Dirk Jungé, chairman and chief executive of US-based multifamily office Pitcairn, has told campdenFO.com that family offices need to be more aware of what greater regulation of the financial services sector means for them.
He said: "Family offices need to be aware of the game changes the new regulations coming out of Washington could mean."
Yesterday, Barak Obama signed into law the Dodd-Frank Reform bill, which commentators are describing as the most sweeping overhaul of Wall Street regulations since the 1930s.
Despite concerns, the head of one of the best-known family offices in the US said that regulation could be potentially beneficial to families. "We hope the regulations provide clarity to families about who is and who isn't putting the family's best interests first," he said.
David Guin, a New York-based partner at the private client law firm Withers, told Campden Wealth last week that family offices have so far come off better that expected from the new bill.
"The family office community mobilised and did a good job of educating Congress that it didn't make sense to regulate family offices. The SEC has also made it pretty clear through exemptive orders that it does not want to regulate family offices," he said.
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