withers

Many wealthy families living off their investments are returning to active business operations, impact investing or philanthropy, as they feel they lack of purpose, a new report says.

The meaning of wealth in the 21st century: unlocking the secrets of wealthy families, conducted by Withers and Scorpio Partnership, sought to find whether the wealthy are focused on wealth generation, preservation or the application of their wealth.

Falling returns, rather than regulatory reasons, might explain the growing number of hedge fund managers converting into family offices in the US, say experts.

Sophie Dworetzsky, a partner at international law firm Withers, reckons that tougher times is making the family office model more attractive. “The financial situation now is causing people to move away from being a bigger hedge fund managing a lot of money to a multi or single family office,” she said.

Law firm Withers has added three new members to its Milan office as part of its strategy to increase its services for family businesses in Italy.

Roberta Crivellaro, managing partner at Withers’ Milan branch told CampdenFB: “Running a family firm, especially in Italy, is no easy business, but we are committed to making sure that our clients have the smoothest ride possible by building each and every one of our practices that together cater for the complicated world of the family business.”