A law firm operating in countries including Hungary has announced that it has wrapped up the launch of a family office in the central European country. The country is not yet home to many of these organisations.

Budapest-based Aliant-Menyhei-Molnár-B.Szabó, part of international law firm Aliant, says it has completed its largest family office project to date, creating a structure for a Hungarian family. The entity is worth $2 billion.

The specific identity and name of the family office, which is for a family involved in industry, is not being disclosed. In terms of family size, the FO has fewer than 10 family members, Aliant told this news service in a statement.

Aliant said that it has created six family offices in 2023 and two more are in the pipeline for its Hungarian business.

“The family office sector is of growing importance for Aliant. The driving reason is that Hungary offers unique vehicles like asset-management foundations and hybrid trusts for families helping the change in generations,” a spokesperson told WealthBriefing. 

The latest project, which lasted for 18 months, was managed by Dr Ákos Menyhei, LLM, TEP .

Aliant said it used a structure of an asset management foundation and a hybrid trust.

According to the the Highworth Research database, Hungarian single-family offices aren't plentiful in numbers at the moment. They include Bonitás Investment Mangement ($500 million to $1 billion), and Docler Holding ($100 million to $500 million). To register for the Highworth database, click here.

WealthBriefing recently took a look at the single-family office market in Germany – one of the largest such markets in the world. See here and here.