As operating environments become increasingly competitive and complex, the family office of the future will need to become savvier about their investment strategies while tackling challenges such as cybersecurity and succession, experts say. The ones that do not risk sleepwalking into disaster.
Early in 2019, a 20-year-old German man admitted to police that he was behind one of the country’s biggest data breaches where hundreds of documents containing private information of a thousand public figures were leaked online.
Family offices are standing on the precipice of a multi-trillion dollar transfer of wealth between generations, yet succession planning among family offices is moving at a glacial pace. What are the barriers to planning? And what should families be doing now?
The cautionary tale of India’s Ambani family should be enough to scare any patriarch or matriarch into succession action. The sudden death of Reliance founder Dhirubhai Ambani, aged 69, in 2002 sparked an acrimonious battle between his two billionaire sons, Mukesh and Anil, leading to the brothers splitting up the family business in a deal mediated by their mother. Today relations are civil, but the businesses they inherited have had very different outcomes.
Giorgio Armani would do well to consider motivation, guidelines and accountability when setting up a foundation to control his €2.64 billion ($2.9 billion) empire.
Giorgio Armani would do well to consider motivation, guidelines and accountability when setting up a foundation to control his €2.64 billion ($2.9 billion) empire.
This is the advice from the UK family office team of professional services network KPMG when CampdenFB asked what succession plans they would recommend to the Italian fashion designer.
Wildcat Capital, which manages funds for the American billionaire David Bonderman, has called for management changes at a pharmaceutical firm, representing a rare public case of shareholder activism by a family office.
Wildcat Capital, which manages funds for the American billionaire David Bonderman, has called for management changes at a pharmaceutical firm, representing a rare public case of shareholder activism by a family office.
In a strongly worded letter, Wildcat raised concerns over corporate governance at Sorrento Therapeutics and said the chief executive, Henry Ji, should be replaced.
Families should plan ahead to ensure they can make use of tax exemptions when businesses are transferred from one generation to the next, a report has advised.
Families should plan ahead to ensure they can make use of tax exemptions when businesses are transferred from one generation to the next, a report has advised.
The gender of next-gens is more important than birth order or financial needs to many wealthy parents who are faced with deciding who will inherit the family business.
The gender of next-gens is more important than birth order or financial needs to many wealthy parents who are faced with deciding who will inherit the family business.
That’s according to a study by Barclays Wealth, which found that gender was ranked as even more important than the child’s willingness to take over a business.
Next-generation members need to show an understanding of the value of money if they are to gain their parents’ trust and inherit their family’s fortune, according to Barclays Wealth’s Catherine Grum.
Next-generation members need to show an understanding of the value of money if they are to gain their parents’ trust and inherit their family’s fortune, according to Barclays Wealth’s Catherine Grum.
