 In 1838, the family of J.P. Morgan founded the House of Morgan, which managed the families' assets and in 1882, the Rockefellers founded their family office, which prevailed until today.Many family offices have started their business as so called single family offices, where the family owns the family office and serves only the owner family.Instead of covering the entire operative costs, many owners of single family offices decided to offer its services to other families as well.