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family office

August 19, 2011

Dr Margaret Towle, an expert on family office and ultra-high net worth operations, has joined financial services company HighTower as a partner and managing director, as the company looks to increase its focus on family offices. 

Dr Margaret Towle, an expert on family office and ultra-high net worth operations, has joined financial services company HighTower as a partner and managing director, as the company looks to increase its focus on family offices.

Towle, who joins from Greycourt where she was an adviser, has worked with family offices, wealthy families and ultra-high net worth individuals for 28 years.

August 18, 2011

John Ricciardi, formerly at multi family office Iveagh, has joined investment management company Kestrel Partners. In his new position as head of the company’s investment management division, Ricciardi is to launch a new global multi-asset fund over the next few months.

John Ricciardi, formerly at multi family office Iveagh, has joined investment management company Kestrel Partners.

In his new position as head of the company’s investment management division, Ricciardi is to launch a new global multi-asset fund over the next few months, according to a company statement. London-based Kestrel specialises in offering services to small listed companies.

August 15, 2011

Falling returns, rather than regulatory reasons, might explain the growing number of hedge fund managers converting into family offices in the US, say experts.

Falling returns, rather than regulatory reasons, might explain the growing number of hedge fund managers converting into family offices in the US, say experts.

Sophie Dworetzsky, a partner at international law firm Withers, reckons that tougher times is making the family office model more attractive. “The financial situation now is causing people to move away from being a bigger hedge fund managing a lot of money to a multi or single family office,” she said.

August 9, 2011

HSBC manages more assets of family offices than any other bank in the world, according to a survey by Bloomberg Markets magazine. The survey, which ranks the top 50 banks which manage family office money and commercial multi family offices, found HSBC’s private wealth solutions group to be the biggest, with assets under management of $102 billion.

HSBC manages more assets of family offices than any other bank in the world, according to a survey by Bloomberg Markets magazine.

The survey, which ranks the top 50 banks which manage family office money and commercial multi family offices, found HSBC’s private wealth solutions group to be the biggest, with assets under management of $102 billion. New York-based Bessemer Trust was ranked second, with more than $44 billion under management.

July 28, 2011

Given that George Soros, arguably the most successful hedge fund manger ever, is turning his hedge fund into a family office are others about to follow his lead?

Given that George Soros, arguably the most successful hedge fund manger ever, is turning his hedge fund into a family office are others about to follow his lead?

Some are wondering whether other big names in the industry like James Simons at Renaissance Technologies, John Paulson at Paulson & Co and David Tepper at Appaloosa Management are about to turn their hedge funds into family offices?

July 26, 2011

Legendary investor George Soros is to close his hedge fund to outside investors and convert it into a family office as a result of new Securities and Exchange Commission rules.

Legendary investor George Soros is to close his hedge fund to outside investors and convert it into a family office as a result of new Securities and Exchange Commission rules.

Soros’ sons Jonathan and Robert, who are co-deputy chairmen of Soros Fund Management, said in a letter to investors that they will return money to outside investors by the end of the year.

SFM will then manage assets of the Soros family, worth around $25 billion, they said in the letter.

June 24, 2011

The United States Securities and Exchange Commission has made its definition of “family office” more narrow, which some say could possibly force offices to lose clients or incur heavy costs to comply under the new rule.

The United States Securities and Exchange Commission has made its definition of “family office” more narrow, which some say could possibly force offices to lose clients or incur heavy costs to comply under the new rule.

According to a statement by SEC, private family offices will be exempt from regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act only if they advise family clients, do not project themselves as investment advisers and are completely controlled by the family.

May 20, 2011

Executive Order 6102, issued by the US Government on April 5th 1933, should send a shiver down the spine of today’s diversified investor. It demanded, with few exceptions, that “all persons are required to deliver all gold, gold bullion and gold certificates now owned by them to a Federal Reserve Bank”. Criminal penalties for violation included a “$10,000 fine or 10 years imprisonment or both”.

Executive Order 6102, issued by the US Government on April 5th 1933, should send a shiver down the spine of today’s diversified investor. It demanded, with few exceptions, that “all persons are required to deliver all gold, gold bullion and gold certificates now owned by them to a Federal Reserve Bank”. Criminal penalties for violation included a “$10,000 fine or 10 years imprisonment or both”.

February 9, 2011

Investment firm Talisman Global Asset Management announced on 8 February that it is expanding its investor base to include external clients, besides managing operations of its core investor, the William Pears Group.

Investment firm Talisman Global Asset Management announced on 8 February that it is expanding its investor base to include external clients, besides managing operations of its core investor, the William Pears Group.

The London-based investment firm was first established in 1998 as the asset management arm of the Pears family – one of the UK's wealthiest families with an estimated fortune of £1.5 billion. But it will now offer its investment services to external clients including family offices, endowments and foundations.

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