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Family Business

August 8, 2019

Single family offices looking to hire top talent from traditional banking and asset management corporations should appreciate that not all candidates suit working in a family office environment, according to a family office recruitment director.

Single family offices looking to hire top talent from traditional banking and asset management corporations should appreciate that not all candidates suit working in a family office environment, according to a family office recruitment director.

August 7, 2019

Bollore family to sell 10% of Universal Music to Tencent, Thai billionaire family to take Central Retail Corporation public and James Murdoch’s group acquires a majority stake in Tribeca Film Festival.

Bollore family to sell 10% of Universal Music to Tencent

French media conglomerate Vivendi, owned by the Bollore family, is set to sell a 10% stake in its Universal Media Group (UMG) to Chinese internet giant Tencent.

Universal is the world’s largest media group, with artists such as Taylor Swift (pictured), Drake and Lady Gaga. UMG’s content has been available on Tencent’s music streaming service in China following a deal struck in 2017.

August 5, 2019

An idea borne from a classroom Eureka moment provided the basis for a groundbreaking field book for families. Randel Carlock discusses the vibrant guide he and co-author Keng-Fun Loh created to help families prepare for their own lunar landing.

Your book, A Family Business on the Moon, has an unusual title—where did the idea come from?

It came from (Canadian third-generation family business) Bata Shoes. They were training with me at INSEAD. We were working on their vision, and one of their sons, Charles, called out: “We’ve got shoe stores all over the world, let’s put one on the moon!” I thought, “What a great title!”

Who did you have in mind when you wrote it?

August 2, 2019

The first fourth-generation family member to lead the Nathan Cummings Foundation says a root and branch restructuring of the New York-based philanthropic institution is the best way to honour her family’s legacy.

The first fourth-generation family member to lead the Nathan Cummings Foundation says a root and branch restructuring of the New York-based philanthropic institution is the best way to honour her family’s legacy.

Jaimie Mayer, the 36-year-old great-granddaughter of the founding Canadian-born US businessman, investor and philanthropist, succeeded Ruth Cummings as chair of the board of trustees.

Mayer looked set to introduce changes in culture and policy, and movement building at the 30-year-old family foundation.

August 1, 2019

Millennials take a communal approach to engage friends, family and colleagues to address the social issues they care about—an approach family principals could adopt as they look to bring their next gens into the fold.

Millennials take a communal approach to engage friends, family and colleagues to address the social issues they care about—an approach family principals could adopt as they look to bring their next gens into the fold.

July 31, 2019

Vedanta chairman Anil Agarwal sells Anglo American stake, Coca-Cola heir launches cryptocurrency bank for marijuana business and Philippine Air founder Lucio Tan chooses non-family executive to succeed.

Vedanta chairman Anil Agarwal sells Anglo American stake

Indian tycoon Anil Agarwal is divesting his family’s majority stake in the diversified mining company Anglo American after only two years.

Agarwal, founder of global mining giant Vedanta, started buying into Anglo American via his family trust Volcan Investment in March 2017 and bought a second tranche in six months later, bringing his stake to 19.3%.

July 30, 2019

The Dennis M Jones Family Foundation and the Institute for Private Investors are delighted to announce the third year of the Jones Prize in Philanthropy.

The Dennis M Jones Family Foundation and the Institute for Private Investors are delighted to announce the third year of the Jones Prize in Philanthropy.

This year the Jones Prize is a $30,000 grant and two runner-up grants of $10,000. The grants will be gifted to charities that have been aided by the efforts of an individual who has demonstrated exceptional work in philanthropy. The awards will be given at the institute’s Fall Forum in New York City on 24 September.

July 29, 2019

Tax department clarifies Cyprus 60-day rule for nominee directors

Effective as of 1 January, 2017, the so-called “60 day rule” for the purposes of establishing Cyprus tax residency for individuals is of importance to those seeking Cypriot residency.

Under the rule, individuals are considered tax residents of Cyprus and benefit from the island’s tax regime if they:

• Reside in Cyprus for a period of 60 days

• Do not reside in any other single country for a period exceeding 183 days in total

• Are not tax resident in any other country

July 24, 2019

Louvre removes Sackler family from museum walls, France’s Bernard Arnault pips Bill Gates as world’s second-richest person and Family-funded Illuminated River project goes live.

Louvre removes Sackler family from museum walls

France’s Louvre Museum has erased the Sackler name from its walls, removing any physical trace of its ties to the billionaire family that owns opioid manufacturer Purdue Pharma.

The art philanthropist family’s name was quietly removed from a wing dedicated to eastern antiquities over the last few weeks, The New York Times reported.

The wing has been known as the Sackler Wing of Oriental Antiquities since 1997.

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