New Global report reveals prosperous times are set to continue for Family Offices, despite an economic slowdown

Agreus Group and KPMG Private Enterprise collaborated to publish the 2023 Global Family Office Compensation Benchmark Report exploring salary and career analysis including insights on emerging industry trends and their jurisdictional variances.

Highlights include:

• 41% of Family Offices expanded the size of their teams in 2022 and a further 40% plan on hiring in 2023
• 80% of Family Office professionals receive a performance bonus which can reach over 200% of their basic salary
• 58% received an uplift in their salary in 2022
• Almost 10% of Chief Executive Officers in UK-based Family Offices can take home more than £1M in basic salary alone
• Family Offices typically cost 0.1% - 0.5% of Assets Under Management to run
• 74% of Family Offices facilitate working from home

Agreus Group and KPMG Private Enterprise launched the 2023 Global Family Office Compensation Benchmark Report based on responses from more than 650 Family Office professionals worldwide. The report presents an optimistic economic outlook for Family Offices based on data, opinions, and insights collated from over 1,500 Family Offices including qualitative interviews with Family Office Chief Executives from each continent – the one of the largest global Family Office data sets.

The report benchmarks salaries, career history, global Family Office demographics and shares key insights on emerging industry trends. Analysis is provided on succession planning, social mobility, and wealth transfers, as well as exploring continental variances in governance structures, Assets Under Management, the asset classes they favor, and how compensation aligns with both.

Agreus Co-Founder Paul Westall said: “This report is underpinned by more than 13 years of primary data and curated using more than 650 responses from Family Office professionals. Our collective work can be considered both a research tool and precedent - a benchmark with which Family Offices can standardise their compensation. Our study confirms an extremely positive economic outlook for family offices despite recent global unrest and economic upheaval: a theme consistently shared by all respondents.”

The analysis confirms Family Offices have become accustomed to operating in uncertain times, with contingency strategies to combat market shifts commonplace.

Fellow Agreus Co-Founder Tayyab Mohamed added: “Family Offices are and will always be incredibly unique entities and they clearly display a framework for organizational success. The analysis on hand offers an inside look at an industry that is bucking global trends, continuing to thrive in what for many has become a slower economic time, with lessons applicable for all businesses.”

The study shares a positive outlook on a growing sector where the war for talent will undoubtedly increase.

Greg Limb Global Head of Family Office and Private Client, KPMG International explained that “The data confirms that irrespective of location, Family Offices are thriving with growth in terms of numbers and size, all of which shows no signs of abating. This means the demand for staff within this sector will continue to make it an attractive and stable place for people to work and carve out their career.”

Download a copy of the report here.

-ENDS-

Notes to the Editor:

• 625 Family Office professionals partook in an online survey distributed by Agreus Group and KPMG Private Enterprise between October 2022 and February 2023.
• A further 25 Family Office Chief Executive Officers, Managing Directors and Leaders took part in qualitative interviews, some of which feature in full-length in the report.
• This data was also referenced against primary data that Agreus has on an internal database, collected over a 13-year period. This includes over 1,500 Family Offices globally, 3,360 Family Office contacts (clients) and more than 7,800 registered Family Office candidates.
• Family Office professionals across each continent were surveyed as part of this report. 42% of participants answered from North and Central America, 29% from Europe, 10% from Australia, 9% from Asia and 7% from the Middle East. The remaining 3% of respondents answered from Africa, the Caribbean, and South America.

About Agreus

Agreus Group is the only recruitment consultancy to work exclusively with Family Offices. We have an impressive track-record spanning 12 years and over a dozen countries. We bring over a decade of primary data and intelligence within the Family Office Space, an authoritative voice as a Family Office Thought-Leader, a comprehensive ecosystem of candidates, advisors, and followers and above all, an expertise in Family office Recruitment. We are a trusted voice in the community and trusted by thousands of Family Office professionals around the world.

About KPMG Private Enterprise

Passion, it’s what drives entrepreneurs, it’s also what inspires KPMG Private Enterprise advisers to help you maximize success. You know KPMG, but you might not know KPMG Private Enterprise. KPMG Private Enterprise advisers in KPMG firms around the world are dedicated to working with you and your business, no matter where you are in your growth journey - whether you’re looking to reach new heights, embrace technology, plan for an exit, or manage the transition of wealth or your business to the next generation.

Working with KPMG Private Enterprise, you’ll gain access to a trusted adviser - a single point of contact who shares your entrepreneurial mindset. Access to KPMG’s global resources and alliance network can help you drive your business forward and meet your goals. Your success is KPMG Private Enterprise‘s legacy.

About KPMG International

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

For more detail about our structure, please visit kpmg.com/governance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230606005127/en/