Wealth
An inconvenient side effect to living in today’s fully digitised world is that threats have also gone digital—become more difficult to discover, track and neutralise. All financial institutions are now faced with the colossal task of protecting against increased threats to their business, no matter how ‘under the radar’ their profiles have traditionally been—family offices included.
Walmart is disappointed with festive consumer spending and Asda but online sales up 35%, JCB cuts UK production as the coronavirus hits Chinese suppliers, and fifth-generation US newspaper dynasty McClatchy Co files for bankruptcy.
A significant number of family businesses do not have a succession plan in place. Failure to address this is likely to be to the detriment of the business in the long-run. The family need to decide what the future of the business looks like, and crucially which family members, if any, wish to be involved.
Ronald Reagan ran in 1984 with a famous TV commercial which started with the line ‘It’s morning in America’. This was to signify that the best was yet to come. We think there is a chance, just a chance, that the UK could also be at the start of an exciting period.
Agnelli family office weighs selling PartnerRe to Covea for $9 billion, Reimann family looks to float $7 billion coffee empire, L’Oreal family actions next gen succession.
Chinese families started shifting their investment strategy from wealth generation to preservation in anticipation of a global economic downturn even before the deadly coronavirus outbreak disrupted China’s slowing economy.
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