(An earlier version of this item appeared on the sister news service of WealthBriefingAsia; given the relevance of the study for Asian readers, it is republished here.) 

<>Credit Suisse, global consultancy and professional services firm EY (formerly known as Ernst & Young) and the University of St Gallen have issued a guide on how to create and run a family office. The white paper is entitled The Family Office Dynamic: Pathway to Successful Family and Wealth Management.

The paper analyses topics and issues to consider when deciding whether to establish or restructure a family office operation, the issuers of the report said.

"Credit Suisse has had the privilege of serving the world's wealthiest families since 1865," said Rich Jaffe, head of Credit Suisse Private Banking North America. "As family offices continue to gain in popularity, this paper is an invaluable guide for families considering setting up a family office,” Jaffe said.

Increasing numbers of family offices have been set up during the last decade, and this trend shows no sign of declining.

“There is every reason to expect more family offices to be established in light of continuing wealth concentration, the desire of families to pass on assets to the next generations and rising globalisation. This paper explores what a family office does and the most effective structures and processes,” the statement said.

Among the questions posed by the paper:

-- Why should a family set up a family office, and what are the different

      types of family offices?

-- What services are generally best performed in-house, and which

      outsourced?

-- How are family office professionals most effectively recruited and

      managed?

-- What needs to be included in a family office business plan - and what are

      the different stages involved in setting up a family office?

 -- Which are the most important considerations when selecting a jurisdiction

      for the family office?

 -- What are the major risk areas and how can these be managed?