With the number of family offices growing in the US and the rest of the world, there is a demand for institutions that are able to fine-tune the skills and develop the ideas that will help families and executives weather major wealth events.

The University of Chicago Booth School of Business has appointed Robert Stover, Jr (main photo) as the inaugural executive director of its Family Office Initiative (FOI).

Stover has more than 30 years’ experience advising family enterprises, family offices, their principals and family members across North America, Europe, Asia-Pacific and Latin America.

“Chicago Booth has long been a leader in rigorous thinking and practical insight, and its Family Office Initiative is uniquely positioned to support principals and executives as they make decisions that will span generations,” Stover said in a statement. 

Booth’s FOI was founded in October 2024. The organization says it is one of the first major academic institutions in the country to implement a comprehensive program to support family office leaders, making the school a pathbreaker in this space. 

The rise of such establishments speaks to the growing demand for venues where industry professionals and the families they serve can develop knowledge and insights. According to some measures, there are north of 8,000 family offices worldwide. The multi-trillion dollar intergenerational wealth transfer taking place that is also creating much of the need for such institutions.

“Chicago Booth’s Family Office Initiative offers a differentiated approach through unparalleled global engagement, collaborative learning, and research-driven thought leadership,” John C Heaton, the Myron S Scholes Distinguished Service Professor of Finance and Anthony Pritzker Family Foundation – Family Office Initiative faculty director, said. “Bobby’s impressive background and expertise will support us as we continue to grow this world-class program and advance our impact on current and future family office leaders around the world.”

Stover retired from Ernst & Young, LLP (EY) in 2025 as co-global family enterprise leader and Americas family enterprise and family office leader. During his tenure, Stover created and led platforms including the EY Family Enterprise DNA framework, the Family Enterprise Summit, and built the Family Office Advisory Services practice.

In support of its networking efforts, Booth’s second annual FOI Summit will take place this month in Chicago.