Family offices are increasingly pooling their resources with each other to save on costs, be more environmentally friendly, and receive a better service, research from Ocorian has found.

Its global study of family office professionals showed that almost all (93 per cent) were sharing services or collaborating with other family offices in some way, with just 5 per cent not collaborating with others.

The most popular collaboration option was sharing employees, with 71 per cent doing this, followed by sharing the use of expensive items, such as private jets and yachts (69 per cent).

More than half (56 per cent) said they shared third-party services, while 53 per cent were sharing offices.

When asked about the reasons for collaborating with other family offices, 84 per cent pointed to it being better for the environment to share services or expensive items as one of the key factors.

Other benefits included saving money, cited by 68 per cent of respondents, receiving a better service (60 per cent), better value for money (37 per cent), and convenience (34 per cent).

Ocorian noted that the rising trend of sharing and collaborating with others could also be driven by the high numbers of family offices questioned that were experiencing strong growth.

Almost half (49 per cent) of respondents said they were currently in a period of significant growth, where they are opening more office or employing more specialists.

A further 7 per cent were new family offices that are just being established, while 11 per cent were undergoing a transfer to the next generation.

Under a third (30 per cent) said they were in a stable period with little change in growth, and 3 per cent were contracting and closing offices or reducing headcount.

“The number of single-family offices has grown significantly and is expected to continue rising,” commented Ocorian managing director, Nina Auchobyur.

“Families increasingly recognise the need for more formalised structures and the importance of attracting the right talent.

“In response, many are exploring collaborative co-operatives to share services and resources. This approach effectively enables them to operate like a private bank – at a fraction of the cost.

“The trend towards collaboration and resource sharing highlights the innovation within the family office sector and its ongoing commitment to best practices.”

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