Term Sheet — Friday, December 14129024.36

While no one was looking, family offices have transformed into financial titans.

The family offices through which the world's wealthiest 0.001% invest are a disruptive new force in global finance that few have heard of. A new report in The Economist sheds light on "family offices" (broadly defined as personal investment firms) and how they came to grow bigger and more powerful as a wave of populism sweeps the country.

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