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Family Office

May 12, 2012
Vulpes to increase investments in agriculture

Investment firm Vulpes Investment Management wants to raise up to $150 million (€115.9 million) to increase its agricultural investments across the world.

Investment firm Vulpes Investment Management wants to raise up to $150 million (€115.9 million) to increase its agricultural investments across the world.

The company wants to raise between $50 million (€38.6 million) and $150 million to expand its $35 million farm-focused fund Vulpes Agricultural Land Investment Company.

May 9, 2012
Berkshire shareholders reject annual succession plan update

Berkshire Hathaway investors are happy for succession plans at the company to remain a board secret, despite Warren Buffett’s age and recent prostate cancer diagnosis. 

Berkshire Hathaway investors are happy for succession plans at the company to remain a board secret, despite Warren Buffett’s age and recent prostate cancer diagnosis.

At the company’s annual general meeting at the weekend, shareholders rejected a proposal, tabled by labour union AFL-CIO, for formal annual updates on Berkshire Hathaway’s succession plans.

Read the full story at CampdenFB

April 27, 2012
Programme to boost next-gen financial knowledge

A new course to give very young next-gens, aged three and more, a good grasp of financial knowledge and leadership skills has been launched. 

A new course to give very young next-gens, aged three and more, a good grasp of financial knowledge and leadership skills has been launched.

Called Path2Responsibility, the programme has been developed by US-based multi family office Pathstone, in collaboration with the National Financial Educators Council.

Using interactive games, workbooks and family meetings, the course will target children from three years old through young adulthood, Steve Braverman, managing director of the family office, said in a statement.

April 9, 2012
Should family offices invest in private placements?

Numerous companies, especially in the technology and mining sectors, have recently raised money through private placements, with Twitter taking $300 million (€229.8 million) from Saudi Arabia’s Prince Alwaleed bin Talal. 

Numerous companies, especially in the technology and mining sectors, have recently raised money through private placements, with Twitter taking $300 million (€229.8 million) from Saudi Arabia’s Prince Alwaleed bin Talal.

But why are private investments proving increasingly popular? According to Simon Paul, director of UK-based multi family office Sand Aire, the reason is quite simple.

April 2, 2012
Jonathan Soros ‘to set up separate family office’

The son of billionaire investor George Soros is reportedly using part of his personal fortune to establish his own family office.

The son of billionaire investor George Soros is reportedly using part of his personal fortune to establish his own family office.

According to Reuters, which quotes sources familiar with the matter, Jonathan Soros will also hire David Kulsar, one of George’s senior employees.

"Jonathan wants to manage some of his own money so the [Soros Fund] family office has made that accommodation for him," a source said.

Read the full story at CampdenFB 

March 31, 2012
Fund focused on family businesses launched

March Gestion, the investment arm of Spanish bank Banca March, has launched a new fund focusing on family businesses.

March Gestion, the investment arm of Spanish bank Banca March, has launched a new fund focusing on family businesses.

Called the Family Businesses Fund, it will invest in listed companies where a family controls more than 25% of the shares and at least one family member is involved in the senior management. It will also look for firms where there is a "willingness to transmit the ownership" to the next generation, the company said in a statement.

March 29, 2012
Pay-day at the family office

How much are family offices paying their senior managers? Few seem to know, as family offices guard their confidentiality more so than most in the financial services sector. But a study by CampdenFO and executive search firm Sulger Buel & Company found that remuneration is becoming more transparent.

How much are family offices paying their senior managers? Few seem to know, as family offices guard their confidentiality more so than most in the financial services sector. But a study by CampdenFO and executive search firm Sulger Buel & Company found that remuneration is becoming more transparent.

Based on a survey of more than 25 family offices in the UK and Switzerland, the study found that pay varies considerably in terms of what type of family office the manager work for and where the family office is located.

March 28, 2012
Family offices looking to ‘get back to basics’ with property investments

Capricorn Investment Group, a large US-based multi family office, has joined a newly launched property investment club in a bid to “get back to basics”. 

Capricorn Investment Group, a large US-based multi family office, has joined a newly launched property investment club in a bid to “get back to basics”.

Stephen George, co-founder and chief investment officer of Capricorn Investment Group, said the family office is investing €25 million in the Family Office Real Estate Partnership, which was launched earlier this month.

Read the full story at CampdenFB 

March 28, 2012
Prime properties in Beijing and Shanghai to gain popularity

High net worth individuals investing in properties consider London and New York as the most attractive cities in the world, but Beijing and Shanghai are increasingly gaining popularity. 

High net worth individuals investing in properties consider London and New York as the most attractive cities in the world, but Beijing and Shanghai are increasingly gaining popularity.

That’s the main finding of a study by real estate firm Knight Frank and Citi Private Bank, which found that prime properties in London and New York are the most sought-after among the wealthy, followed by Hong Kong, Paris and Singapore.

March 25, 2012
Family offices and hedge funds

Hedge funds haven’t proved very popular between family offices in recent years, with underperformance, fee structures, huge volatility and redemption restrictions angering many wealthy investors. 

Hedge funds haven’t proved very popular between family offices in recent years, with underperformance, fee structures, huge volatility and redemption restrictions angering many wealthy investors.

According to a study by Campden Research, European family offices cut their allocations to hedge funds down to an average of just 3% in 2009, down from 8% one year earlier.

March 21, 2012
Can technology help family offices?

The telecoms crisis of 2001 didn’t just bring prominent firms such as Global Crossing to their knees. It also saw a number of family offices lose more money than they had expected.

The telecoms crisis of 2001 didn’t just bring prominent firms such as Global Crossing to their knees. It also saw a number of family offices lose more money than they had expected.

That’s because they had hidden exposures but lacked the technology to understand how their investments overlapped, according to Joe Lonsdale, chief executive of wealth management software developer Addepar.

March 19, 2012
Mega giving

The Bill & Melinda Gates Foundation has tasked Jeff Raikes with giving away billions of dollars. He explains why he’s focusing on evidence-based investment and what it’s like running the world’s biggest philanthropic organisation.

Ho ho ho: and down the chimney he comes, spreading happiness with his gifts wherever he goes. With the contents of his sack valued at $36 billion (€27.15 billion) – all of which must be given away sooner or later – Jeff Raikes might seem like everyone’s idea of the modern-day Santa Claus.

March 15, 2012
Private equity proves popular with family offices, research

Family offices are sitting on large cash reserves and now want to use it to increase their investments in private equity, attracted by good returns and high transparency.

Family offices are sitting on large cash reserves and now want to use it to increase their investments in private equity, attracted by good returns and high transparency.

That’s according to Jim Miller, managing director of Somerset Capital, a London-based family office adviser.

He told CampdenFO that, after building up “a high cash balance” over the last few years, family offices are currently looking to invest directly in companies.

March 12, 2012
SocGen targets UHNW entrepreneurs

Societe Generale has launched a new private banking service aimed at ultra-high net worth entrepreneurs with family offices or holding companies.

Societe Generale has launched a new private banking service aimed at ultra-high net worth entrepreneurs with family offices or holding companies.

The France-based bank launched the new service, called Private Investment Banking, on 12 March and said it will offer wealth management and investment banking services, covering entrepreneurs’ private wealth and their businesses.

This will include merger and acquisitions advisory, capital increases, initial public offerings and direct access to all capital markets.

March 11, 2012
Investment of the quarter: Myanmar

From George Soros to Bill Gates, western businessmen are increasingly visiting Myanmar (or Burma) in search of investment opportunities, as the country, rich in natural resources, slowly opens up its economy.

Scarcely a week goes by without a visit to Myanmar (Burma, as was) by western politicians and businessmen. Billionaire George Soros popped over at the start of the year. Microsoft founder Bill Gates is going over any week now.

Everyone talks of the importance of philanthropy. Myanmar’s new president Thein Sein refers to peace, stability and economic development.

March 7, 2012
New property “investment club” launched for family offices

A former partner of Capricorn Investment Group, the family office established by eBay founder Jeff Skoll, has launched a new club aimed at helping family offices invest together directly in commercial real estate.

A former partner of Capricorn Investment Group, the family office established by eBay founder Jeff Skoll, has launched a new club aimed at helping family offices invest together directly in commercial real estate.

Basil Demeroutis, managing partner of the Family Office Real Estate Partnership, said the direct co-investing platform would give family offices more control over their property investments than conventional routes.

March 7, 2012
Wealthy could remain unaware of generous tax treaty, says expert

Many wealthy families in the UK will remain unaware of the Liechtenstein Disclosure Facility, due to a lack of information and understanding among their accountants about its benefits.

Many wealthy families in the UK will remain unaware of the Liechtenstein Disclosure Facility, due to a lack of information and understanding among their accountants about its benefits.

That’s according to Sean Wakeman, partner in the tax investigations group of UK-based accountancy firm Crowe Clark Whitehill.

February 23, 2012
Asia-Pacific family offices come of age

The last 20 years have seen unprecedented growth in wealth in Asia-Pacific, fuelled by strong economic expansion, buoyant capital markets and liberalisation. But despite the rise in the number of wealthy, the region’s family office sector hasn’t grown at a similar rate.

The last 20 years have seen unprecedented growth in wealth in Asia-Pacific, fuelled by strong economic expansion, buoyant capital markets and liberalisation. But despite the rise in the number of wealthy, the region’s family office sector hasn’t grown at a similar rate.

February 15, 2012
India attracts family office investments

Investment opportunities are increasing in India, as the country’s “consuming middle class” is growing rapidly, according to a family office manager.

Investment opportunities are increasing in India, as the country’s “consuming middle class” is growing rapidly, according to a family office manager.

Sebastian Lyle, founder and partner of The Family Office, a London-based multi family office, told CampdenFO that his firm has invested in the Asian country since it was established in 2004 and intends to keep doing so in the future.

February 14, 2012
Arnault family’s investment group buys stake in Chinese brand

L Capital, the investment vehicle of LVMH and Groupe Arnault, has acquired a 10% stake in Chinese fashion company Trendy International Group in a deal reportedly worth $200 million ($152 million). 

L Capital, the investment vehicle of LVMH and Groupe Arnault, has acquired a 10% stake in Chinese fashion company Trendy International Group in a deal reportedly worth $200 million ($152 million).

A spokeswoman for the private equity fund said the deal had gone ahead, although she did not confirm the value.

According to reports, L Capital teamed up with China's state-owned financial conglomerate China Citic Group to acquire a direct 10% stake in Trendy, although L Capital is thought to own the majority of the shares.

February 14, 2012
Huge increase in UK visas issued to wealthy

The UK is proving popular with global millionaires, with new figures showing there has been a six-fold increase in the number of wealthy individuals getting investor visas in Britain.

The UK is proving popular with global millionaires, with new figures showing there has been a six-fold increase in the number of wealthy individuals getting investor visas in Britain.

In 2011, 320 investor visas, which are issued to individuals with at least £1 million (€1.2 million) to invest, were granted. This compares to just 43 in 2008, figures from law firm McGrigors show.

February 13, 2012
Stanhill Capital buys stake in sovereign gold

Hong Kong banking group Stanhill Capital Partners has acquired a majority stake in Sovereign Gold, an investment firm specialising in British sovereign gold coinage, as demand for the precious metal confirms to be strong. Stanhill declined to disclose the value of the deal.

Hong Kong banking group Stanhill Capital Partners has acquired a majority stake in Sovereign Gold, an investment firm specialising in British sovereign gold coinage, as demand for the precious metal confirms to be strong. Stanhill declined to disclose the value of the deal.

Sovereign Gold was set up just a year ago and plans to list on the London Stock Exchange within a year.

Ilyas Khan, senior partner at Stanhill, will become non-executive chairman of Sovereign Gold.

February 9, 2012
Giving by US family foundations still at pre-recession levels

American family foundations granted an additional 1.1% to causes in 2010, but the total given still lagged behind pre-recession levels, according to a study by research organisation the Foundation Center. 

American family foundations granted an additional 1.1% to causes in 2010, but the total given still lagged behind pre-recession levels, according to a study by research organisation the Foundation Center.

The report, released this week, found that family foundations gave $20.6 billion (€15.5 billion) to causes in 2010, up from $20.4 billion in 2009.

However, the 2009 figure was 3.4% lower than in 2008, when family foundations gave $21 billion – the highest figure since comparable records began in 2000.

February 9, 2012
Playing by rules is best, says Liechtenstein tax amnesty expert

Extending the deadline to disclose assets held in Liechtenstein is an “important development” for British ultra-high net worth families, but it will be “dangerous to wait” to come clean about tax arrears.

Extending the deadline to disclose assets held in Liechtenstein is an “important development” for British ultra-high net worth families, but it will be “dangerous to wait” to come clean about tax arrears.

That’s according to Philip Marcovici, a member of the board of wealth manager Kaiser Partner and a former partner at law firm Baker & McKenzie.

February 6, 2012
Wealthy less confident about the future, study

High net worth individuals around the world feel less confident about their ability to increase their wealth and, as a result, will be less willing to spend money in the near future.

High net worth individuals around the world feel less confident about their ability to increase their wealth and, as a result, will be less willing to spend money in the near future.

This is the main finding of a new report by wealth research firm Scorpio Partnership, in collaboration with Standard Chartered Private Bank and SEI, a US-based asset management company.