The definition of a commercial family or private investment office, i.e. one that is open to external clients, seems to be very subjective. It often seems to be a case of cogito ergo est (I think, therefore I am).

The commercial or multi-family office doesn’t appear to be defined in law.

The United States’ Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd Frank) came up with a definition of sorts for single family offices.

But commercial or multi-family offices didn’t exist as far as it was concerned. Firms that adopted the multi-family office as far as Dodd Frank was concerned were just in...