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  "documentTitle": "ey family office study client deck asia pacific",
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      "text": "In its purest sense, a single family office is a private company that manages the financial affairs of a single family.",
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      "text": "Multi Family Office (MFO): A multi-family office will manage the financial affairs of multiple families, who are not necessarily connected to each other.",
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      "text": "Single Family Office (SFO): In its purest sense, a single family office is a private company that manages the financial affairs of a single family.",
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      "text": "Cost: The cost of regulatory and compliance reporting remains high, which means that the level of assets under management that a family office needs to underpin needs to be high in order to offset its fixed costs.",
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      "text": "Virtual Family Office (VFO): Families looking to achieve the benefits of a family office managing their financial and other affairs, but who don't want to set up an actual company to do so, can opt for a virtual family office.",
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      "text": "Market, legal and tax infrastructures: Family offices function better when operating from centers where there are sophisticated markets and legal and tax structures.",
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      "text": "Separation: Family offices allow for separation, or at least a distinction, between the family business and the family's wealth or surplus holdings.",
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      "text": "Centralization of other services: Family offices can also coordinate other professional services, including philanthropy, tax and estate planning, family governance, communications and education.",
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      "text": "Why might there be doubts about setting up a family office? The establishment of a family office is a big undertaking, and there have been cases when family offices have not met the family's expectations.",
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