India's Shifting Family Office Landscape
India’s family office sector is undergoing a rapid transition as the country’s ultra-high-net-worth population expands. A recent roundtable in Mumbai, hosted by Hubbis and Eton Solutions, highlighted that the market is moving away from informal, spreadsheet-based management toward professional, technology-driven operations. While some family offices manage billions, many others still operate with fragmented data and manual processes that hinder their long-term growth.
Bryan Henning, President of Eton Solutions, noted that these offices often struggle to move from strategy to execution. Principals may secure expert advice on succession or tax, yet they lack the internal infrastructure to put that advice into practice. This operational deficit is compounded by a talent gap; staff often spend 80 percent of their time on manual tasks like document management rather than providing high-level financial guidance.
The Role of Infrastructure and Governance
Effective governance remains an underdeveloped area for many Indian families. Disputes between generations often emerge from a lack of structured, transparent communication. Henning argued that technology provides a clear solution by automating governance and ensuring that all family members have a single, consolidated view of their assets, including non-traditional items like art or private equity holdings.
The push for professionalization is driven significantly by the second and third generations of these families. Many younger heirs have spent time studying or working abroad and are now demanding the same digitisation and transparency they observed in international markets. This shift is placing pressure on older founders to retire legacy systems in favor of integrated platforms like AtlasFive, which consolidates reporting and compliance.
Navigating Global Jurisdictions
Jurisdictional selection has become a strategic portfolio decision for Indian families. While hubs like Singapore and Hong Kong remain mainstays, Dubai has become a primary target due to its cultural ties to India and its regulatory framework based on English common law. Thailand is also emerging as an unexpected secondary location, chosen for its cost-of-living benefits and healthcare infrastructure.
Domestically, GIFT City is gaining traction as a hub for non-resident Indian families to structure their investments. However, the regulatory environment for outbound structures remains cautious. Families continue to watch the Reserve Bank of India closely, as rules regarding Overseas Direct Investment have fluctuated since 2021. Most advisers suggest that families treat their jurisdictional footprint like an investment portfolio, spreading their banking and legal presence across several locations to manage risk.
Sequencing Artificial Intelligence Adoption
The rush to implement artificial intelligence within family offices often outpaces the development of the underlying data structures required to support it. Henning warned against adopting AI tools before ensuring that family data is reconciled and properly organized. For AI to be a useful tool rather than a security risk, it must run on a governed system of record that guarantees accuracy.
Eton Solutions reports that it manages $1.59 trillion in assets across 15 countries, providing a benchmark for the level of technical integration required to operate at scale. As India's market matures, the ability to protect sensitive data will become a primary differentiator. Future growth will rely on families moving beyond the balance sheet to focus on the systems that ensure their long-term stability.