A multi-family office formed five years ago says it is optimistic about its - and the sector's - future.

Mumbai-based Waterfield Advisors, the multi-family office, is celebrating passing the $1 billion mark for assets under advice, a figure reached after getting off the ground in 2011, and which paves the way for rapid growth, it said.

The firm advises ultra-high net worth families across two areas: family office services and corporate advisory. It is led by Soumya Rajan, managing director.

The firm believes Asia’s rapid wealth growth and clients' desire for customised wealth advice bodes well for the family office model.

Out of an estimated total of up to 5,000 family offices (precise figures are not readily available) only 3 to 5 per cent are in the Asian region, showing that upside growth potential is enormous, the firm said. In India alone, the number of UHNW families is estimated at around 2,100, while China has five times that number (source: Credit Suisse).

“Waterfield Advisors sees significant opportunity to expand the reach of the services it offers this segment, both by attracting more families to its differentiated platform and by expanding its geographical coverage within the country,” the firm said.

In late 2014, the firm opened two new offices in New Delhi and Chennai, appointing Nitai Utkarsh and Ganesh Jayaraman as directors for the family office business in these two locations respectively. Earlier in 2014, brothers Amit and Arihant Patni announced a strategic investment in Mumbai-headquartered Waterfield Advisors.