Northern Trust believes the growth of multi-jurisdictional wealthy families is leading to global family offices being run like multinational...

Northern Trust believes the growth of multi-jurisdictional wealthy families is leading to global family offices being run like multinational corporations. The Chicago-based wealth manager believes this development could see the beginning of the end of the Swiss bank account.

“We could be seeing the end of the quintessential Swiss bank account, once the epitome of status and wealth as a crop of multi-national family offices spring up to cater to the needs of mobile, global families,” said Thomas Smith, managing director of Northern Trust’s ultra-high net worth wealth management group in a statement.

He added: “Instead of having a few Swiss Bank accounts, families now may control several hundred accounts and operate with nearly as many advisors and investment managers, in cities from Toronto to Tokyo.”

Northern Trust through its wealth management group manages one of the biggest multi-family offices with around $105 billion in assets under administration. The firm says to be a client of its wealth management group an individual or family generally needs to have assets exceeding $75 million.