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More wealthy Danes reject private banking solutions

Family offices are becoming more common among the most wealthy Danes. Bank researchers believe that impartial advice is playing a large role.

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More wealthy Danes are rejecting banks' private banking solutions, instead seeking advice from family offices, which can be shared between several families. Johan Blangsborg, who runs a multi-family office, and Karina Hejlesen Jensen, partner at advisory firm PWC and head of the department for family business, explained the phenomenon to Finans.

According to a bank researcher at Aalborg University, Lars Krull, this is happening because peope want impartial advice which is not tied to the banks' own products. Jensen explains that asset management has become more professionalized and that there is increasing demand in the area.

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