Beyond that basic purpose and structure, the variations in their composition and competencies are myriad.

'The term 'family office' is loosely defined in Asia,' says Fan Choi, director of wealth planning at Coutts & Co, whose wealth institute advises families on issues including succession and preparing family agreements. 'It could range from just a small unstructured office offering concierge services to family members to a large-scale, fully fledged and structured office run by professionals with different specialist teams.'

At BSI Asia, family office services include banking, wealth planning and investment services.

Esther Heer, deputy chief executive officer of BSI Asia, said: 'Our role is to extend a wide range of services in client portfolio management and wealth planning - which are complementary to the advisory role that the family office plays - and we do this through a team of investment specialists and corporate finance consultants, a strong and stable execution platform, research, monitoring systems, credit solutions, art advisory and various other specialised areas in the realm of financial investments.'

Bank of Singapore offers an array of services and uses its parent bank to add an extra dimension to its offerings, says Lee Woon Shiu, the bank's head of wealth planning.

'The close working relationship and synergies we have with our parent company, OCBC Bank, also facilitates seamless cross-referral of services to address the corporate finance and corporate/transactional banking activities which are crucial to Asian families in the context of a holistic 'Asian style' family office experience,' he says.

That 'Asian style', with the family as the lynchpin of the business, often includes an emphasis on ensuring the continued centrality of family members.

Family offices can encourage that. As well as securing the business assets, family offices can help to bring the next generation on board as active participants in the business or its offshoots, says Eric Landolt, head of family services (North Asia) at UBS Wealth Management.

'Increasingly, [Asia's wealthy families] are aware that not only can the establishment of a family office act as a conduit for the transition but it can also be a means of creating roles to engage the next generation in the stewardship of the legacy,' he says.

Families considering setting up a family office need to think hard about what affairs they want the office to manage.

Beyond taking care of core investment and financial affairs, family offices can also handle tax and accounting advisory, risk management, family governance, sourcing boarding schools, and maintaining lifestyle assets, such as art, yachts, and private jets.

Lee says structure, ownership and family governance elements also need to be decided in advance.

At Credit Agricole Private Banking, the objective is not only to provide operational support, but also to act as an interface between financial intermediaries and the bank's own financial services, including research and estate planning.

'The objective of a family office is not only to manage the present wealth but also to protect the assets for the future generations. Succession planning and family governance are therefore key services that a family office can provide to its clients,' says Omar Shokur, head of financial intermediaries in Switzerland, and Sophie Gillot, managing director in Hong Kong.

Clarifying succession has become a hot topic in Hong Kong, especially with the ongoing investigation by the Independent Commission Against Corruption into Sun Hung Kai Properties' co-chairmen Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen. The case has highlighted the need to put succession plans in place, with analysts and investors clamouring to know who will run the company should the brothers be forced to cede control.

Another factor driving the popularity in Asia of succession planning and family governance is the generational transfer of wealth now taking place within Asia's richest families.

Thelma Kwan, director of wealth advisory at Barclays, said: 'Wealth in Asia continues to grow and there is an increase in demand for the range of wealth management services, including that of family offices. Based on industry research, the number of HNWIs [high-net-worth individuals] in the region is now 18.3 per cent higher than in 2007, and HNWI wealth ended 2010 at 14.1 per cent higher than 2007 levels, exceeding that of Europe and nearing that of North America.

'Asia will continue to grow wealthier and this will fuel the growth of single- and multi-family offices, alongside the rest of the private banking industry.'

The fast-growing levels of wealth could be underestimated, meaning that family offices could grow even faster than expected, both in numbers and scope of services.

The UBS/Campden Research Asia-Pacific Family Office Survey 2012 shows that Asia is home to just over 100 family offices, of at least 2,000 worldwide, according to UBS' Landolt. 'This clearly does not reflect the rate of wealth creation in the region - in 2006, Forbes estimated Asia-Pacific was home to 112 billionaires. However, the number has nearly tripled over the last five years. Given this disparity, the potential for growth in the family office sector is immense,' he said.

36

The average age of the mainland millionaire

-In Hong Kong it is 48