Single family offices are increasingly hiring outside firms to assume the duties of a chief investment officer, according to a new survey released Monday by the Institute for Private Investors.
Nearly half the single family offices IPI surveyed this summer outsource the CIO function, compared with just a quarter that did so in 2005.
IPI said in a statement that 71 of its 1,100 private investor members responded to the survey. They manage assets for an average of 2.8 generations and 26 family members, and have an average of seven employees on staff. Sixty percent of respondents report assets of more than $200 million, and 20% oversee $1 billion plus.