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Wealth

April 14, 2009

McIlhenny Company, the family-owned manufacturer of Tabasco red pepper sauce, has been given the royal seal of approval by the British monarchy.

McIlhenny Company, the family-owned manufacturer of Tabasco red pepper sauce, has been given the royal seal of approval by the British monarchy.

Queen Elizabeth II has awarded a Royal Warrant to the family-owned company, which celebrated its 140th anniversary last year. Royal Warrants are marks of recognition to individuals or companies who have supplied goods or services for at least five years to the Queen, the Duke of Edinburgh or the Prince of Wales.

March 26, 2009

François-Henri Pinault, chairman and CEO of family-owned luxury group PPR, has revealed that “today’s global crisis” will not halt his personal crusade to make luxury sustainable.

François-Henri Pinault, chairman and CEO of family-owned luxury group PPR, has revealed that "today's global crisis" will not halt his personal crusade to make luxury sustainable. In a speech at a conference in New Delhi, the son of PPR's founder François Pinault, said sustainable luxury formed part of the sector's identity and responsibility.

March 4, 2009

Roberto E Wirth, proprietor and general manager of the five-star Hassler Roma, walks proudly through the hotel’s elegant new restaurant, Imàgo, overlooking a view of the city of Rome and the Villa Borghese gardens.

Roberto E Wirth, proprietor and general manager of the five-star Hassler Roma, walks proudly through the hotel’s elegant new restaurant, Imàgo, overlooking a view of the city of Rome and the Villa Borghese gardens.

Dressed impeccably in a hand-tailored Italian suit, silk tie and pocket handkerchief, the 59-year-old welcomes guests as if they were in his own home. Given that Wirth has been running and calling this hotel home for the last 25 years, this is not surprising.

February 27, 2009

England’s Privy Council may have missed a trick in failing to rule that pre-nuptial agreements are binding. But for the first time, the courts have recognised that married couples should be entitled to fully regulate their own affairs

One day in early January is always dubbed D-day – the day when feuding couples are most likely to start divorce proceedings. In light of this, the Privy Council of England’s December 2008 ruling that the terms of pre-nuptial agreements are neither binding nor enforceable is not only timely, but could have ramifications for many family offices.

February 26, 2009

A gamut of stores across the world, from Harrods, Bergdorf Goodman, Galeries Lafayette and Saks, to Topshop and John Lewis now offer personal shopping services. But if you want true personal service for your family members, who’s really going that extra mile?

Never mind the credit crunch. There are a plethora of companies, shops and membership services still aching to meet the most personal needs of the rich.  But it’s no longer just the ultra wealthy who have a queue of style advisors and concierges at their beck and call.

February 26, 2009

In an ideal world, the end of a marriage would lead to a clean financial break between a couple. The reality, however, is often far less straightforward. Despite the publicity divorce cases involving substantial assets receive, clean break cases are very much the exception.

In an ideal world, the end of a marriage would lead to a clean financial break between a couple. The reality, however, is often far less straightforward writes Sandra Davis, head of the Family Department at Mishcon de Reya.

For high net worth individuals, finality can be achieved either by reallocating capital to meet the receiving spouse's need for accommodation and income or, in longer marriages, by dividing the family's wealth to reflect the couple's contributions to the marriage.

January 29, 2009

To some, it may sound like an odd pairing. Owner of the family-controlled Marriott hotel chain Bill Marriott is jumping into bed with king of the hipper than thou boutique hotel Ian Schrager.

To some, it may sound like an odd pairing. Owner of the family-controlled Marriott hotel chain Bill Marriott is jumping into bed with king of the hipper than thou boutique hotel Ian Schrager. Their new $2.8 billion joint venture, recently named Editions, is a chain of fashionable, affordable hotels which promises not to look like a chain and has made a commitment to environmental responsibility.

January 28, 2009

Members of the Porsche and Piëch families gathered in Stuttgart on Wednesday to celebrate the opening of the new Porsche museum.

Members of the Porsche and Piëch families gathered in Stuttgart on Wednesday to celebrate the opening of the new Porsche museum.

It will open to the public on 31st January, and has been called anything from Porsche’s new business card to a cathedral celebrating the iconic luxury sports car brand.

Designed by Roman Delugan it is entirely white in colour and has an exhibition area that appears to hover in space. Inside, 80 historic vehicles and more than 200 carefully arranged small exhibits from the company’s past are displayed over 5,600 square meters.

January 5, 2009

Waterford Wedgwood, the luxury lifestyle group controlled by Sir Anthony O’Reilly and family, has called in receivers and requested that its stock be suspended from trading.

Waterford Wedgwood, the luxury lifestyle group controlled by Sir Anthony O'Reilly and family, has called in receivers and requested that its stock be suspended from trading.

The board of directors has been looking to recapitalise the business for some time as it has struggled to pay back its debts. However, following the expiration and non-renewal of the forbearance period, some of the group's companies have now been placed into receivership or will shortly be placed into administration.

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