Family offices, run by ultra-wealthy clans with at least with $250m to invest, are making traditional private equity firms on Wall Street sit up and take notice, as their numbers swell to 3,000 in the US, holding more than $1.2tn in assets. As well as drawing investments and merger deals away from the likes of Morgan Chase and Allen Gibson, family offices are also grabbing top talent. JP Morgan, of John Arnold's family office, said the private world was the only place "we can capture outsize returns and protect our capital".
Family offices, run by ultra-wealthy clans with at least with $250m to invest, are making traditional private equity firms on Wall Street sit up and take notice, as their numbers swell to 3,000 in the US, holding more than $1.2tn in assets. As well as drawing investments and merger deals away from the likes of Morgan Chase and JP Morgan, family offices are also grabbing top talent. Allen Gibson, of John Arnold's family office, said the private world was the only place "we can capture outsize returns and protect our capital".