Key Takeaways
- • According to Bank of America's 2026 Family Office Study, family office successors have averaged 45 when they take over leadership, and older millennials are now reaching that age, though they make up only 7% of principals in single-principal offices.
- • A 2025 KPMG and Agreus survey found 36% of family offices still lack an investment committee, while BofA reports 73% plan to adopt new governance structures within three years.
- • BofA data shows 79% of family offices with a potential next-gen principal expect that successor to increase the next-gen share of the portfolio after the transition, typically toward alternatives and private markets.
- • Next-generation leaders such as Robin Lauber of Infinitas Capital are shifting capital from Swiss real estate into biotech, defence, energy, sports and venture funds, and are becoming more outward-facing to win access to top companies.
Summary
An unprecedented shift in asset ownership across generations, driven by the great wealth transfer, is reshaping family offices, according to a report by Jack Arrowsmith. Bank of America's 2026 Family Office Study found that successors average 45 when they take over leadership positions. Older millennials are now reaching that age and will increasingly run these firms, though they currently make up only 7% of principals in single-principal offices, according to BofA. Gen Z is expected to follow.
Integrating new leaders into existing structures is a challenge. A 2025 survey by KPMG and family office advisor Agreus found 36% of family offices still lack an investment committee. Tayyab Mohamed, co-founder of Agreus, warned against concentrating decisions in a single chief investment officer. BofA reports that 73% of family offices plan to adopt new governance structures within three years. Mohamed said heirs often bring formal education from elite universities and business schools, and that the generational capability gap stems more from limited practical experience than from financial knowledge. Some offices have launched mentorship programmes to address this.
Robin Lauber, a 34-year-old Swiss heir who now runs the Lauber family office, illustrates the shift. He co-invested in bringing Dunkin' Donuts to Switzerland in 2015 and founded Infinitas Capital, a single family office, three years later. He has moved beyond Swiss real estate, which he describes as "one of the safest investments you can do," into biotech, defence, energy and sports, investing both through funds and directly in companies. According to BofA, 79% of family offices with a potential next-gen principal expect that successor to increase the share of alternatives in the portfolio. Alison Davis, family office strategist at Bank of America Private Bank, attributed this to the next generation's experience of value creation through private equity and direct ownership. Cambridge Associates' John Walker noted that later generations must preserve and grow capital while meeting the needs of an expanding family.
The shift also changes how family offices present themselves. Lauber said Infinitas now markets its own venture funds, hosts events, is considering public-market vehicles and has built a personal media presence, arguing that top companies such as a16z, Founders Fund and GC can choose their investors. Mohamed reported that Agreus, founded in 2010, has seen family offices become more open, a development that may ease access for private equity managers. Mohamed also cautioned that Gen Z, which has seen the end of multiple expansion and a period of public market outperformance, may be more cautious about private markets.
Integrating new leaders into existing structures is a challenge. A 2025 survey by KPMG and family office advisor Agreus found 36% of family offices still lack an investment committee. Tayyab Mohamed, co-founder of Agreus, warned against concentrating decisions in a single chief investment officer. BofA reports that 73% of family offices plan to adopt new governance structures within three years. Mohamed said heirs often bring formal education from elite universities and business schools, and that the generational capability gap stems more from limited practical experience than from financial knowledge. Some offices have launched mentorship programmes to address this.
Robin Lauber, a 34-year-old Swiss heir who now runs the Lauber family office, illustrates the shift. He co-invested in bringing Dunkin' Donuts to Switzerland in 2015 and founded Infinitas Capital, a single family office, three years later. He has moved beyond Swiss real estate, which he describes as "one of the safest investments you can do," into biotech, defence, energy and sports, investing both through funds and directly in companies. According to BofA, 79% of family offices with a potential next-gen principal expect that successor to increase the share of alternatives in the portfolio. Alison Davis, family office strategist at Bank of America Private Bank, attributed this to the next generation's experience of value creation through private equity and direct ownership. Cambridge Associates' John Walker noted that later generations must preserve and grow capital while meeting the needs of an expanding family.
The shift also changes how family offices present themselves. Lauber said Infinitas now markets its own venture funds, hosts events, is considering public-market vehicles and has built a personal media presence, arguing that top companies such as a16z, Founders Fund and GC can choose their investors. Mohamed reported that Agreus, founded in 2010, has seen family offices become more open, a development that may ease access for private equity managers. Mohamed also cautioned that Gen Z, which has seen the end of multiple expansion and a period of public market outperformance, may be more cautious about private markets.
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