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3 reasons Middle Eastern family offices are switching to a single global service provider

25 Oct 2023

Middle Eastern family offices are growing increasingly influential on the global investment stage as they seek diverse opportunities to optimise their wealth. According to Knight Frank’s 2023 Wealth Report, the average ultra-high-net-worth individual (UHNWI) in the Middle East holds 36% of their property portfolio overseas, far surpassing the global average of 19%.

As these family offices expand asset ownership across jurisdictions, however, they tend to scatter their service needs across various providers. The average family office manages relationships with 27 external advisers and several financial services firms. This fragmented approach can result in confusion, inefficiency and missed opportunities. It also means that sensitive ultimate beneficial owner (UBO) data is held by a number of counterparties, increasing risk of a breach.

Consolidating essential family office and private wealth services under a single global service provider, such as IQ-EQ, can help maximise your overall investment strategy and mitigate risk. Read on for the top three reasons family offices increasingly opt for global service providers.

1.    Top-tier technology platforms

Family offices and UHNWIs can leverage economies of scale to access best-in-class technology without licensing and managing the software themselves. Rather than sinking capital into various technology platforms, asset owners can seamlessly access leading-edge technology through a third party.

Technology-forward global service providers invest in top-tier tech, including the best security and performance on the market. Working with such a provider ensures access to state-of-the-art cybersecurity measures, helping to preserve the safety of your wealth and personal identifying information.

As an added benefit, IQ-EQ’s technology platforms are all integrated for cross-jurisdictional and cross-functional access under a single login, automatically applying the necessary security protocols for each.

2.    Global expertise with local insights

With offices in all key jurisdictions worldwide, global service providers can support your strategy almost anywhere you choose to invest. Having local presence in different locations provides unrivalled insight into everything from the customs and culture to financial regulations and tax complexities.

Single family offices are often built ‘brick by brick,’ starting with a single trusted relationship and expanding through a network of referrals and trusted partners. Engaging with a single provider amplifies this process, providing immediate access to a worldwide network and opening the door to opportunities that might otherwise be out of reach.

3.    Centralised communication, simplified management

Through a global service provider, UHNWIs and family offices can also consolidate access to that worldwide network via a single point of contact, simplifying communication and increasing process efficiencies.

Having one primary touchpoint for all your global endeavours helps to foster a deeper understanding of your needs and contributes to an invaluable relationship of trust. A comprehensive bird’s eye view of your worldwide strategies ensures a harmonised approach.

IQ-EQ: Where global vision meets personalised strategy

With over 5,000 global employees across 25 jurisdictions and more than $750 billion in assets under administration, IQ-EQ has decades of experience consolidating administrative and support services for UHNWIs and family offices worldwide. We understand the nuances of asset ownership and pride ourselves on offering tailored, cost-effective solutions that simplify private wealth operations.

Our holistic suite of services includes:

  • Transparent accounting and ‘look-through’ reporting
  • Consolidated investment reporting via IQ-EQ Cosmos
  • Digital, data and compliance services
  • ESG services
  • Comprehensive administrative support

Consolidate with IQ-EQ to unlock a world of efficiency, security and global opportunity. Get in touch today:

Working with IQ-EQ has been seamless – you and your team understand our business, advise us appropriately, and handle your side of our collective partnership so that we can focus on making good investment decisions. Evan Gibson SVP, Merchants Capital

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