A figure involved in the family offices sector of Türkiye – a country not renowned for these organisations – talks about the sector, what independence means, and more.

A few weeks ago, this news service interviewed Özge Dogan, a Türkiye-based family office figure who is part of a new generation of people changing wealth management in the country. In this article, she addresses the prospects of family offices in Türkiye, new ways of understanding family offices, and more.The editors are pleased to share this content, and hope that these articles are a prompt for conversations. The usual editorial disclaimers apply. So get involved: email tom.burroughes@wealthbriefing.com and amanda.cheesley@clearviewpublishing.com

What if the most disruptive financial institutions of the 21st century aren't banks, asset managers, or hedge funds – but independent family offices? 

Family offices, previously conceived as a private wealth preservation tool for the ultra-wealthy, are rapidly evolving into powerful financial institutions that are actively altering global finance. This evolution indicates not only a shift in investment strategies but the emergence of an entirely distinct model within the wealth management landscape: the IFO.

The changing face of family offices
Traditionally, family offices were exclusive, high-cost structures designed to serve the ultra-wealthy, often functioning as private wealth managers operating in the background. Today, this dynamic is shifting. A growing number of wealthy families – not just the ultra-rich – are seeking more autonomy over their financial destinies. 

IFOs respond to this need by focusing on the family’s interests, free from institutional sales pressures and fiduciary conflicts, enabling them to function as orchestrators of wealth rather than asset managers. This structure empowers families with direct control over capital allocation, governance, risk oversight, and investment strategies – delivering both flexibility and long-term strategic clarity.

Transformation is especially critical in emerging markets, where private wealth is expanding rapidly while financial infrastructure and investor sophistication still lag. By offering scalable, accessible models, IFOs are empowering families of varying wealth to become more sophisticated investors, contributing to the professionalisation of local markets. Here they act as catalysts for the development of investment culture and awareness in economies on the rise.

Separating strategy from execution
At the heart of this transformation lies a fundamental structural shift: the separation of strategic decision-making from execution. Traditionally, financial institutions such as banks, asset managers, and private bankers combined both roles – offering financial products while also shaping the family's investment strategy. Families are now challenging the status quo by relying on financial institutions solely for their delivery in operational execution.

This arrangement preserves the valuable infrastructure and capabilities of traditional institutions but repositions them as service providers rather than decision-makers. For the broader financial ecosystem, this shift encourages greater transparency, client-centric innovation, and a more modular, collaborative market structure where roles are clearly defined and better optimized for performance.

Global evolution
There are different markets globally which epitomise the various stages of this evolution.

India's ultra-high net worth individual population is predicted to increase by 50 per cent by 2028 (1), making it the world's fastest-growing. Traditionally, wealthy Indian families have managed their wealth informally via holding companies or bank-affiliated consultants. However, between 2018 and 2024, India saw a sixfold increase in family offices (2), with many billionaires establishing official structures in Singapore, Dubai, and London to manage their global wealth. 

Türkiye recorded the fastest UHNW individual growth globally in 2023 at 9.7 pe cent (3), accelerated by the progress made in industrial manufacturing, real estate, and technology. Despite this wealth surge, Türkiye's financial ecosystem remains dominated by banks and traditional asset managers. While established family business groups manage generational wealth effectively, a growing class of new millionaires lacks access to sophisticated wealth management services. Besides Türkiye’s growing wealth, Istanbul is increasingly positioning itself as a regional financial hub for neighbouring emerging markets such as Central Asia, and Eastern Europe.

Meanwhile, Singapore provides a blueprint for how family offices can transform a country's financial ecosystem. In just five years (2017 to 2022), the number of family offices in Singapore increased fivefold (4) as both Asian and global wealth flocked to the city-state. The government actively incentivsed the family office industry through regulations and tax exemptions. Although having a smaller high net worth population than India or Türkiye, Singapore's family offices are actively investing in venture capital, impact projects, and regional entrepreneurs, driving economic growth beyond their immediate portfolios.

The inevitable future of IFOs
IFOs serve as bridges between fast-growing private wealth and the global investment landscape, helping build the governance, infrastructure, and strategic mindset needed to sustain and expand that wealth across generations. In this new paradigm, families are actively shaping industries and fuelling innovation.

The question is no longer whether IFOs will become foundational to the financial future – but how quickly can the rest of the system adapt to this new reality? Will traditional wealth management institutions, such as private banks, accept a smooth transition to the role of execution specialists instead of strategic advisors? Families are already on track to take control of their financial destiny and reap the rewards from this innovative approach.

About the author

Özge Dogan is founder and CEO of Karman Beyond, Türkiye’s first, independent multi-family office.

Footnotes

1, https://content.knightfrank.com/resources/knightfrank.com/wealthreport/the-wealth-report-2024.pdf
2, https://www.dbs.com/private-banking/wealth-planning/global-indian-family-office.page
3, https://content.knightfrank.com/resources/knightfrank.com/wealthreport/the-wealth-report-2024.pdf
4, https://www.edb.gov.sg/en/business-insights/insights/how-singapore-is-becoming-asia-s-family-office-hub.html