What is a Family Office?

What is a Family Office? | Wealth Management

I just found a PDF on family offices which lays out 5 differences between wealth management firms and family offices. Since I get many questions related to what family offices do and how marketers can reach them I thought this list may help:

Top 5 Differences Between Wealth Management & Family Offices

1. Clients informed of all the risks and advantages of every decision, thus empowering them to understand the impact of the choices they make and the effect on their long-term goals. They provide sophisticated investment advice and
2. implementation to meet the customized needs of taxable families with complex wealth structures. They add value by working collaboratively,
3. combining internal resources with a client’s team of advisors to develop unique solutions to challenges that cross disciplines, such as estate, tax, risk management and similar fields.They provide leadership in family governance and
4. education, a critical factor in preparing future generations for the complex obligations of wealth management and preservation. They take care of the day-to-day demands that
5. wealth can impose, relieving family members of many routine worries and burdens.

Read more about family offices or read the rest of this PDF here.

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Tags: What is a family office, what are family offices, family offices, family office, multi family office, what is a single family office, what are multi family offices, HNW family office

What is a Family Office?

What is a Family Office? | Wealth Management

I just found a PDF on family offices which lays out 5 differences between wealth management firms and family offices. Since I get many questions related to what family offices do and how marketers can reach them I thought this list may help:

Top 5 Differences Between Wealth Management & Family Offices

1. Clients informed of all the risks and advantages of every decision, thus empowering them to understand the impact of the choices they make and the effect on their long-term goals. They provide sophisticated investment advice and
2. implementation to meet the customized needs of taxable families with complex wealth structures. They add value by working collaboratively,
3. combining internal resources with a client’s team of advisors to develop unique solutions to challenges that cross disciplines, such as estate, tax, risk management and similar fields.They provide leadership in family governance and
4. education, a critical factor in preparing future generations for the complex obligations of wealth management and preservation. They take care of the day-to-day demands that
5. wealth can impose, relieving family members of many routine worries and burdens.

Read more about family offices or read the rest of this PDF here.

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Tags: What is a family office, what are family offices, family offices, family office, multi family office, what is a single family office, what are multi family offices, HNW family office

Aymeric Lechartier from Carne Financial service give a comment of how family offices select hedge fund for their investments “the larger a family office becomes, the more it behaves like an institutional investor, also called convergence of the institutional”.

Diversification is a must for family offices, so they tend to choose the best manager from fund of hedge funds. Alternatively, they could diversify themselves by investing in several single niche funds that each of them would focus on one asset class. Also family offices would consider word of mouth and passionate investing factors before investing in any funds. Some family office wouldn’t invest in hedge fund that involve with defense sector.

More importantly, they need transparency. Just like an ultra high net worth investors, they want to know where the money goes to protect their interests. Read more here.

- Richard

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Tags: Hedge Fund of Funds Family Office, Fund of Funds ran by Family Offices, Multi-family offices which run hedge fund of funds, family office, family offices, single family office

Dr. Alan Starkie, “Wealthy families are “insti-viduals”, individuals who have institutional needs in terms of complexity and sophistication”. As a result the family office market is rapidly evolving, with more family offices, more MFOs, leading to more demands on providers of services, and more outsourcing expertise needs. There are some favorable trends and facts that support the needs of outside consultants; buying support consult is cheaper than build it internally, generation changes, acquisition, specialization, lack of omniscience, independency, advanced technology.

To keep pace and take advantage of the myriad opportunities, good consultants need to differentiate themselves in the industry through their objectivity, specialized services, product and service mix, and technological sophistication. Rather than focusing on performance, they should concentrate on providing a level of service commensurate with the demands of “insti-viduals.” If they fail to do this, the perception will remain that consultants lack value added and wattage, are not “on the line” for results, and are not candid in their advice. Read more…

- Richard

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Single Family Office

Single Family Offices in Dubai

I just found this article about how Dubai’s DIFC is positioning itself as a center for single family offices. They seem to be very skilled at positioning themselves for new money to come in so I’m sure they will be successful in this area. The country is trying to build many legs to stand on – as they take advantage of their oil and tourism based wealth. Here is the article…

_________________________________

New regulations provide platform for setting up family holding companies at DIFC

The Dubai International Financial Centre (DIFC) today announced new regulations to encourage family businesses to establish Single Family Offices (SFOs) at DIFC.

Created in consultation with the DFSA, the DIFC Single Family Office (SFO) Regulations specifically address the needs of family-run institutions and create a platform for wealthy families to set up holding companies at DIFC to manage private family wealth and family structures anywhere in the world.

HE Dr. Omar Bin Sulaiman, Governor of the DIFC said: “In recent times, family offices have become highly significant on the global economic landscape. In the Middle East, where family-run businesses make up over 75 per cent of firms and have total assets in excess of US$1 trillion, the need for a specialised legal and regulatory framework is especially acute.”

“In contrast to conventional financial institutions, Single Family Offices (SFOs) have no direct public liability as all their shareholders are bloodline descendants of a common ancestor. As such, their regulatory requirements differ significantly. By establishing the new Regulations, DIFC is once again reaffirming its commitment to family businesses and the development of DIFC into a hub for local, regional and international family offices.”

The enactment of the Regulations follows a period of consultation where companies were invited to comment on the proposed Regulations. Having received highly positive feedback, the new Regulations will come into effect on 2 September 2008.

Central to the new Regulations are changes to the DIFC Single Family Offices (SFO) platform and consequential amendments to other DIFC and DFSA regulations such as the DFSA’s General Module and Glossary Module.

The Regulations offer distinct benefits to Single Family Offices (SFOs) as they exclude them from many of the regulatory constraints placed on conventional organisations located at DIFC. Read more…

- Richard

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I just saw this recent article within the Washington Post and thought it was interesting and relevant to the focus on this site on family offices.
__________________________________

It’s early on a spring morning and Peter Kirsch is busily overseeing the fast-moving life of AOL founder James V. Kimsey. Seemingly everything that touches the mogul finds its way to Kirsch’s desk in his ninth-floor penthouse office overlooking the White House, from philanthropy to investments, from politics to friendships to the management of the sprawling Kimsey household.

As chief of staff in the Office of James V. Kimsey, Kirsch is a quiet force on the local scene.

He arrives at the office at 7:30 a.m. to prepare for another day of controlled chaos. At 9 a.m., he gets his daily briefing. Office accounting manager Stephanie Weir reports nothing amiss in Kimsey’s balance of payments big and small, be it DirecTV or NetJets, Burning Tree Country Club or Nationals baseball tickets, American Express (Black Card) or a utility bill.

Next up is receptionist Brie Hytovitz, the first person to greet office visitors, whether they be Ted Turner or Ted Leonsis. When the Potomac Conservancy wants to have a fundraiser at the Kimsey estate, Hytovitz makes sure the tent company, caterer and parking valet are there. She has recently been putting the final touches on Kimsey’s next monthly “boys’ lunch” with friends, scheduled for Oceanair, a seafood restaurant in downtown D.C.

On it goes, as the meeting melts into the day. Pinning Kirsch down on the phone or in person takes effort. He jumps from one call to another, holding discussions with Hytovitz and a visitor at the same time, while an entrepreneur who needs cash cools his heels in the conference room. One minute Kirsch is on the phone with a big hedge fund manager, the next he is sweeping down the elevator to attend his son’s sporting event. Read more…

- Richard

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Private Wealth Management

Private Wealth Management Trends

Below is a short excerpt from a recent article I wrote for Investopedia on family offices and private wealth management trends:
_______________________________

Family offices are private wealth management advisory firms that serve ultra-high-net-worth clients. There are more than 3,500 family offices based in the United States. By offering a complete outsourced solution to managing finances and investments, including budgeting, insurance, charitable giving, family-owned business, and wealth transfer and tax services, these offices set themselves apart from traditional wealth management firms. Although they vary in their level of service, most typically invest heavily in consultants, databases and analytical tools that help them conduct due diligence on money managers or optimize a portfolio of investments for tax purposes.

In this article, we’ll review the top three trends affecting family offices, including the rapid growth of the family office industry, the types of family office services provided, and the increasingly sophisticated use of hedge funds and alternative investments by both single and multifamily offices.

Family Office Facts
There are two types of family offices: single-family offices (SFOs) and multifamily offices (MFOs). Single family offices serve one wealthy family, while multifamily offices operate more like traditional private wealth management practices with multiple clients. Multifamily offices are much more common because they can spread heavy investments in technology and consultants among several high-net-worth clients instead of a single individual or family.

Tackling the Trends
Prominent trends fueling the growth of family offices include:

1. There is a growing number of high-net-worth and ultra-high-net-worth classes around the world. In most developed nations, the wealthy are accumulating assets more rapidly than the middle class. At the same time, many emerging economies are thriving, with annual growth rates of 4-8%. Many experts have noted that by 2015-2020, China’s upper class will be larger than America’s middle class. Growth in countries such as China, Brazil, India and Russia will ensure that the family office format of wealth management services continues to grow in popularity over the next five to seven years. (To learn more about emerging economies, see What Is An Emerging Market Economy? and Demographic Trends And The Implications For Investment.)
2. Profitability is a growing challenge for family offices. As populations amass greater wealth, large wealth management firms are competing on a cost basis and moving a larger portion of their core services online. While the average person might appreciate saving hundreds or even thousands of dollars in fees each year, many affluent individuals would much rather spend $20,000 to $100,000 a year to ensure that experienced professionals are managing their investments and taxes to fit their specific financial goals and risk tolerances. Read more…

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I spotted this interesting blog post by a WSJ bloggers on family offices and how some of the super rich need teams of 5-9 people to manage their assets and financial affairs. I thought it was interesting. Here’s an excerpt and link to the full post:
________________________________________

Ah, the good life. You made your millions or billions. Now it is time to kick back, relax by the pool…and manage your costly and complicated family office.

Family offices are must-haves for Upper Richistanis. If you have $100 million or more, chances are you’ll need a family office to manage your investments, travel plans, philanthropy, political activities, bill-paying and estate plans. That’s not to mention the multiple homes and wives. If the lives of today’s Upper Richistanis are businesses, the family office is corporate headquarters.

“I have four people (in the office) and five people at the house and I don’t even have a job,” says AOL founder James V. Kimsey (left), in an article in the Washington Post. “Why it takes that many people to sustain me is hard to explain.” Read more…

- Richard

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Family Office Industry

Family Office Industry Growth

A recent article came out in the WSJ noting how popular starting a family office is these days. Maybe working for a family office will be as sought after as working for a hedge fund in the years to come…

Here’s an excerpt from the article:
___________________________________

The people who run “Family Offices” — private operations dedicated to managing the money and daily lives of the rich — are increasingly getting rich themselves.

Wealthy Americans have set up 3,000 to 5,000 family offices, experts estimate. The growing number of families going this route, combined with the increasing complexity of investing, has led to heightened competition for the relatively limited pool of people qualified to manage these offices. Salaries for high-level family-office managers have risen more than 20% a year since 2002, reaching $3 million a year or more for the most experienced investment managers.

That’s why some families have taken to poaching staff from other families. Others are showering their family-office chiefs with plush perks like club memberships, free meals, invitations to elite black-tie charity events — and use of the family jet.

One family even offered guaranteed admission to an elite private school for the children of its family-office chief, since the patriarch of the family is a trustee of the school, says Jane Bierwirth, a New York-based executive search consultant at Higdon Partners who helps the rich find office managers. “People are getting more creative with perks,” she says.

Competing With Wall Street

And a growing number of wealthy families are dangling the biggest perk of all: allowing their family-office manager to become a “participant,” investing his or her own funds along with the family money in big deals with the possibility of becoming rich themselves. Richard Rainwater, the investment adviser who became wealthy managing money for the Bass family of Texas in the 1980s, has become the model for such family-office chiefs.

“The game has totally changed over the past five years or so,” says Bob Hamshaw, managing director of the family office for the Santo Domingos, a wealthy South American clan. “Today, there’s much more demand for the good investment people and true professionals.” Read more..

- Richard

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Iveagh Family Office

Iveagh Fund Launched

The family office created over 120 years ago to protect and grow the wealth of the Guinness family has launched a new fund. While many funds started by traditional wealth management firms are somewhat frowned upon in the industry or more heavily scrutinized I would think that if done right a family office fun could do very well. Family offices have unique needs – in having the right mixture of volatility, performance and reporting…and who best to understand those needs than another family office? Here is excerpt from the article:

Iveagh, the family office created 122 years ago to manage money for the Guinness family, has broadened the service it offers specifically to wealthy clients with the launch of a multi-asset fund targeting an annualized return of 9.5%.

The Iveagh Wealth fund is managed by the former senior vice president of Alliance Capital, John Ricciardi and Cambiz Alikhani, who joined Iveagh in September 2002 from Morgan Stanley to develop its fixed income proposition.

Extra input is provided by the Iveagh Investment Committee (IIC).
The fund combines valuation and behavioral analysis in a bid to achieve absolute returns over a market cycle.

It is a mirror of the Iveagh wealth management portfolio, which employs the optimization and asset allocation strategies Iveagh uses for its high net worth clients.

The optimized portfolio universe is drawn from alternatives (private equity, venture capital, hedge funds and structured products), real assets (precious metals, natural resources, global real estate), major market equities, emerging market equities, bonds and cash. Investments are almost entirely daily dealing quoted securities.

Meanwhile, the tactical asset allocation (TAA) strategy aims to increase the portfolio return and reduce downside risk by making tactical adjustments to holdings on a quarterly basis….

Read the full story here.

- Richard

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Here is a short excerpt from a Malaysian based-newspaper’s recent article on single and multi-family offices:

The multi-client family office in the United States is a multi-disciplinary wealth management firm that offers family office services for a number of clients. This is an option that offers the best of both worlds — services that are tailored to the needs of high net worth individuals while taking advantage of economies of scale and the opportunity to delegate to professionals.

A multi-client family office makes sense for many individuals and family groups who want a provider that is intimately familiar with the needs of the client and capable of delivering a comprehensive service menu for a competitive price.

Families and individuals sometimes decide not to set up their own family office because they do not want to be responsible for managing a financial services business. They prefer the continuity offered by an established institution which they can rely on to evaluate and manage the various financial service professionals.

There are many differences between the multi-client family office and the traditional single family office:

l The single family office normally services one family and the multi-client family office services multiple families. Families who use a multi-client family office find that they realize most of the advantages of a dedicated office without the overheads and responsibility of managing a newly-formed financial business.

Despite the fact that a multi-client family office services more than one family, each family client still enjoys the full benefits of a single family office. These include:

• Integrated wealth management services under a boutique structure;
• Access to a high level of client service from an experienced staff of professionals who serve a limited client base;
• More direct family control over financial matters;
• The satisfaction of affiliating with an organisation whose goals are aligned with those of their family;
• Comprehensive assessment of financial goals;
• Customised solutions / strategies for each household;
• Proactive management of client affairs;
• Ongoing education about the responsibilities of ownership;
• Focus on the continuity of the family across generations and branches; and
• The assurance of confidentiality in the management of financial and personal affairs.

Read the full article here

- Richard
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Below is where the future listing of investment consultants will be listed who serve the family office industry. If you would like to have your firm listed below please email us at Richard@HedgeFunGroup.org.

Atrato Advisors LLC is a boutique consultancy specializing in hedge fund research and portfolio management advisory services for institutional and high net worth clients. Atrato leverages its diverse investment research pedigree, deep experience across the entire range of strategies and sectors, and strong international investing background to create highly a structured approach to its advisory mandates. Atrato places a heavy emphasis on thorough due diligence and risk management in creating highly customer-specific alternative investment programs. For more information visit http://www.atratoadvisors.com or contact Brian Reich at 212-582-2200 or breich@atratoadvisors.com.

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Family Office Links

Family Office Resource List

I just found this great article providing dozens of links out to other family office resources. The resources include articles, associations, family office services descriptions, PowerPoint presentations and research papers. To view this article please click here. If you have additional resources that you would like to see linked to within this blog on family offices please email me.

Permanent Link: Family Office Links
Tags: Family Office, Family Office Resources, Family Office Websites, Family Office Links

Investing Book

Free Investing Book on Hedge Funds

Free Investing Book: In addition to this blog on family offices I run a blog on hedge funds. This hedge fund blog contains over 500 articles on the hedge fund industry including hedge fund marketing, due diligence, employment, terms, videos, book reviews strategy definitions and geographical guides. All of these posts are now available for free within a free investing book that I created which simply hosts all of these blog posts within one easy to download package.

- Richard

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Family Owned Businesses

Challenges of Family Owned Businesses

Many wealth individuals or families seek out single and multi-family offices while managing a family business or just after selling one or two family owned businesses. Since this is often the case it might help family office relationship managers to be well experienced or read within the niche of family ran businesses.

I just found a great PowerPoint presentation discussing the challenges of managing a family owned business enterprise and what one group has done to address these challenges. Please click here to read the PowerPoint presentation.

- Richard

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Top Banks in the US

List of 30 Top Banks in America

I just found this list of the top 30 banks in America. I know it is slightly outdated but I get requests for lists of top us or global banks so I just wanted to throw this out there as a resource. Hope this helps, let me know if you have a better list to share with everyone.

- Richard

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Multi-Family Offices

Multi-Family Offices

Single and multi-family offices are exclusive wealth management firms that usually only accept clients with at least $10-$25M of investible securities. They typically have less total clients but spend more time with each client often assisting with tax, estate planning, charitable giving, foundation, and even budget issues in addition to traditional wealth management services. The costs are typically a little higher than a traditional wealth management office but you get more personal comprehensive service and usually a more sophisticated view of portfolio construction with access to alternative investments.

We will be blogging much more on family offices and their impact on the financial planning industry this upcoming fall/winter as we start to partner more closely with a large family office association in the industry.

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Single Family Office

Starting a Single of Multi Family Office

I just found this whitepaper on starting a family office. It is a quick read (3-4 pages long) and covers the current state of the family office industry, how much money family offices typically manage and what services that most family office firms currently offer.

Here is the abstract from this family office startup whitepaper: “Many families who have experienced a significant liquidity event will consider setting up a family office. The purpose of this white paper is to discuss the reasons families consider establishing an office, to describe the typical duties of such offices and to suggest a basic framework for designing and setting up a successful family office.”

If you are starting up a multi or single family office let us know if we can help connect you with any resources.

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Family Office Consultants

Family Office Consultants List

While working with family offices and running the Family Offices Group I have met many consultants in the industry. The following is a list of consultants which work with family offices.

Riotto-Jones and Company – Riotto-Jones is a leading consulting and search firm with over 26 years of experience focusing in all areas of family office and multi family office position searches.
Website: www.RiottoJones.com

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Hedge Fund Operational Risk

Hedge Funds – Operation Risk Assessments

As the hedge fund industry. matures and manages more assets, investors have developed more thorough due diligence practices. In this white paper cited below investors are warned to scrutinize the operational structure of a fund, as the author believes that some hedge funds are poorly managed with a small staff relative to the massive assets under management.

This white paper recommends a rigorous operational due diligence review that covers the manager’s overall fund structure, back office structure, valuation and independent oversight. The guide looks at several key considerations for hedge fund investors: the experience of the operations personnel, compliance, internal operations, portfolio pricing and the quality of the service providers. There is good news on operational infrastructure, in that middle office functionality has improved with the addition of more major outsourcing providers. Yet a thorough operational due diligence review is still very necessary for hedge fund investors. I thought this resource might be useful to many fund of fund professionals and investors.

Resource: Whitepaper on Hedge Fund Operational Risk & Transparency

- Richard

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Hedge Fund Business

Hedge Fund Business Overview

Here is a relatively long whitepaper/Powerpoint on the business of hedge funds. It gives a good overview of the industry, where hedge funds are domiciled and discusses popular structures and strategies employed by both hedge funds and fund of hedge funds.

Please click here to view this report.

- Richard

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Fund of Fund

Fund of Funds Video

Here is a short video on what a fund of fund is and what advantages a fund of funds might have over a single hedge fund investment.

- Richard

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Wealth Management Products

Wealth Management Products

Content coming soon on Wealth Management Products please check back soon for more details.

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Global Wealth Management

Global Wealth Management Trends

Content coming soon on Global Wealth Management please check back soon for more details.

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