FT: What are “family offices” and what do they do?

Andrew Tailby-Faulkes: A family office is a management vehicle – usually a private company – established by a very rich family to integrate management of its wealth, provide a governance structure and streamline certain services to the family. Services may include asset management, accountancy, insurance, legal, security and tax, as well as concierge. The last can cover anything from organising travel or hiring personal security experts to arranging for family pets to be exercised.