A Private asset management company or Société de gestion de patrimoine familial (SPF) is established for the purpose of private wealth management. Investors looking for consolidating the management of their private assets under the responsibility of another company will be delighted by the prospect of setting up an SPF in Luxembourg. This legal framework is also favorable for investment groups, family businesses and representatives of trusts and private foundations. An SPF is strictly limited to the holding of shares, bonds, and funds among other financial assets. Its primary responsibility is to acquire, hold, manage and create financial assets. It cannot be engaged in any other commercial activities outside its function as a holding company and neither can it own patents and real estate.