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Family office accused of breaching fiduciary duty

An arbitration claim accusing a US-based family office of breaching its fiduciary duty by allegedly failing to properly diversify a $30 million (€22.44 million) portfolio has been filed.

An arbitration claim accusing a US-based family office of breaching its fiduciary duty by allegedly failing to properly diversify a $30 million (€22.44 million) portfolio has been filed.

GenSpring Family Offices, which has 14 offices throughout the US serving 700 wealthy families, also gave the impression that the hedge funds it recommended would perform like bonds, according to the claim, which was filed by Dovin, Malkin & Ficken and co-counsel Vernon Healy for an ultra-high net worth individual.

The investment lost €2.5 million more than it would have had the agreed benchmark standard been adhered to, it is claimed.

When contacted, GenSpring was unwilling to comment.

Read the full story at CampdenFO 

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