Dallas business mogul Darwin Deason sold Affiliated Computer Services to Xerox for $6.4 billion in 2010. With such a big windfall to manage, the late billionaire beefed up what has become the tool of the ultrawealthy to manage their fortunes: the family office.<\/p>\n
These offices handle a range of personal matters, although many of them have evolved into what Deason\u2019s is today \u2014 a flourishing investment machine that will grow his family\u2019s wealth for generations.<\/p>\n
Influencer and boxer Jake Paul realized at 29 that he, too, could use a centralized system to handle his slew of prosperous endeavors. Inspired by high net-worth people he met in his early 20s, he started his family office earlier this year and hired Wall Street-turned-Dallas finance professional Laura Brady to set it up.<\/p>\n
With a staggering $19.2 billion deployed in 2024 by roughly 190 Dallas-area family offices, estimates Praxis Rock Advisors, a growing number of the ultrawealthy use their family offices to quietly access private investments and early stakes in companies. Because they are designed to support only family members, single-family offices do not have to register as investment advisers with the U.S. Securities and Exchange Commission.<\/p>\n