reassess the way they operate. This has included the appointment of
external consultants to advise on investments and teaming up with
other family offices, forming multi-family offices, to save
costs.
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The actual performance of SFOs, which are set
up by wealthy individuals to manage family wealth and investments,
is hard to establish because of the private nature of the
organisations. Merrill Lynch/Campden research shows European single
family offices had an average asset allocation to alternatives of
45 percent at the end of 2008, and these types of investments were
hit hardest by the loss of liquidity in investment markets.
Carroll, who set up Family Office Metrics (FOM), was previously
a senior vice president and COO at Asset Management Advisors (now
GenSpring Family Offices). Family Office Metrics has clients in the
US, Europe, the UK, Middle East and Latin America.
Multi-family office Fireman Capital Advisors is one of
FOM’s clients which was advised on the process of converting from a
single family office.
“Fireman Capital Advisors is a prime example of a highly
qualified and talented family office expanding its reach to support
a few, select clients beyond its founding family,” said
Carroll.
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