Secondary Single-Family Office
BOOK: Handbook on the Family Office and Wealth Management
Chapter Author: Asher Noor • To be Published in late 2025
The chapter written by Asher Noor is titled “Secondary Family Offices.”
Asher Noor, along with a curated list of academics and practitioners, has been invited to participate in a family office handbook project that is edited by Alfredo de Massis, Nadine Kammerlander and Marta Widz, and will be published with Edward Elgar Publishing. The handbook purpose is to activate academics and practitioners in the field of family office and family wealth management, who are scattered among various disciplines such as finance, banking, family business, investing, family therapy etc.
Abstract
The world of family enterprise is at the cusp of mainstreaming a fresh but somewhat contrarian concept of Secondary Family Offices (SECFO). As if getting the recipe for a single-family office (SFO) setup correctly was not a task in itself, a SECFO is now at the heels and stirring the pot. Early embracers are enjoying the first mover advantage. Detractors think this might dilute the uniqueness of a SFO. This essay explores what a SECFO entails, what the early results are indicating and whether it might find longevity with large, multigenerational and global families.
Executive Summary
A Secondary Family Office (SECFO) may seem an overkill if one already has a Single-Family Office (SFO) operating. If the limitations of a SFO become obvious, then a branch of a SFO seems like an obvious solution that families may wish to adapt. However, the SECFO model is shaping up to be better suited to eliminate the gaps in the SFO model and does exceptionally better as a structuring solution than a mere branch of a SFO. The SECFO, as the name implies, refers to a secondary office of the SFO in a different jurisdiction with its own separate legal identity, although with the same set of owners and a governance and reporting line that does not attempt to delink itself from the SFO. The SECFO however, allows for segregation of assets, ability to maintain separate investment styles, undertake different capital and funding structures, manage different set of budget and teams, while continuing to maintain a dotted line to the mothership i.e. the primary SFO. The benefits that SECFO’s provide which cannot be achieved to that level by a SFO or a branch of a SFO, includes being able to tap into local talent in foreign jurisdiction, curate a separate brand identity, access to differentiated deal flow, diversification, risk management, global reach and legal legitimacy etc.
The Book, once published, will be available for purchase on e-elgar.
