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jerryking : family_office   79

Family offices turn their attention to tech companies
December 2, 2019 | | Financial Times | by Javier Espinoza.

return comes from a few hyper-successful outliers. Investors should take a portfolio approach to have the best chance of “catching the winners”,
early-stage  Europe  family_office  high_net_worth  investors  technology  venture  capital  vc 
10 weeks ago by jerryking
What’s Left After a Family Business Is Sold?
Aug. 9, 2019 | The New York Times | By Paul Sullivan

Having a pile of money after a company is sold, in place of a company, with all of its stress and complications, would seem like a relief. But a company often holds families together by giving members a shared identity and conferring a status in the community established by previous generations.

Without the company, the family’s perception of itself and its purpose can change, and it is often something that members are not prepared for. Their focus was on running the business and then on the sale; little thought went into what comes next......“The key to doing it successfully is how you prepare yourself and how you prepare your family. It’s really a lifestyle choice.”

If families do not do it right, splitting apart is almost inevitable. “A shared business becomes very much a glue,” ....“When the business is sold, what we see in almost every situation is some family member splits away.” .....Most advisers say the sale of a family business should focus on the transition from operating a company to managing a portfolio of money, not on the money itself. Sometimes the magnitude of the sale becomes an issue for a family’s identity, particularly if the acquisition price becomes public......some families focus more on the money than the traits that made the business successful, and fail to grasp the difference between an operating business and financial capital. ....years before the sale, the family had been formulating a plan for its wealth that focused on family values but also held the members accountable. A family scorecard, for example, tracks their progress on 40 items that the family has deemed important, including working hard, investing wisely and the protecting its legacy.
Mr. Deary said the family used the scorecard to objectively answer the question: “Are we constantly trying to get a little bit better every day at what we do?”

As the wealth stretches out and families grow, those values can become a substitute for the company.
.....continuing education about a family’s values, particularly when the company was gone, allowed successive generations to understand where their wealth came from.

Those values often work best when they are broad — honesty, integrity, hard work — and not so specific that family members chafe. “The loose binds bind best,”

Family relationships can suffer when there are no shared values but strong financial connections, like a large trust or partnership that manages the wealth.
accountability  exits  family  family_business  family_office  family_scorecards  family_values  generations  generational_wealth  heirs  liquidity_events  money_management  purpose  relationships  Second_Acts  self-perception  unprepared  values  wealth_management 
august 2019 by jerryking
Family offices are diving into new markets
August 1, 2019 | Financial Times | by Gillian Tett.

Once, property advisers mainly sold malls to developers, retail groups or banks. Now, however, there is rising demand from family offices. The new owner of Water Tower Place was said to have experience acquiring and managing other “trophy quality, grocery-anchored shopping centers” in the US.

As the Fed and other central banks loosen monetary policy, private pools of capital are searching for ever-more innovative ways to earn returns. ....It is not easy to monitor such financial flows with precision, since the family office sector — which is estimated to control almost $6tn in assets — is highly secretive. However, financiers say that a shift is under way. A few decades ago, the sector (like most asset managers) put most of its money in public bond and equity markets, with a smaller allocation to real estate.

Then investing in hedge funds became all the rage. But a survey conducted late last year by UBS bank and Campden Wealth suggests just 5.7 per cent of family office assets now sit in hedge funds, sharply down from recent years. Meanwhile, the allocation to public markets is also falling, with just 28 per cent in equities and 16 per cent in bonds.

At the same time, investments in private equity and real estate have risen to account for 22 per cent and 17 per cent respectively. This trend seems set to intensify.....“Family offices continue to re-evaluate traditional approaches to investing [with] accelerating interest in making direct investments in real estate and operating businesses.”

This means that family offices are no longer just investing in private equity funds (which are already bloated with cash), but increasingly cutting direct deals. ...The more that elite private pools of capital find juicy returns outside public markets, the more this risks fuelling wealth gaps. After all, most non-elite investors remain stuck in public markets and bank deposits, exposed to the vagaries of low interest rates.

This return gap may be going largely unnoticed now, because private markets are so opaque. However, the difference is likely to grow.
family_office  Gillian_Tett  trends  opacity 
august 2019 by jerryking
Weston family hires OMERS managing partner Jim Orlando to invest $100-million in tech ventures
June 19, 2019 | Globe & Mail | by SEAN SILCOFF

Canada’s billionaire Weston family is making a $100-million bet on the emerging-technology sector, hiring away one of Canada’s top early-stage investment professionals from Ontario Municipal Employees Retirement System to run its new venture fund.

Jim Orlando, a managing partner with OMERS Ventures, will join a new arm of the Westons’ holding company, Wittington Investments, to develop “a meaningful corporate venture capital program and strategy...... he will focus on areas of innovation germane to the family’s key corporate interests: baking company Weston Foods, supermarket operator Loblaw Cos. Ltd. and drugstore chain Shoppers Drug Mart Corp., controlled by the Westons’ publicly traded conglomerate, George Weston Ltd.....Wittington has just two disclosed investments in Toronto’s emerging-technology sector, backing digital-health benefits provider League Inc. and venture-capital fund Radical Ventures. George Weston made its first investment in venture capital in 2016, backing a $25-million consumer-products-focused fund managed by Dragons’ Den star Arlene Dickinson, while Loblaw this year partnered with Toronto startup Flashfood Inc. to sell perishable food items nearing the end of their shelf lives through a mobile app.....he Westons join a small but growing group of wealthy families and corporations – including Telus Corp., Power Corp. of Canada, Royal Bank of Canada and OpenText Corp. – to invest in early-stage technology ventures.

Several real estate firms including Michael Cooper’s Dream Unlimited and Dream Office REIT and Cadillac Fairview Corp. Ltd. have committed tens of millions of dollars each to fund innovation in the property-tech market. Other Canadian “old economy” entrepreneurs – including mining magnate Seymour Schulich, property developer Robert Mantella, Vega nutritional supplement maker Charles Chang and Mission Hill Winery founder Anthony von Mandl – have emerged as big financiers of early-stage ventures in recent years.

“No question, [the Westons'] various companies are confronting a good number of significant opportunities and challenges, so there is no shortage of things to focus on,” said Rich Osborn, managing partner of Telus Ventures. “My caution would be, it’s easy to source and structure deals. The hard part is really unlocking the strategic value. That takes a lot more work and time to build that muscle. It will be a learning exercise for them for some time.”
angels  corporate_investors  early-stage  family_office  George_Weston  investors  moguls  OMERS_Ventures  seed-stage  Seymour_Schulich  vc  venture_capital 
june 2019 by jerryking
Jeff Bezos’ family office invests in Chilean plant-based food start-up
March 1, 2019 | Financial Times | by Leila Abboud in Paris.

The family office of Jeff Bezos is among the investors in a $30m funding round for a Chile-based start-up that uses machine learning to create vegetarian alternatives for animal-derived products such as mayonnaise and ice cream.

Four-year old NotCo on Friday announced the financing round led by The Craftory, a fund co-founded by consumer industry veteran Elio Leoni Sceti, as well as Bezos Expeditions.....The funds will be used to finance product development and help NotCo expand to Mexico and the US later this year. It sells its plant-based mayonnaise, which is made with chickpeas, in grocery stores in Chile......NotCo has developed a software platform that analyses the molecular structure of foods, such as beef or milk, so as then to derive combinations of plant-based alternatives that most closely resemble the original in taste, colour, and texture. The technology seeks to map the similarities between the genetic properties of plants and their corollaries in animals, so as to more accurately mimic the properties.....“The potential is massive because NotCo is not just a meat-replacement company or a milk-replacement company,”.....The technology can be applied to all foods derived from animals,” he said, adding that if successful, the opportunity was there to create a major food company to compete with the likes of Nestlé and Danone......the approach of analysing the molecular structure of foods to engineer vegetarian versions of meats, cheeses and dairy products is similar to that of US-based start-up Just Inc, formerly known as Hampton Creek.....The company changed its name after a series of setbacks, including an alleged food safety issue that led to it losing distribution at retailer Target. Nevertheless, Just Inc is well-funded; it has said that it has raised $220m from investors.....Venture capital investors have been pouring money into start-ups to create plant-based or lab-grown alternatives to traditional meat and dairy. Impossible Foods — which is backed by Bill Gates and Alphabet’s GV, formerly Google Ventures, among others — has raised $387.5m,
Chile  Chileans  Danone  family_office  flexitarian  food  Jeff_Bezos  machine_learning  Nestlé  plant-based  start_ups  vegetarian  vc  venture_capital 
march 2019 by jerryking
JAB’s Peter Harf: hire ambitious talent and give them a mission
February 16, 2019 | | Financial Times | by Leila Abboud and Arash Massoudi.

JAB oversees its portfolio of coffee, beverages, and casual dining companies. .....When everything was going wrong last year at Coty, the cosmetics company backed by investment group JAB Holdings, Peter Harf reacted with characteristic ruthlessness, replacing Coty’s chief financial officer and chief executive, and taking back the Coty chairmanship from his longtime associate, Bart Becht. Describing last year’s share price decline of more than 60% as “unacceptable” for JAB and its co-investors, Mr Harf says the situation “had to have serious consequences” even for his inner circle......Harf believes that identifying talented people — and incentivising them through performance-based pay — have been key to his success over his nearly 40-year career..... just as important to Harf is knowing when to jettison those who are no longer serving the mission he has overseen since he was 35: growing the wealth of Germany’s reclusive Reimann family who are behind JAB....Harf's vision was for JAB to be modelled on Berkshire Hathaway, the investment conglomerate built by his idol, Warren Buffett. Success would come not only from backing the right leaders but by patiently building brands, embarking on deals and taking companies public to cash in on bets....Harf felt he had assembled a dream team: “My mantra has always been that I need to hire people who are better than me. Lions hire lions and sheep hire other sheep.”

Three questions for Peter Harf
(1) Who is your leadership hero?

“Warren Buffett. Hands down. All this stuff that I intend to do to make JAB into a long-term investment vehicle, he does it to perfection. He’s the greatest investor in the world, and I want to be like him. If we invest as well as Warren, we’ve won. Very simple.”

(3) What was your first leadership lesson?

One of my biggest role models was Bruce Henderson, the founder of Boston Consulting Group. When I worked for him, I prepared a three-page analysis about a problem. It had 10 bullet points as the conclusion. He dismissed it as way too complicated and said: “Don’t try to field every ball.” He meant that if you wanted to be a good leader, you have to be able to focus on the important stuff first.
+++++++++++++++++++++++++++++++++++++++++++++++++++
The trouble often starts when leaders start listing five or seven or 11 priorities. As Jim Collins, the author of the best-selling management books “Good to Great” and “Built to Last,” is fond of saying: “If you have more than three priorities, you don’t have any.”
BCG  Berkshire_Hathaway  beverages  casual_dining  coffee  commitments  CPG  dealmakers  deal-making  departures  exits  family_office  family-owned_businesses  HBS  hiring  investors  JAB  Keurig  lifelong  mission-driven  private_equity  portfolio_management  ruthlessness  talent  troubleshooting  Warren_Buffett 
february 2019 by jerryking
How the 0.001% invest - Investing and the super-rich
Dec 15th 2018

Global finance is being transformed as billionaires get richer and cut out the middlemen by creating their own “family offices”, personal investment firms that roam global markets looking for opportunities. Largely unnoticed, family offices have become a force in investing, with up to $4trn of assets—more than hedge funds and equivalent to 6% of the value of the world’s stockmarkets. As they grow even bigger in an era of populism, family offices are destined to face uncomfortable questions about how they concentrate power and feed inequality......Every investment boom reflects the society that spawned it. ....The rise of family offices reflects soaring inequality......But since the financial crisis there has been a loss of faith in external money managers. Rich clients have taken a closer look at private banks’ high fees and murky incentives, and balked......Family offices’ weight in the financial system....looks likely to rise further. As it does, the objections to them will rise exponentially....that family offices have created inequality. They are a consequence, not its cause. Nonetheless, there are concerns—and one in particular that is worth worrying about: (1) The first is that family offices could endanger the stability of the financial system. (2) The second worry is that family offices could magnify the power of the wealthy over the economy.(3) that family offices might have privileged access to information, deals and tax schemes, allowing them to outperform ordinary investors.

The answer is vigilance and light. Most regulators, treasuries and tax authorities are beginners when it comes to dealing with family offices, but they need to ensure that rules on insider trading, the equal servicing of clients by dealers and parity of tax treatment are observed. And they should prod family offices with assets of over, say, $10bn to publish accounts detailing their workings. In a world that is suspicious of privilege, big family offices have an interest in boosting transparency. In return, they should be free to operate unmolested.
diversification  family_office  finance  financial_system  investing  investors  money_management  the_One_percent  upper_echelons  high_net_worth 
january 2019 by jerryking
The Oracle of Boston - Seth Klarman
Jul 7th 2012 | Boston

A scanned version of “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor” has been circulating around trading floors. One hedgie likens Mr Klarman's book to the movie “Casablanca”: it has become a classic......Mr Klarman still runs Baupost like a family office. He is extremely risk averse; his primary goal is not stellar returns but preservation of capital.......He has deliberately maintained a sticky investor base composed almost entirely of endowments, foundations and families, which understand his investment philosophy and will not redeem after a few negative quarters.
Boston  hedge_funds  investors  investing  margin_of_safety  Seth_Klarman  value_investing/investors  books  Baupost  family_office 
january 2019 by jerryking
JAB chair Bart Becht quits in split with partners
January 14, 2019 | Financial Times | Leila Abboud in Paris and Arash Massoudi.

Bart Becht's departure is the first outward display of tensions within JAB, created to manage the wealth of Germany’s billionaire Reimann family. The chairman of JAB Holdings, the acquisition-hungry owner of Pret A Manger and Keurig Dr Pepper, has quit after a five-year $50bn takeover spree led to a split with his two partners over the scale of the investment group’s dealmaking.

According to two people with direct knowledge of his decision, Bart Becht, a hard-charging 62-year-old consumer industry executive, stepped down after failing to convince JAB to scale back its takeover ambitions to focus on improving operations at its sprawling portfolio of companies.....The once-obscure investment vehicle has vaulted itself into the top tier of consumer products groups through acquisitions of high-profile US brands like Krispy Kreme, Peet’s Coffee and Covergirl owner Coty, competing directly with industry giants including Nestlé and Coca-Cola in coffee and L’Oreal in make-up......One person who has worked closely with JAB described Mr Becht’s decision as “undoubtedly a surprise”, especially since the trio of executives had only recently been raising money from outside investors and pitching themselves as long-term investors.

JAB operates in a similar way to a private equity investor, but with much longer time horizons. It is often willing to own portfolio companies for decades, often engineering an expansion via acquisitions.....The fundraising also coincided with a strategy shift as JAB exited investments in luxury and fashion to focus on what it calls premium food and beverage, casual dining, and coffee.
CPG  dealmakers  departures  exits  family_office  family-owned_businesses  hard-charging  investors  JAB  Keurig  private_equity  portfolio_management  time_horizons 
january 2019 by jerryking
Family offices are in a talent grab for young impact investors
OCTOBER 15, 2018 | Financial Times | Madison Darbyshire.

While the number of family offices managing assets at this scale is small — assets under management of a family office average about £300m, says Heather Jablow, head of global private client practice at Cambridge Associates — the trend of family offices turning to impact investing is growing — and quickly.

Some $22.89tn in assets were held globally in socially responsible investments as of 2016, up 25 per cent from 2014, according to the Global Sustainable Investment Alliance. Many family offices see impact investments, such as environmental funds and fossil fuel alternatives, as logical, smart investments for the future.

“If it were just about values, it wouldn’t have the legs that it has,” says John Goldstein, a managing director with Goldman Sachs Asset Management, who focuses on impact.

As impact investing becomes a priority for younger generations, family offices are becoming a more desirable destination for recent graduates looking to work in finance. Deserved or not, “it’s almost like family offices have this kind of halo now because they’re doing sexy things with their capital”,......Sometimes family offices hit upon an investment strategy that is so successful that they look to create funds around that strategy. Take the Wimmer family office, for example, which takes a three-pronged approach to investing. Its investments include property, SME lending, exchange traded-funds and investing in external hedge funds to yield what it calls an attractive return for its level of risk.
family_office  halo_effects  high-impact  impact_investing  mission-driven  social_impact  talent 
october 2018 by jerryking
Why wealthy families lose their fortunes in three generations - The Globe and Mail
AUGUSTA DWYER
Special to The Globe and Mail
Published Thursday, Jan. 26, 2017

Among the causes of the phenomenon are taxes, inflation, bad investment decisions and the natural dilution of assets as they are shared among generations of heirs.

Yet among the most compelling causes are younger family members who are ill-prepared or unwilling to shoulder the responsibility of wealth stewardship. They have grown up with plenty of money and are a step or two removed from the work ethic and drive of the people who made it for them.

“There is a risk of entitlement that comes to the fore, and that is where things tend to go off the rails,” says Thane Stenner, director of wealth management at Vancouver-based StennerZohny Investment Partners, part of Richardson GMP.

The key to overcoming that, he adds, is communication, which means “family discussions, family meetings, and trying to be very proactively engaging with the next generation, rather than reactive.

“Successful families are basically talking a lot to them about what the previous generation has done and engaging them by asking about their own dreams and aspirations. And really helping to enlighten them, or get them excited about their own future and how the family can help fund that future, but in a very responsible, business-like way.”

According to Mr. McCullough, almost as much time and effort should be spent in preparing the heirs to receive the wealth as actually investing and managing it.

“That involves understanding what your family’s set of values is,” he says.
attrition_rates  wealth_management  family  values  stewardship  generational_wealth  Tom_McCullough  Northwood  family-owned_businesses  family_business  Communicating_&_Connecting  mission_statements  entitlements  mindsets  family_office  work_ethic  heirs 
january 2017 by jerryking
Steven A. Cohen’s Newest Bet: Do-It-Yourself Computer Traders - WSJ
By BRADLEY HOPE
July 27, 2016

Steven A. Cohen is betting as much as as $250 million that mechanical engineers and nuclear scientists can come up with market-beating mathematical models in their spare time. He's investing in a hedge fund launched by Boston investment firm Quantopian that provides money to do-it-yourself traders who come up with the best computerized investing methods, giving a share of any profits to the creators.

Mr. Cohen, chief executive officer of Point72 Asset Management LP, is also making an undisclosed investment in Quantopian itself through his family-office venture arm Point72 Ventures.

The billionaire’s new commitments are part of a broader push in the money- management world to embrace quantitative investing, which relies mainly on math-based models to bet on statistical relationships or patterns in stocks, bonds options, futures or currencies......Point72 Asset Management oversees the personal wealth of Mr. Cohen, his family and employees. It already has an internal team devoted to computer-driven trading strategies......Quantopian says it has 85,000 users signed up from 180 countries who have created more than 400,000 algorithms on the company’s free web-based platform. So far, the firm has only selected 10 of those to trade a few hundred thousand dollars on behalf of Quantopian. The platform is only for U.S. equities trading so far, but Quantopian plans to expand to other asset classes.
algorithms  quantitative  Wall_Street  Steven_Cohen  beat_the_market  hedge_funds  DIY  SAC_Capital  money_management  investing  Point72  asset_classes  family_office 
july 2016 by jerryking
The Money Letter That Every Parent Should Write - The New York Times
By RON LIEBER JUNE 17, 2016

"....consider the old-fashioned letter. It’s long enough to tell some tales to bolster your advice, and if it’s written with enough soul, there’s a good chance the recipient will keep it for a long time. Plus, it’s a literal conversation piece, since the good letters will inspire more curiosity about how the writers oversee their own financial affairs....A good letter, according to Ms. Palmer, should include at least one story about a large financial challenge and another one about a big money triumph. Then, include a list of crucial habits and the tangible things they have helped the family achieve.

HEED YOUR IGNORANCE Quite often, the best stories and takeaways come from the biggest mistakes.
BEWARE OF GENIUS: Don’t trust the person who claims to be omniscient either.
STICK TO YOUR SELLING PLANS We can be blinded by flattery from the seats of power,” “Be aware of this in your business lives.” Selling something that is still valuable is the hardest part of any trade, he added. So if you can’t name three good reasons to continue owning something, then it’s time to sell.
BUDGETS ARE ABOUT VALUES. What you spend says a lot about what you stand for, and if you don’t like what your own notebook says about you, try to make it look different next month.
personal_finance  parenting  Communicating_&_Connecting  writing  investing  investors  mentoring  values  budgets  advice  self-discipline  lessons_learned  wisdom  habits  financial_planning  ownership  ignorance  origin_story  takeaways  family  storytelling  financial_challenges  family_office  generational_wealth  soul-enriching  coverletters  unsentimental 
june 2016 by jerryking
How the wealthy can get burned - The Globe and Mail
PAUL BRENT
Special to The Globe and Mail
Published Saturday, Feb. 14 2015
wealth_management  high_net_worth  family_office  parenting 
february 2015 by jerryking
This Man's Job: Make Bill Gates Richer - WSJ
By ANUPREETA DAS and CRAIG KARMIN CONNECT
Sept. 18, 2014

Surprisingly, Mr. Gates has few technology-related investments. As of June 30, he held a 3.6% stake in Microsoft, worth about $13.9 billion based on Thursday's closing stock price.

Mr. Gates makes his own tech and biotech investments, which aren't held by Cascade. He started digital-image company Corbis Corp. in 1989. Smaller investments include stakes in nuclear-reactor developer TerraPower LLC and meat-substitute maker Beyond Meat.

Mr. Gates is updated on all the other investments every other month. "At the end of the day, all decisions go through Michael," says Mike Jackson, chairman and CEO of AutoNation, who considers Mr. Larson a friend. Mr. Larson is a director of the auto retailer, and Cascade owns a 14% stake in AutoNation valued at about $841 million.

Mr. Gates decided to hire Mr. Larson after the Journal reported in 1993 that the entrepreneur's money manager at the time had previously been convicted of bank fraud. ....After an extensive screening process, a recruiter invited Mr. Larson to meet Mr. Gates. The money manager had worked for a mergers-and-acquisitions firm and run bond funds for Putnam Investments, now a subsidiary of Canadian insurer Great-West Lifeco , Inc., before striking out on his own.
billgates  high_net_worth  money_management  AutoNation  family_office  wealth_management  real_estate  investing  personal_relationships  networking 
september 2014 by jerryking
Getting into Venture Capital
Subject: Getting into Venture Capital
Well. I don‘t want to sound like a bit of a dork, but I would say that Seth's advice is a bit too narrow. First. I would say that Seth ignores the other side o...
job_search  venture_capital  vc  M&A  family_office  private_equity 
january 2014 by jerryking
Turmoil ‘positive’ for family offices - FT.com
October 20, 2008| FT |By Bob Sherwood.

Mr Scott believes that the after-effects of the crisis will, in time, drive more clients to smaller independent asset managers because their trust in large investment banks has been undermined.

“As and when everybody reopens for business, it’s going to be an exciting opportunity for us. People are reassessing their institutional relationships, full stop. And we already have a significant number of new inquiries in our pipeline.”
decreasing_returns_to_scale  economic_downturn  family_office  undermining_of_trust  wealth_management 
december 2012 by jerryking
Investing as a Family Affair - WSJ.com
November 1, 2012, 8:54 p.m. ET

Investing as a Family Affair

Article
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By ANNAMARIA ANDRIOTIS
family_office  high_net_worth 
november 2012 by jerryking
Entreprenuers: New wealth versus old money - FT.com
September 24, 2012 12:14 am
Entreprenuers: New wealth versus old money

By Elaine Moore
family_office  entrepreneur  wealth_management 
october 2012 by jerryking
a family affair
July-August 2012 | Africa Investor | Michael Dynes
family_office  Africa  high_net_worth  wealth_management 
september 2012 by jerryking
ÜBERRICH PROFITS FOR SMALL FIRMS
November 19, 2007 | Financial Post | Jonathan Ratner.

“We certainly think the market is big enough,” he said, highlighting the more than 7,000 Canadians with investable assets in excess of $20-million and 444,000 with between $1-million and $20- million. “We’re seeing a lot of liquidity events on both sides of the border of privately held companies being sold.” BMO estimates that in the
family_office  wealth_management  Northwood  Tom_McCullough  statistics  liquidity_events 
august 2012 by jerryking
Exits and Family Offices
2006 | Tax Management Inc. a subsidiary of the Bureau of National Affairs |
family_office  exits  succession  tools  privately_held_companies 
august 2012 by jerryking
Upper Class: Why the Rich Are Heading Back to School - WSJ.com
January 17, 2007 | WSJ | By RACHEL EMMA SILVERMAN.
Upper Class: Why the Rich Are Heading Back to School
As Managing Wealth Grows More Complex, Many Seek To Sharpen Financial Savvy
high_net_worth  wealth_management  estate_planning  Wharton  family_office  education  financial_literacy  personal_finance 
august 2012 by jerryking
Virtual Visionary
November 2005 | Advisor's Edge | Kate McCaffery
family_office  wealth_management 
august 2012 by jerryking
Mr. Gates Queries His Peers - WSJ.com
November 9, 2007 | WSJ |ROBERT FRANK
Mr. Gates Queries His Peers
To Boost Giving, Foundation Backs Survey of Wealthiest
(1) The study, called The Joys and Dilemmas of Wealth and scheduled for release next fall,
(2) Paul Schervish, director of Boston College's Center on Wealth and Philanthropy.
(3) Wealth-management firms, luxury-product companies, magazines and car makers, as well as specialized research firms like Connecticut-based Prince & Associates and Chicago-based Spectrem Group, are all increasing their research to better understand the richest Americans.
(4) CCC Alliance, a Boston-based collective of families worth $100 million or more. It has also linked up with several philanthropy groups, such as the Wealth and Giving Forum.
billgates  high_net_worth  foundations  surveys  philanthropy  market_research  luxury  family_office 
august 2012 by jerryking
The Family Office: A Must Have for the Wealthy Elite
September 25- October 1, 2006 | Orange County Business Journal | by Micah Denison
family_office  wealth_management  high_net_worth  estate_planning 
august 2012 by jerryking
Family Investment Funds Go Hunting for Wall St. Expertise - NYTimes.com
April 4, 2012, 3:50 pm Investment Banking | Special Section Spring 2012
Family Investment Funds Go Hunting for Wall St. Expertise
By AZAM AHMED
family_office  high_net_worth  Northwood  Wall_Street  wealth_management 
april 2012 by jerryking
A House of Cards
April 2004 | Robb Report WORTH | Eileen P. Gunn.
private_equity  angels  family_office  valuations 
march 2012 by jerryking
Getting Into Venture Capital
This note is a response to this blog post, (http://www.sethlevine.com/wp/2005/05/how-to-become-a-venture-capitalist). It essentially outlines the various routes into the field at a later stage.

too many people have very narrow views of what venture capital consists of. Basically. they only see the large, open to external investors. early-stage/middle~stage venture capital funds who gamer most of the headlines. But, the private equity and private debt world is huge, including such slices as:
. distressed debt
. buyout/private equity funds with it's own vast number of permutations
. corporate M&A
. family offices (some of which do lots of private deals and do them well, others of which don't)
. technology transfer operations (some of which are close to being VC, others of which are very distant)
. secondary purchasers of venture portfolios
. workout groups at commercial banks
8. private placement debt investment managers (which include a whole host of insurance companies)
9. SBlCs
10. PIPE managers
11. private debt managers of all sorts of permutations
12. what are essentially merchant banking groups at various hedge funds
13. venture investing groups at vanous hedge funds
venture_capital  vc  career_paths  LBOs  private_equity  family_office  early-stage 
march 2012 by jerryking
Your own private CFO
October 05, 2011 | CanadianBusiness.com |By Jeff Beer |
Northwood  family_office  Tom_McCullough  high_net_worth  Canada 
october 2011 by jerryking
If you can't beat 'em, join a family office
jchevreau@nationalpost.com

Only 7,000 Canadians have investable assets of even $20-million, says Graham Parsons, executive vice-president of BMO Financial Group. But 444,000 have between $1-million and $20-million, and may well want to share the services of a multi-family office. A handful of boutique Canadian firms are branching out from serving a single core family to embrace the MFO model, which means multiple unrelated families can, in effect, share a chief financial officer, legal, trust, tax and insurance professionals.
Canada  Canadian  family_office  Northwood  high_net_worth  boutiques 
october 2011 by jerryking
Business For A Plan
October 2006 | Advisor's Edge Report | by Heidi Staseon. "He
reached an epiphany when his own family required specific
estate-planning expertise. McCullough was trying to help his father, a
reasonably affluent real estate entrepreneur, put his estate in order
but he couldn’t find the appropriate services within his firm or
elsewhere. “Nobody had put it in context for me, so I thought, if I’m
like this, there must be lots of other people who need to get some
direction and perspective on their situations.”
Northwood  family_office  Tom_McCullough  motivations 
september 2011 by jerryking
Battling for Billionaires
February 2006 | Bloomberg Markets | by Anthony Effinger and Gregory Cresci
family_office  wealth_management  high_net_worth 
september 2011 by jerryking
Keeping it Real
Nov. 2007 | Advisor.ca | by Heidi Staseson. So what type of
prospect does McCullough look for? It’s
simple: people who want advice; who are willing to pay for it; and who
share basic values of integrity. There shouldn’t be a
grimace when the phone rings. “You want to feel good about all your
clients. And we do,” McCullough adds.
While some view life as a work in progress, McCullough seems to view it
as a work in lessons. He’s much more
evaluative now than in his early days in the brokerage industry.
Although never exactly a people pleaser, he says he was perhaps a bit
naive at the beginning. “I early on believed people had the best of
intentions before checking the facts. I learned over time it’s amazing
how people spin things,” he says. “Now I don’t automatically believe
people. I listen to them, and then I check facts.” Building a family
office has an actual value,” says McCullough. For him, value comes with
integrity, initiative, & the ability to challenge--yes men are a big
no.
Northwood  Tom_McCullough  family_office  tips  prospecting  individual_initiative  due_diligence  integrity  speak_truth_to_power  independent_viewpoints  skepticism 
september 2011 by jerryking
Soros to End Hedge Fund Career, Return Money -
Jul 26, 2011 Bloomberg By Katherine Burton . From my friend Jake: Family office Morph Time For Soros. Good article.
family_office  hedge_funds  George_Soros 
july 2011 by jerryking
Goldman's Fortune Hunters
April 2008 | Bloomberg Markets Magazine | By Anthony Effinger
Goldman_Sachs  Lloyd_Blankfein  family_office  private_banking 
february 2010 by jerryking
Financial Adviser: Family Offices Turn 'Multi-Family' - Financial Adviser - WSJ
September 28, 2009 | Wall Street Journal | by Kevin Noblet.
"Faced with shrunken portfolios and high costs, many families with these
dedicated investment offices are joining forces with other families, or
outsourcing certain functions, or turning over their entire operation
to a bank or brokerage house. "
wealth_management  family_office  high_net_worth  financial_advisors  high-cost 
september 2009 by jerryking
FT.com / Special Reports - Relative comfort
March 26 2009 12:59 | Last updated: March 26 2009 12:59

FT: What are “family offices” and what do they do?

Andrew Tailby-Faulkes:
family_office 
may 2009 by jerryking
Out of the office and into the kitchen
Thursday, December 21, 2006 FINANCIAL TIMES article by By
Krishna Guha, Ben White,Alim Remtulla, Rebecca Knight and, Eoin Callan.
Profiles Mary Starkey who runs Starkey International in Denver. Starkey
is a residential training program for personal service staff.
Second_Acts  high_net_worth  services  family_office  personal_service  Starkey  Inspirica  tutoring  filetype:pdf  media:document  training_programs 
march 2009 by jerryking
New Status Symbol: Family Mission Statements
Oct. 12, 2007 WSJ column by Robert Frank on the popularity of family mission statements to keep the peace in affluent families.
Robert_Frank  high_net_worth  family_office  private_banking  mission_statements 
january 2009 by jerryking

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