Press Release
Press Release
Integrating technology with the traditional working method, due to distant working owing to the pandemic is anticipated to drive the family offices industry in the coming years. The adoption of technically driven management systems to manage family wealth is now being outsourced to software that can quickly and efficiently perform tasks that are otherwise time-consuming if done by humans, thus boosting productivity and invigorating the market growth. Artificial Intelligence (AI) can perform tasks at greater speed and efficiency. The use of robotic process automation (RPA) for automating routine and manual tasks so that employees can focus on higher-value activities, is expected to further drive the market in the forecast period. However, cyber threats like data breaches are projected to hinder market growth yet continuous improvement in technology to secure online wealth management is providing lucrative growth opportunities.
Among many companies in the family offices industry , is a Berlin-based family office, Kalodion. In October 2021, the single-family office made investments in Circuonomics, a Germany-based startup that works on circular battery economy. As the startup primarily operates on providing batteries to electric-run vehicles, which is the future of Germany, such investments hold tremendous growth opportunities for the family offices industry. The need to address social issues like global warming and sustainable methods of living is anticipated to provide impetus to the family office industry. The investment will enable the production and circulation of recycled lithium-ion batteries optimised with the use of data analytics. With family wealth being invested in promising startups, the family office industry is anticipated to robustly drive the market in the forecast period. Further, agreements such as the one made by Ecolab (NYSE: ECL) and Cascade Investment and the Bill & Melinda Gates Foundation Trust to permit Gates investment vehicles to attain up to 25% ownership stake in Ecolab, are also expected to boost the market growth.
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The major players in the global family offices market are Cascade Investment Group, Inc., MSD Partners, L.P., Stonehage Fleming Family and Partners Limited, The Glenmede Trust Company, N.A., Bessemer Group, Incorporated, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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