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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.

February 7, 2011

Multi-family office HQ Trust is to split its investment advice between two of its managing directors after the departure of its chief investment officer.

Multi-family office HQ Trust is to split its investment advice between two of its managing directors after the departure of its chief investment officer.
 
Managing directors Fritz Becker and Christian Stadermann will oversee the work of Markus Stadlmann, the former chief investment officer who has left earlier to join Barclays Wealth to head their discretionary investing efforts. 
 
A spokeswoman for HQ Trust said Stadlmann wouldn't be replaced.
 

October 28, 2010

US family offices won a significant battle in their efforts to remain private earlier this year when they gained exemption from the Dodd-Frank Wall Street Reform and Consumer Protection Act, writes Katie Barker

US family offices won a significant battle in their efforts to remain private earlier this year when they gained exemption from the Dodd-Frank Wall Street Reform and Consumer Protection Act, writes Katie Barker.

Following the backlash from family offices over having to register with the US Securities and Exchange Commission and in order not to inadvertently disadvantage family offices, the US regulators amended the reforms to exclude family offices.

August 25, 2010

There has been considerable speculation about whether Tony Blair, the former UK prime minister and current Middle East peace envoy, is in the process of launching a private bank to service rich clients. But could the truth really be that he’s setting up a family office, asks David Bain.

There has been considerable speculation about whether Tony Blair, the former UK prime minister and current Middle East peace envoy, is in the process of launching a private bank to service rich clients. But could the truth really be that he's setting up a family office?
 
Unsurprisingly, Tony Blair's office has denied the reports in the UK media that he's setting up a private bank, but that hasn't dampened down speculation.
 

June 30, 2010

The financial crisis has demonstrated the need for new regulatory approaches and increased supervision of financial service providers. This has sparked a raft of new legislation that attempts to ensure no such crisis happens again.

The financial crisis has demonstrated the need for new regulatory approaches and more intense supervision of financial service providers, writes James Denton.

This has sparked a raft of new legislation from governments internationally as they attempt to ensure no such crisis happens again. Such regulation has consequences for wealthy families and their family offices who will need to comply with the new rules on reporting and governance.

June 28, 2010

The latest edition of Campden FO, the magazine dedicated to the global family office community, is now available. There are two areas of focus to this issue: tax and family offices in Asia.

The latest edition of Campden FO, the magazine dedicated to the global family office community, is now available. There are two areas of focus to this issue: tax and family offices in Asia. Click here to go straight to the issue.

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