A local mindset with international capabilities  

The French family office market is in growth mode. In the past, the wealth management sector in France was dominated largely by smaller boutiques or private banks – both French and international – rolling out what they thought to be a broadly ‘European’ version of their private client offering. As such, their focus has tended to be to establish and roll out operations with local mindsets and local outlooks.

However, rather than relying on their private bank for family office-type support, families are increasingly realising that they can broaden their horizons, both in terms of a breadth of service and the geographic scope of their affairs. For this, they are turning to specialist family offices who have looked after hundreds of families in similar situations, often over several decades.

This increase in demand is due to a growing realisation that the preservation of wealth over more than one generation is best achieved by shoring up the future cultural, social and intellectual capital of a family rather than the financial aspects alone. Lessons learned from the more mature Anglo-Saxon family office market where historically, governance planning has tended to be broader and more long-term in nature than in France or Europe.

Arguably, families with substantial wealth have always been international in their outlook if not their nature. Today, client families are often made up of ‘branches’ in several places around the world. It is rare, therefore, that the French families my team supports, require us to deal only with French matters. As soon as another jurisdiction or jurisdictions come into the picture a family needs support from experts who are well versed in dealing with these often-complex interdependencies.

In looking for a more nuanced offering, many French families are finding that a combination of deep localised European expertise and Anglo-Saxon ‘scope’ and experience is an attractive proposition. On the one hand, they are interested in holistic, global advice and to learn from their international peers about how they have arranged their affairs to date. On the other, they are keen to engage a team who understands inside and out their own legal and tax framework, civil law, and the political, social and cultural touchpoints.

Hélie de Cornois is a Partner of the Stonehage Fleming Group and Head of the Family Office division in Luxembourg. He advises ultra-high net worth private clients and investors on a range of international and domestic tax and estate planning matters.

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Stonehage Fleming advises many of the world’s leading families and wealth creators. The firm manages and protects their wealth, often across multiple geographies and generations.
The company has been privileged to support its clients, including the Fleming Family, for several decades. In doing so, it has brought together talented professionals to offer a range of skills and capabilities rarely found in a single firm. Acting as a full-service Family Office, or working alongside other trusted advisers, Stonehage Fleming draws on over 40 years of practical experience helping discerning clients address the challenges of creating and preserving wealth.
Clients have entrusted Stonehage Fleming with the management, fiduciary oversight, and administration of more than US$175 billion. The firm offers its services from 20 offices across 14 geographies.
Independently owned by its management, staff, and a publicly quoted family investment trust with a patient capital philosophy, Stonehage Fleming’s goals are precisely aligned with those of the clients it serves.

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