As family offices expand in scale and sophistication, the expectations placed on independent wealth managers are shifting. For David McCann, Principal and Chief Executive Officer of AOP Capital, and Daniel Xystus, Chief Investment Officer of AOP Capital, the change is not only about investment performance, but about helping families build more institutional, resilient and strategically coherent structures around their wealth.
In their view, family offices increasingly face many of the same challenges as institutional allocators, yet often without the same operating infrastructure or internal resources. That is creating demand for more tailored, hands-on advisory support spanning governance, succession, portfolio construction and long-term strategic planning, particularly as Asia and the Middle East continue to attract growing pools of global capital.
Family offices are becoming more sophisticated
AOP Capital sees the family office market as one that is clearly maturing, but not uniformly. Many families are becoming more deliberate in how they approach wealth preservation, governance and intergenerational transition, yet there remains a wide gap in capability across the segment.
Daniel Xystus argues that many family offices now require a level of support once associated more closely with large institutions. They may not have the scale to command full institutional service from major banks, but they increasingly face similar questions around structure, risk oversight, succession planning and long-term governance.
That, he says, is where specialist firms can add value. Rather than focusing solely on investments, AOP Capital is aiming to help families institutionalise in a broader sense, from governance frameworks to legacy planning. Cybersecurity is one area he highlights as increasingly important, especially given the heightened visibility and vulnerability that wealth can bring.
For Xystus, this is part of a wider market shift. Family offices are becoming more influential as allocators, and their needs are becoming correspondingly more complex.
The move away from product-led advice
That evolution is also changing what clients want from advisers. According to Xystus, family offices increasingly expect the kind of access, engagement and strategic partnership that institutional investors have long taken for granted.
“They want to be engaged as a partner, they don’t want to be sold to,” he says.
In practice, that means clients are looking for better-quality opportunities, stronger alignment and a more thoughtful understanding of their needs. The traditional model, where a client is presented with a menu of products and encouraged to allocate capital accordingly, is becoming less compelling for sophisticated families.
David McCann notes that this is particularly relevant in Hong Kong, which he says has historically been known for an External Asset Manager (EAM) market heavily associated with structured products. That model still exists, but he believes family offices are increasingly looking for something different.
He points to a growing level of maturity among clients in Hong Kong, including families that built wealth through property and are now thinking more seriously about institutional-style structures. He also sees a similar shift among second- and third-generation family members, as well as among some mainland Chinese families that have established themselves in Hong Kong and are now seeking a more sophisticated approach.
A leaner, more entrepreneurial model
Asked what differentiates AOP Capital, both executives point less to product range than to mindset. They describe the firm as lean, hands-on and entrepreneurial, with a strong emphasis on partnership and practical problem-solving.
Xystus says this matters because many clients are entrepreneurs themselves. A flatter organisation, he suggests, makes it easier to engage directly, understand the real issues and work towards solutions without the delays or distortions that can come with heavier internal hierarchies.
McCann adds that the firm’s culture is rooted in a simple principle: solutions and partnerships must work for all parties involved. He describes a “win-win-win” approach, where the client, the outcome and the firm should all benefit from the engagement.
He also argues that the absence of a product-pushing mindset gives AOP Capital more flexibility. Because the firm is not primarily driven by Assets under Management (AUM) growth or structured product incentives, it can remain more open-minded in how it advises clients. In some cases, that may even mean pointing clients towards an external solution when that is the most appropriate answer.
Portfolio construction through a wider lens
In investment management, Xystus emphasises that effective portfolio construction starts with understanding the client’s true objectives rather than simply implementing a narrow mandate.
His own background spans hedge funds, public equities and private equity, and he argues that portfolios tend to be stronger when they are built through a more holistic dialogue. A client may initially frame a mandate in one way, but a broader conversation can reveal additional needs or constraints that materially affect how capital should be deployed.
For that reason, AOP Capital approaches portfolio construction as part of a wider advisory process. The aim is not simply to allocate across asset classes, but to ensure the investment strategy is properly aligned with the family’s circumstances, priorities and long-term goals.
AI and technology as practical tools
Technology is another area of focus. Both executives describe Artificial Intelligence (AI) as an important operational and analytical tool rather than a marketing theme.
Xystus says the firm already uses AI extensively in research and market analysis, and sees it as a way to sharpen insight and improve decision-making. He also notes that many clients are themselves highly technologically literate, making it essential for advisers to understand these tools properly if they are to give credible advice.
McCann says AOP Capital has gone further by investing in its own internal AI capability built around a Large Language Model (LLM), initially within merchant banking and increasingly across the wider business. In his view, AI helps not only with efficiency, but with becoming more forensic in analysis and therefore more accurate in identifying suitable solutions.
The firm is also open to developments such as tokenisation, reflecting a broader willingness to explore technologies that may reshape capital markets and advisory models over time.
Expanding the platform
Over the next 12 to 18 months, AOP Capital’s priorities are centred on growth, expansion and broader market presence. Xystus is focused on building the firm’s family office offering in Hong Kong, including outsourced Chief Investment Officer (CIO) services, advisory support and broader institutionalisation work for families navigating succession and long-term stewardship.
McCann, meanwhile, identifies three priorities: increasing the firm’s regulatory footprint and international reach, growing its range of proprietary offerings, and expanding its presence across the investor community.
Underlying that strategy is a clear geographical thesis. Both men see Asia and the Middle East as increasingly important centres of capital and influence. In their view, Hong Kong is well placed to remain a key financial hub, while Dubai and the wider Middle East are likely to play a larger role in global capital formation over time.
For AOP Capital, that creates an opportunity not just to advise family offices within each region, but also to help connect them. As McCann and Xystus see it, the future of independent wealth management will belong to firms that can combine investment capability with governance insight, strategic flexibility and a genuinely partnership-based model.