MultifamilyOffices.com MFO Benchmark Report

This report covers 1,760 multifamily office firms. It combines directory coverage with published SEC Form ADV data from 292 firms. We report assets, fees, services, clients, founding periods, and firm locations.

Method

We analyzed 1,760 firms listed in the MultifamilyOffices.com directory. For 292 firms, we used published SEC Form ADV figures captured in the directory, with the applicable adv_date recorded for each firm. Asset figures are reported in U.S. dollars. Fee, service, and client counts show the number of those 292 SEC Form ADV firms reporting each item. Location and founding counts come from the directory data.

Assets under management

Among the 292 firms with SEC Form ADV data, reported assets under management had a 25th percentile of about $358 million, a median of about $921 million, a 75th percentile of about $3.08 billion, and a maximum of about $117.5 billion.

Fee structures

Percentage of AUM was the most common reported fee type, used by 289 firms. Fixed fees were reported by 209 firms, performance fees by 110, hourly fees by 95, and other fees by 41. Commissions and subscription fees were each reported by 2 firms.

Services offered

Portfolio management for individuals and small businesses was reported by 279 firms. Selecting other advisers was reported by 213, financial planning by 207, institutional portfolio management by 141, and pooled vehicle portfolio management by 126. Other services were reported by 89 firms, pension consulting by 65, educational seminars by 28, newsletters or publications by 18, and investment company portfolio management by 14.

Client types

High net worth individuals were reported as clients by 263 firms. Individuals who were not high net worth were reported by 178 firms. Pooled vehicles were reported by 121, charities by 107, other client types by 97, and pension plans by 62. Investment companies were reported by 18 firms, state or municipal clients by 17, insurance companies by 17, other advisers by 8, banks or thrifts by 5, and BDCs by 1.

Founding periods

The largest founding groups were the 2010s, with 614 firms, and the 2000s, with 470. The 1990s had 149 firms, the 2020s had 113, and the 1980s had 77. The 1970s had 27 and the 1960s had 15. A further 32 firms were founded before 1960, the earliest in the 1800s.

Regional distribution

North America accounted for 780 directory firms. Europe had 595, Asia Pacific had 180, Latin America and the Caribbean had 123, the Middle East had 41, other regions had 26, and Africa had 13.

Countries with the most firms

The United States had 725 firms, followed by Switzerland with 219, the United Kingdom with 84, Singapore with 68, Brazil with 60, Germany with 59, Canada with 55, France with 40, Australia with 37, Hong Kong with 36, Israel with 35, India with 25, the Netherlands with 22, Luxembourg and Chile with 20 each, Italy with 18, Spain with 17, Monaco with 14, and Belgium and the United Arab Emirates with 12 each.

U.S. states with the most firms

California had 98 directory firms, New York and Florida had 97 each, and Texas had 64. Illinois had 40, Massachusetts 30, Pennsylvania 29, Colorado 24, Georgia 21, North Carolina 18, New Jersey and Ohio 16 each, Arizona 15, Minnesota 14, Utah and Tennessee 12 each, Connecticut and Washington 11 each, and Maryland and Missouri 9 each.

Limits

The SEC Form ADV analysis covers 292 firms, not all 1,760 directory firms. Fee, service, and client counts reflect reported categories and can overlap because one firm may report multiple items. ADV figures are based on filings captured in the directory and may have different adv_date values. Asset figures are reported aggregates and do not establish comparability beyond the stated percentiles and maximum. Directory location and founding data are descriptive records. This report is educational and is not legal, tax, or investment advice.

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