Banks cannot provide as wide a range of services as in the past, say family offices, which are having to broaden their range of counterparties as a result.
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Multi-family offices question the independence of private banks, but say they are losing the battle for mindshare because they don't have the same sort of marketing budget.
The use of private banks by Asian family offices is set to shrink in the next few years, say FO executives, who concede they themselves face significant challenges.
