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Wealth

April 5, 2013

The number of wealthy families that have opted for so-called written constitutions to resolve potential conflicts has surged since the onset of the financial crisis, according to a new survey.

The number of wealthy families that have opted for so-called written constitutions to resolve potential conflicts has surged since the onset of the financial crisis, according to a new survey.

Stonehage Group, a multi family office based in London, said that more than 20% of its ultra-high net worth clients, many of them family businesses, now have written constitutions, compared with just a few percent before the financial crisis.

March 29, 2013

Ownership of a private jet endorses super-rich status, but running costs might tip even the most cost-conscious owner into the ranks of the poor if they’re not careful.

Ownership of a private jet endorses super-rich status, but running costs might tip even the most cost-conscious owner into the ranks of the poor if they’re not careful.

March 8, 2013

Family offices are being warned it is “risky” to ignore the introduction of the Foreign Account Tax Compliance Act next year. 

Family offices are being warned it is “risky” to ignore the introduction of the Foreign Account Tax Compliance Act next year.

Tom Humphreys, head of the federal tax practice group at law firm Morrison & Foerster, said the US government is “marching along fairly deliberately to implement Fatca” on 1 January 2014. It has signed a number of inter-governmental agreements with countries recently.

March 6, 2013

The number of high net worth individuals worldwide is set to swell by 50% over the next 10 years, with Latin America and Asia seeing the fastest growth, according to the Wealth Report 2013.

The number of high net worth individuals worldwide is set to swell by 50% over the next 10 years, with Latin America and Asia seeing the fastest growth, according to the Wealth Report 2013. However, it is the cities of New York, London and Paris that will continue to remain most popular with the ultra-rich.

January 3, 2013

This year is being touted as the one of recovery, but for the world’s richest people 2012 proved quite a good year. 

This year is being touted as the one of recovery, but for the world’s richest people 2012 proved quite a good year.

In fact, according to the Bloomberg Billionaires Index, a daily ranking of the 100 wealthiest individuals globally, the world’s richest got even richer last year – boosted by huge rises in global stock markets.

Overall, they added $241 billion (€183 billion) to their collective net worth, to a total of $1.9 trillion at the market close on 31 December.

November 29, 2012

The family office of Theophilus Danjuma – one of Africa’s wealthiest individuals – comes with plenty of compliance headaches. Campden speaks to its principal about investing – and why he wants more regulation. 

The Danjumas are not your ordinary wealthy family. Whenever their family office wants to work with a new bank, its chief executive Geoffroy Dedieu sends over “at least” two arch-level files of information on the family. And that’s just to do the “smell test”, before due diligence is even considered. Then, so long as the smell test is okay, it’ll take another four to six months before the relationship finally gets off the ground.

October 10, 2012

The number of millionaires globally is set to increase by 18 million to 46 million in 2017, despite big falls in wealth over the last year. 

The number of millionaires globally is set to increase by 18 million to 46 million in 2017, despite big falls in wealth over the last year.

That’s according to research by Credit Suisse, which said Europe lost almost $10.9 trillion (€8.4 trillion) in household assets in the year to June while Asia-Pacific shed about $1.4 trillion, as economic uncertainty continued to take its toll.

October 10, 2012

European family office Maroon has teamed up with a Hong Kong-based hedge fund to launch an Asia-focused portfolio.

European family office Maroon has teamed up with a Hong Kong-based hedge fund to launch an Asia-focused portfolio.

According to Reuters, the Asian investment vehicle of Maroon has invested $25 million (€19.4 million) in a hedge fund that will focus on making profits from activities such as mergers, sales and restructurings.

Called the Ardon Asia Fund, it has an initial capital of $26.5 million, with other outside investors providing $1.5 million.

September 28, 2012

Brencourt Advisors, the New York-based hedge fund established by William Collins, is reportedly planning to return money to its outside investors and convert to a family office.

Brencourt Advisors, the New York-based hedge fund established by William Collins, is reportedly planning to return money to its outside investors and convert to a family office.

According to reports in the financial press, Brencourt, which manages about $300 million (€233.3 million), is finding it difficult to raise money in the current economic environment.

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