Family offices appear to be bringing a higher proportion of their services in-house, according to a UBS study which examined the activities of 360 family offices from around the world.

The families that took part in the 2019 Global Family Office Report, now in its sixth year, had average wealth of $1.2 billion. Their private offices managed an average of $917 million. Eighty percent were single family operations, while 20 percent comprised multiple families sharing staff and services.

While banks and wealth managers continue to fight over market share amongst these “ultra-high net worth” families, the study suggests...