Among the details of the report was how Singapore's regulations and incentives have galvanised more specialist expertise in the family offices sector.

Family offices are warming to alternative assets as they become more sophisticated about investing, a survey from Ocorian, a service provider to such organisations shows. 

The firm carried out a study among family members, senior family office employees and intermediaries working for family offices with total wealth of $68.26 billion.

Ocorian's study found that three out of four (76 per cent) questioned think increasing sophistication at family offices leads to more staff carrying out more sophisticated deals and having to strengthen their operational infrastructure.

Just 7 per cent think their organisation’s risk appetite will fall, while 27 per cent say it will stay the same. 

European equities, emerging market equities and private equity are the most popular asset classes that family office fund managers expect to increase allocations to in the next 12 months.

As this news service has noted in recent weeks, family offices remain as keen as ever, so firms say, on private market areas such as venture capital and private equity, along with hedge funds, real estate and infrastructure. But there are sceptical voices, particularly around moves by policymakers to widen investor access to what have traditionally been illiquid assets.

The study was conducted among people in 13 countries or territories including the UK, UAE, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, Mauritius and Bahrain.

The rising sophistication of family offices is being driven by regulations and incentives. In Singapore, for example, tax incentive schemes for single family offices under Sections 13O and 13U of the Income Tax Act require the employment of at least two or three investment professionals to qualify. 

“These conditions encourage family offices to expand their teams, deepen investment expertise, and strengthen operational infrastructure in line with their increasingly sophisticated strategies,” Ocorian said.