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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Family Offices in America

American Family Offices

The following is a list of family offices in the United States which have elected to be included within this service provider directory. Please feel free to reach out to the firms below to inquiry about their family office wealth management services.

To get a list or database of family offices please complete our form here: Family Office Databases

Family Office #1: If you would like to add your family office to this list of American family offices please send an email to Richard@HedgeFundGroup.org

If you would like to add your family office to this list of family offices in the US please send an email to Richard@HedgeFundGroup.org

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Multi-Family Office Services

What Services do Multi-Family Offices Provide?

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.

Family office professionals will take the time to ensure your separately managed acocunt investments and Hedge Funds are balanced and in line with your 401k or IRA investments. Their employees are often experienced and sophisticated enough to understand unified managed accounts (umas), and will be able to explain them to clientele so they may be employed where appropriate. While many family offices use hedge fund of funds, family office professionals will often find an individual hedge fund manager that fits you best if they do not already have one that they work with, and ultimately they are known for working harder to make you happy because they only work with a smaller group of core clients. Many high net worth individuals belong to health groups where doctors will take the time to set down with you for a couple hours each quarter or year and talk about your health and habits. This type of highly personal attention is equivalent to what you get in a financial sense at the best family offices.

- Chris

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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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Hedge Fund Guides

Geographical Hedge Fund Guides

Below please find guides by countries and regions, states and cities. Each guide provides links to 15-30 online resources which in total can provide a decent introduction to what it would be like to conduct business or work in that region or city.

Top 5 Most Popular Geo-Guides

1. California
2. Connecticut
3. London
4. New York
5. San Francisco

City Guides

• Boston
• Chicago
• London
• San Francisco
• Washington D.C.

Country / Region Guides

• Asia
• Australia
• Bermuda
• Brazil
• Canada
• Cayman Islands
• China
• Denmark
• Dubai
• European
• France
• Germany
• Hong Kong
• Indonesia
• Japan
• Mexico
• Russian
• Singapore
• Spain
• Switzerland
• South Africa

State by State Guides

• New York
• Connecticut
• Texas
• California
• New Jersey

State by State Guides Being Created (Please send in resources as possible)

• Alabama
• Alaska
• Arizona
• Arkansas
• Colorado
• Delaware
• Florida
• Georgia
• Hawaii
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Louisiana
• Maine
• Maryland
• Massachusetts
• Michigan
• Minnesota
• Mississippi
• Missouri
• Idaho
• Montana
• Nebraska
• Nevada
• New Hampshire
• New Mexico
• North Carolina
• North Dakota
• Ohio
• Oklahoma
• Oregon
• Pennsylvania
• Rhode Island
• South Carolina
• South Dakota
• Tennessee
• Utah
• Vermont
• Washington
• West Virginia
• Wisconsin
• Wyoming

For lists of hedge funds by state available for sale please see these links:

• List Directory of Hedge Funds in New York
• List of Hedge Fund Managers in California CA San Francisco
• Directory List of Hedge Funds in Texas | Dallas
  
• Directory List of Hedge Funds in Connecticut | CT
• List Directory of Hedge Funds in Massachusetts
• List Directory of Hedge Fund Managers in Chicago IL Illinois

We will be developing far more of these in the future. Please let me know if you have a request for a specific region or city and I can add it to my list of projects. Richard@HedgeFundGroup.org. To keep updated on new guides coming out soon please subscribe to this blog via the blue link below.

Prime Brokerage Business

Prime Brokerage Business Update

Quick Link: Example Prime Brokers

I just read a recent report from Finalternatives on the prime brokerage business. This report mentioned that prime brokerage firms expect $11 billion in hedge fund revenues this year, consequently major prime brokerages are vigorously competing for clients. JPMorgan and CitiGroup are playing catch-up with industry giants by bolstering their prime brokerage units. Meanwhile, the more established Deutsche Bank, Morgan Stanley, Merrill Lynch and Goldman Sachs are battling for dominance over the prime brokerage industry.

Last year, Morgan Stanley was the world’s largest prime broker holding $152.8 billion in assets under management from 455 funds. However, a major international survey showed that size isn’t everything. Deutsche Bank took first place, followed by Merrill Lynch and Morgan Stanley finished third. Morgan Stanley fares better with U.S. hedge funds, 59% reported having “a strong relationship” with the firm, while only 15% said that of Deutsche Bank.

The two biggest prime brokers, Goldman Sachs and Morgan Stanley, are building their reputation as the best in the industry. More and more hedge funds turn to the two firms because they have a strong reputation, as well as superior technology and support capabilities. While other major firms try to catch up by buying up talent from rivals, Morgan Stanley and Goldman Sachs are securing their dominant positions in prime brokerage.

- 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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Accredited Investor

Accredited Investor Definition

I received an email last Thursday from someone within the Hedge Fund Group (HFG) asking if I had an accredited investor definition post on my blog which lists the items which allow someone to be considered an accredited investor. When I told them that I had not yet, they sent me over what their firm is using so I could share it here. This is not a legal resource to be used to run a hedge fund business but it is a list of ways someone can be considered an “accredited investor.” Please let me know if I missed anything here – Richard@HedgeFundGoup.org.
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An accredited Investor is someone who fits within any of the following categories, or who the issuer reasonably believes comes within any of the following categories, at the time of the sale of the Interests to that person:

1. Any bank as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; any insurance company as defined in Section 2(13) of the Securities Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of the Investment Company Act of 1940; any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;
2. Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;
3. Any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;
4. Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;
5. Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000;
6. Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;
7. Any trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of the Securities Act; and
8. Any entity in which all of the equity owners are Accredited Investors.

In order to be considered an Accredited Investor, an employee benefit plan will be required to meet one of the following conditions: (a) the investment decision for the employee benefit plan is made by a plan fiduciary which is either a bank, savings and loan association, insurance company or registered investment advisor; (b) the employee benefit plan has total assets in excess of $5,000,000; (c) in the case of self-directed employee benefit plans, investment decisions are made solely by persons that are Accredited Investors; or (d) the plan is established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.

Post Update: I recently received this email which was reminded me of my goal to be write for those interested in learning about hedge funds around the world and not just within the United States. Here is what the email said:
_______________
Email:

Richard, I understand that you are not offering legal advice, but your response seems to me to be overly US centric. I cover investors in Japan and Korea where this term has a specific meaning, each unique and different from the US version. Every jurisdiction tries to establish its own safeguards in order to protect public investors in its country from exposure to solicitation of unregistered securities – such as hedge funds – by unregulated sales people. Most definitions seek to establish a threshold, usually according to wealth or sophistication, where such safeguards will not be necessary.
______________

I agree, thanks for the note.

- Richard

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Family Office Customer Service

Private Banking & Family Office Customer Service

Here is a short video that I found interesting about how Family Offices and private banking groups can improve their customer service. In this video a hotel manager from a prestigious 5 star hotel in Switzerland is interviewed about how to maintain industry-leading high quality customer service on a broad scale.

- Richard

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Hedge Fund Investment Adviser

Hedge Funds & Investment Advisers

While hedge funds are showing weak capital raising numbers in 2008 a recent survey came out showing that over 95.7% of investment advisers believe that hedge funds don’t understand their business needs. The same survey showed that over 88.7% of these same advisers thought that sales efforts on behalf of hedge funds are ineffective.

This is great news for those within the hedge fund and third party marketing industries. There is much room for improvement and if you do understand the business needs of financial advisers it would seem that you would have a clear competitive advantage over your competitors.

Here is some more from this article:
_______________________

Nearly 64% of the hedge fund investors described a financial adviser as a “very” or “extremely” important source for making their selection. Other key sources of information investors use in making hedge fund decisions were their own networking or research activities (48.8%); an investment management consultant (21.5%); an accountant (19.4%) and seminars and conferences (17.5%).

“The primary reasons, according to the report, are “inexperienced third-party marketers, sales professionals and wholesalers, one-size-fits-all presentations and aggressive sales tactics and product positioning that leave little room for productive dialogue or interaction.”

Hedge funds need to do their homework and customize their approach to advisers and wealth managers, said Russ Alan Prince, co-author of the report with Hannah Shaw Grove and president of Prince & Associates. Ms. Grove is principal of HSGrove Private Wealth Consultancy in Edison, N.J., and an equity partner of Prince & Associates.

“Hedge funds aren’t making the effort they should,” said Howard Altman, co-managing principal of Roseland, N.J.-based Rothstein Kass, an accounting and consulting firm that specializes in hedge funds and sponsored the report.

But advisers need to do more as well, Mr. Prince said.

“Advisers don’t understand hedge funds, either,” he said. “They have to find a hedge fund with which they can develop a professional rapport and bring to the table for those clients for whom it makes sense.

“Advisers also need to find funds that can offer the right solutions for their clients’ needs,” Mr. Prince said. “Often these are esoteric solutions that advisers are not comfortable with themselves, such as currency or commodity issues, or shorting stocks.”

- Richard

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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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Wealth Management Industry

Wealth Management Industry Trends

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

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Montagu Private Equity

Montagu Private Equity | Private Equity Profile

The following piece on Montagu Private Equity is being published as part of our Private Equity Tracker Tool, our daily effort to track private equity firms in the industry.

Resource #1: Montagu Private Equity is looking to sell British Car Auctions, Europe’s biggest used vehicle auction company, for £600million, according to reports. If true, it would bank a tasty £150million profit on the business that sells over 800,000 vehicles every year. It bought the company three years ago from a consortium of investors, including Lord Ashcroft, current deputy chairman of the Tory Party.

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Angelo Gordon Hedge Fund

Angelo Gordon Hedge Fund

The following piece on Angelo Gordon is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Strategy: Distressed Convertible Arbitrage and Merger Arbitrage

“Founded in 1998 by John Angelo, former head of arbitrage at LF Rothschild and Michael Gordon, former head of research at LF Rothschild, Angelo Gordon focuses on identifying arbitrage opportunities through a rigorous research based approach. Recently became another of the growing band of hedge funds and private equity firms seeking to take advantage of turmoil in the US subprime mortgage market by investing in mortgage servicing company Ocwen Financial.” Read more…

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Mark McGoldrick

Mark McGoldrick “Gold Finger’ Notes

The following piece on Mark McGoldrick is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Mark McGoldrick, a former Goldman Sachs trader whose track record earned him the nickname ‘Goldfinger’ during his career with the Wall Street bank, is making a comeback with a new $5bn (£2.8bn) fund.

McGoldrick, who famously earned $70m a year ($200,000 a day), but resigned because it was not enough, has asked his old firm to raise money for a super hedge fund that will concentrate on special situations.

While at Goldman Sachs, McGoldrick was head of distressed and special situations investing in Asia. He co-founded and built the firm’s secretive ‘special-situations group’, Goldman’s elite and opaque money-making machine, which buys and sells eclectic assets including British power plants, Japanese golf courses and Thai auto loans. More…

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Mitsui & Co.

Mitsui & Co. Will Close U.S. Hedge Fund

The following piece on Mitsui & Co. is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
_______________________________________________

Mitsui & Co., Japan’s second-largest trading company, will close its New York hedge fund business as it shifts to investments including property and utilities.
Mitsui, with businesses ranging from import-export to financial services, decided to shut Mitsui & Co. Alternative Investment Corp. because it failed to meet the company’s targets amid the turmoil of the global credit squeeze, Masaji Matsuoka, who is in charge of formulating funds at the firm’s asset management division, said in an interview in Tokyo yesterday.

The unit was established in 2005 to mainly target institutional investors in Japan who sought to diversify their investments through hedge funds, Matsuoka said. Tokyo-based Mitsui aims to focus on investing where it has more expertise, Matsuoka said. In June, it announced plans to raise as much as $1.2 billion for a fund to invest in infrastructure assets such as power generators, electricity and gas transmission companies, and railways.

“We’re in the midst of shifting our focus to investments that match the business model of a trading company,” Matsuoka said. “We don’t have any plans in the near future to pursue hedge fund investments.”

The company has raised about 20 billion yen ($188 million) for the Emerging Market Infrastructure Fund, Matsuoka said. Mitsui may also create funds to invest in agricultural businesses, emission credits and metal, he said. More……

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Private Banking

Private Banking Trends

Private banking is a term for banking, investment and other financial services provided by banks to private individuals disposing of sizable assets. The term “private” refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers. It should not be confused with a private bank which is simply a non-incorporated banking institution.

Traditionally, the Private Banking world has consisted of individuals with liquid assets of $2,000,000 or more. More recently, Private Banking options have become available to individuals with as low as $250,000 in liquid assets.

A firm by the name of Euromoney did a survey on the top private banking firms around the world and came up with the following results. Please see their Private Banking Survey for more information and how each firm was rated.

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