In simple terms, they manage the wealth of their clients and oversee the affairs of wealthy families. Although their history is believed to date to the period of the Crusades the modern-day UK family offices have come into existence around the turn of the century. They were founded by wealthy merchants who employed advisers and comrades to supervise financial matters and take care of their families while traveling on trade trips.
Services of family offices in UK can trace their roots back as far as 300 years ago. A few banking families, which set the stage for the protection of the wealth of their families, are Medicis as well as Rothschilds. Nowadays, a lot of private banks are now offering services for wealth management to wealthy families. HSBC Private Wealth Solutions, through its 18 offices across the globe manages $102 billion in assets for families across the globe.
One family office is dedicated to the stately affairs of a single-family. It is a private organization that is responsible for the financial and personal requirements of the entire family. It can also serve the goal of the family's cohesion.
The single-family office may be considered a non-recourse company. The ownership of the office could be in the hands of a family member or a manager outside the family who oversees the financial assets of the family.