The push to institutionalize family offices, and the substantial capital they manage, may be reshaping them into something closer to traditional allocators, at the expense of the freedom that defines them. Family offices now oversee an estimated $5.5 trillion in assets, and the industry has shifted from what were once loose, family-orientated setups to far more structured professional operations. As the capital managed by family offices has grown, so has the sophistication of the industry around...
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