The Term Family Office is Confusing; it needs a new name, says Harvard academic
Research from PWC and Family Capital shows that family offices are becoming increasingly prominent players in the global deals landscape, with family office-backed transactions accounting for a record 10% of the entire deals market in 2021. But what constitutes a family office? What makes it different from institutional players? And how will these operations evolve over time?
“A new name is needed for the investment part of a family office,” says Christina Wing, Founder of Wingspan Legacy Partners, during a recent webinar on The Evolution of Family Offices hosted by Family Capital and PwC. “A family office, in many ways, is another family business. It needs the same vision, governance, and mission as a family business would have. It needs all the same criteria as any professionally run business would have.”