Private banks eye new breed of family office

Amid rising wealth creation, private banks are looking to service family offices such as Joseph Tsai's but face disintermediation from them as well.

Private banks eye new breed of family office

Family offices that provide tailored advice to super-rich families are on the rise in Asia. A recent high-profile example is Alibaba executive vice chairman Joseph Tsai's Blue Pool Capital, which manages the wealth of his family and other Alibaba founders.

According to a source familiar with the matter, Tsai's vision is to build a professionally-run investment programme for a few select families and their charitable activities. The Hong Kong-based family office is co-managed by...

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