Family Office Connect 2017

Family Office Connect 2017

Welcome to Family Office Connect (FOC). FOC is the annual report produced by The Table Club, a family office network that works on behalf of family offices worldwide. The Table Club has utilized publically available information to provide an analysis of the family office sector for those wishing to learn more about this unique investor base.

Confidentiality

The Table Club has excellent relationships with many of the top SFOs and at all times respects the confidentiality of information gained through these relationships. The sources of information are from public available information and any confidential information is excluded from our reports.

James Burkitt, [email protected] 1 The Table Club

Family Office Connect 2017

Introduction

Our review looks at the entire Australian family office sector and estimates there are some 350 Single Family Offices, (SFOs), with a total wealth of roughly $305 billion as of June 2017. The range in wealth is $12.6 billion to $200 million. Our analysis in this report focuses on the Top 200 within this universe.

Data & Review Methodology

The Table Club has composed this review of the Australian family office sector using data from a variety of sources including proprietary research, the AFR Rich List (May 2017), Forbes Asia, the Australian Bureau of Statistics and All Ordinaries. Additionally, we have used the values in the most recent Forbes Top 400 list, (October 2016) to compare the US market.

The composition of the sector assumes that each Ultra High Net Worth (UHNW) has a Single Family Office (SFO). To qualify in the Top 350 each SFO must have gross assets > $200 million. We feel that in most cases, $200 million is the minimum required to establish a family office with adequate resources for operating and investing. These resources are either dedicated just for the SFO or may be shared with operational businesses.

Table 5 below shows a list of SFOs in detail for the Top 200. To estimate the balance of the SFOs/UHNW’s to the Top 350, we have assumed an average wealth of $275 million based on the range of the balance of SFOs as $200 million to $350 million.

Two of the SFO groups have been consolidated for this report. These are Smorgon, (8 separate SFOs), and Liberman, (4 separate SFOs). There are also a number of Multi Family Offices included (MFOs).

James Burkitt, [email protected] 2 The Table Club

Family Office Connect 2017

Size of the Family Office Market in Australia

The Top 200 SFOs in Australia now account for $266.90 billion. This is an increase of $31.54 billion from June 2016 or 13.4%. This significant one year rise in wealth is likely attributable to the commensurate rise in property prices over the same period, a sector that 30% of the Top 200 are primarily invested in, with most others also having significant holdings. That said, there has been a general lull in resources prices, which has affected the 8% of the Top 200 that derive their wealth primarily from that industry. Table 1 below shows the respective market sizes for the Top 20, 50, 100 through to the Top 350 SFOs.

Table 1: SFO size analysis by ranges.

Ranges July 2014 ($ billion) January 2016 ($ billion) June 2017 Top 20 105.75 103.58 116.30 Top 50 148.34 148.38 169.54 Top 100 186.60 189.13 215.29 Top 150 211.32 215.52 245.08 Top 200 230.66 235.36 266.90 Top 350 258.21 269.83 308.15

To put the Australian market into an international perspective, we are still a smaller universe than well-established Family Office markets such as the USA, Europe and parts of Asia. The recent Forbes Top 400 rich list for the US had US$1.7 billion as the cut off. The average wealth was US$6 billion for a total universe of US$2,400 billion. In Australia, we have 66 billionaires with average wealth of AU$2.83 billion and total wealth of AU$187.01 billion.

James Burkitt, [email protected] 3 The Table Club

Family Office Connect 2017

Geographic Location of Family Offices

There has often been the impression that Melbourne had the majority of the family office money. This was certainly true in terms of our largest companies, such as mining houses BHP and Rio Tinto, who were substantially started in Melbourne with old money backing by families like the Baillieu Family. In recent years there has been a shift in the location of wealth to NSW, with more family office money being held in NSW during the 2012-2016 period. However, the wealth numbers as of June 2017 evidence a shift back to Melbourne, with around 5% more of the Top 200 wealth being based in Melbourne. It is suggested that this fluctuation is down to individual families’ specific performances, rather than any particular trend. The conclusion to be drawn is that the great majority of family office wealth is equally distributed between Sydney and Melbourne.

Looking at Table 2 below, we see that the wealth of SFOs for the Top 200 in Sydney and Melbourne is larger in Melbourne, with $82.13 billion and $94.78 billion respectively. This is commensurate with the number of family offices in each location, with Sydney having 32.0% of the Top 200 family offices, together holding 30.8% of the total wealth of the Top 200, and Melbourne having 34.5% of the family offices holding 35.5% of the wealth. In terms of distribution, there is a slightly greater proportion of Melbourne-based families at the top end of the Top 200, with a greater proportion of Sydney-based families at the lower end.

Table 2: Top 200 SFOs – by State

Location Wealth ($ million) % of total wealth No. of Family Offices % of Family Offices ACT 1000 0.4 1 0.5 NSW 82127 30.8 64 32.0 QLD 21770 8.2 24 12.0 SA 1650 0.6 2 1.0 TAS 947 0.4 2 1.0 VIC 94776 35.5 69 34.5 WA 33871 12.7 18 9.0 Overseas 30756 11.5 20 10.0 Total 266898 100.0 200 100.0

One notable trend is the fall in family office money based in WA. This can be attributed to the fall in the resource sector given that a significant proportion of WA family offices have their wealth in resources. In particular, the fall in Gina Rinehart’s wealth from $29 billion, at the height of the resources boom in 2012, to $10.4 billion as of June 2017 has a disproportionately large effect on the wealth distribution by location. This fall in WA-based family office money has been offset by strong growth in the other states, and particularly the traditional family office strongholds of Melbourne and Sydney. This is in part due to a number of successful families creating wealth. However, it is also attributable to resource-focused family offices diversifying their wealth into other sectors; an activity that usually involves establishing a base in Sydney or Melbourne so as to have greater access to the desired diversification.

James Burkitt, [email protected] 4 The Table Club

Family Office Connect 2017

It is also worth noting that a significant portion of ‘Australian’ family office money is now held by those that reside overseas, especially in China. As shown in Table 2, this amount currently amounts to $30.76 billion, or 11.5% of the Top 200’s wealth. These family offices have principals that hold Australian residency, but nevertheless conduct their operations overseas to a significant degree.

One of the trends of the European and some of the Asian family offices has been to set up offices in other parts of the world to better manage their affairs. Most recently, a number have chosen Singapore as a safe hub to cover the Asian markets, (Parly Group is a good example out of Switzerland). On the Australian family office side, we have families with investment resources on the ground in other parts of the world, (Portland House – London, Lowy – NYC, Saunders – NYC and Roberts – NYC). As more capital is deployed offshore to take up the currency strength and distressed opportunities, we see the trend to have resources offshore to continue.

James Burkitt, [email protected] 5 The Table Club

Family Office Connect 2017

Generational Dynamics

The Australian Family Office sector is largely still controlled by the 1st and 2nd generations. When we look at the Top 50 SFOs by wealth, the concentration is quite dramatic; the great majority of the wealth in the top 200 is in the hands of the 1st generation that created that wealth. We have classified each family’s generation based on who is in control of the familiy office. Where the 1st generation is still alive but have stepped back from day to day running, we have classified the next generation as the head. As an example, Sam Alter is the head of the Alter Family Office, (Albany), whilst his father, Maurice is still listed by BRW as the head. We have Sam as a 2nd generation for this analysis.

Where the 3rd generation or older is running the family office we have classified these as ‘3rd+’. Examples of such families are the Myer, Fairfax, Smorgon and Albert families. Therefore we have three categories in Table 3 below.

We have also looked at the Top 50 SFO heads currently over 70 years of age and feel that there will be a further change to the next generation over the next few years. This will ultimately lead to further diversification of investments away from the core wealth as greater focus is on preservation than creation. Additionally, the 2nd generation is often likely to have different investment preferences; in particular a number of 2nd generation principals have interests in venture capital and technology investments that are not linked to their families’ original operations. There are 30 of the Top 50 SFO heads that are 1st generation, with most of these being over 70 years of age.

We note that some of these 1st generation SFO heads have clear succession plans in place, with either sons or daughters in CEO type roles within the SFO. The current head has typically moved to a Chairman position, allowing the son or daughter to assume a lot more day-to-day responsibility. Examples here in the Top 100 SFOs include the Lowy, Fox, Oatley, and Sarich families. We have also seen some early allocations of capital to beneficiaries, to allow each sibling to develop their own sub-family offices. The Besen, Lew, Pratt, Myer, Fairfax, Roberts and Kahlbetzer families have taken such a route.

We believe that diversification away from families’ traditional areas of wealth and expertise shall be achieved through building of internal investment experience as well as out sourcing to investment managers in areas that the SFOs feel they lack the skill set or resources. A good example of this trend is the increased outsourcing to hedge funds, in particular international hedge funds.

Table 3: Generational Control – Top 200 SFOs

Generation – Head of SFO # % 1st 136 68 2nd 52 26 3rd+ 12 6

James Burkitt, [email protected] 6 The Table Club

Family Office Connect 2017

Multi Family Offices & Wealth Management Groups

Multi Family Offices (MFOs) are a common feature in the US family office landscape but as yet are not so prominent in Australia. However, recent years have seen a number of newer MFOs set up. As an example, The Table Club has relationships with The Myer Family Company, Mutual Trust, GGB Wealth Care, EWM, Caerus Capital, and Keystone Group, amongst others. Of these, EWM and Keystone were founded quite recently, in 2005 and 2004 respectively. In contrast, the Myer Family Company and Mutual Trust have been in existence for much longer, originally existing as the Myer and Baillieu families’ SFOs.

The character of MFOs varies widely, from small groups of families co-investing together to large, full service offices that provide their own products and range of services. We would broadly characterise Caeris Capital, EWM, and Keystone as being members of the former type, whereas would see Myer, GGB Wealthcare, and Mutual Trust as members of the latter. These MFOs will each be briefly examined.

The Myer and Baillieu families of Melbourne expanded their original SFOs into multi-family offerings so that they now that manage the wealth of a number of smaller families. In the case of the Myer Family Company, they administer some 60 - 70 families in addition to the 10 or so Myer family members. The assets of these additional external families comprise around $2 billion, or $28 - $33 million on average. This seems to be consistent with our earlier assertion that the wealth required to establish an SFO is closer to $200 million than $100 million. Another example is EWM, which has Adam Scott as a founding family with around $50 million – an amount that requires management but yet is not adequate to support a fully fledged SFO.

Caerus Capital is a Perth based group headed by Chris Michael that manages part of the wealth of the Paspaley and Harmanis families. They have recently included a few other families. Both the Paspaley and Harmanis families are listed below separately, with respective wealth values of $1314 million and $640 million, reflecting their wealth that is still significantly attributable to operating businesses.

GGB Wealth Care are a Sydney-based MFO managing wealth for approximately 10 families, each with wealth typically from $30 million to $300 million. As with most MFOs, a family may allocate just a component of their wealth. GGB have a fully discretionary model where they manage approximately 50% of the investments internally and outsource the balance to sector specialists. They have recently taken on a number of clients with wealth of a size that could have readily supported a SFO by themselves, indicating the preference that some families have for the full suite of services that specialized MFOs can provide. This can range from better investment offerings, secured by the ability to readily and efficiently co-invest with other families in the MFO, to the provision of non-investment offerings such as concierge or estate planning services.

James Burkitt, [email protected] 7 The Table Club

Family Office Connect 2017

Lastly, EWM is a Brisbane based MFO managing approximately 10 families with wealth exceeding $20 million per family. EWM is headed by Brad Scott and primarily uses an outsourced model of investment specialists.

We note that various wealth management platforms such as UBS, MSSB, Citigroup, and Deloitte as well as the Australian Private Banks such as NAB, Westpac, ANZ, Commonwealth, and Macquarie, tend to service families with wealth < $100 million. Quite often these firms have strong banking relationships with the families, as well as securities services that the larger family offices may use, even where those family offices have internal investment teams. These wealth platforms usually have a minimum net asset value requirement of around $10 million (excluding the family home). We feel that most of the clients of these wealth platforms fall outside the family office focus of this report, being clients in the $10 million - $50 million range. However, it is worth noting that a specific number of the Top 200 SFOs do still allocate significant portions of their wealth to these platforms. In addition, a greater portion of the family offices in the Top 200 to Top 350 range rely on these platforms as their primary investment manager and so they form a significant part of the family office landscape.

James Burkitt, [email protected] 8 The Table Club

Family Office Connect 2017

Sector Analysis

We have characterised each of the SFOs comprising the top 200 as holding their wealth in one of eleven sectors: Property, Investment, Technology, Retail, Agriculture, Resources, Entertainment, Manufacturing, Healthcare, Services, and Other. These designations are comprised of families that have made their wealth in that sector, or alternatively, families that now operate primarily in that sector.

As can be seen in Table 4 below, the largest number of families have their wealth primarily derived from property: 60 of the top 200, or 30%. This designation includes families whose family business is in property, such as Harry Triguboff’s ownership of Meriton. This designation also includes those families who currently hold most of their wealth in property, such as the Sarich family who originally made their wealth off Ralph Sarich’s invention of the orbital combustion process but have since focused on property investment. In addition to the families that have operational businesses in property, it is worth noting that nearly all family offices will have significant investments in property as a way of diversifying away from their non-property operational businesses. It is suggested that the significant increase in family office wealth over the past 12 months is in part due to the proportion of families that are primarily invested in property, alongside the significant holdings that most have in the area. The 13.4% increase in top 200 wealth is less than the 20% increase in property prices over the same period, but this is explained when one takes account of the fall in resource prices and the lesser increase in the value of equities; two other areas that influence the wealth of the top 200.

Another notable trend is the increase in the number of family offices based in the Technology sector. Whilst this forms a significantly smaller portion of the top 200 than those in Property or Investment, the 13 family offices in the Technology sector represents a notable increase from, for example, 2013, where only 7 of the top 200 were focused on technology. This growth reflects the explosive wealth creation potential of technology, indicated by a number of newer entries into the top 200 such as Leon Kamenev or Tim Kentley-Klay. The meteoric rise in wealth of Mike Cannon- Brookes and Scott Farquhar, from holding $250m each in 2013 to the $2.5 billion they hold now, is again indicative of this trend. A number of older family offices are looking to become involved in this growth in technology. For example, the Kahlbetzer family founded BridgeLane Ventures, a technology incubator based in Sydney. Larry Kestelman, who holds most of his wealth in property now, has also started a technology fund named Oxygen Ventures.

James Burkitt, [email protected] 9 The Table Club

Family Office Connect 2017

Table 4: Sector Focus – Top 200 SFOs

Sectors Number of SFOs % of Top 200 SFOs Property 60 30 Investment 46 23 Technology 13 6.5 Retail 21 10.5 Agriculture 13 6.5 Resources 16 8 Entertainment 5 2.5 Manufacturing 11 5.5 Healthcare 8 4 Services 4 2 Other 3 1.5

James Burkitt, [email protected] 10 The Table Club

Family Office Connect 2017

Strategic asset allocation & position of family offices in Australia

The earlier analysis in this review on the generational dynamics of SFOs in Australia concluded that the large majority of family offices, as indicated by Table 3, are still under the control of the 1st generation. This tends to suggest that a large number of the SFOs will continue to be wealth accumulators and creators as they strive to build on their success bigger legacy to hand to the next generation. This tendency is in accordance with the prevailing psychology of those that are successful; they are successful by taking a certain approach, one of creation rather than preservation. In contrast, the 2nd generation onwards are more likely to have a mindset of wealth preservation, and will invest accordingly. That said, many of the 2nd generation in the Top 200 have become involved in the family office at a relatively young age, often in their early 30s, and thus have a greater interest in newer sectors, especially technology. These sectors are often quite risk intensive, but then have potentially significant upside. These characteristics align more with a wealth creation, rather than wealth preservation, approach. However, the allocation to such investments tends to be a smaller portion of the family wealth, again reflecting an overarching wealth preservation strategy amongst 2nd generation family offices.

2016-2017 was a very good investment year internationally for markets and fund managers. The Australian All Ordinaries Index increased 10.8% in the period from June 2016 to June 2017. This compared with the Dow Jones Index that was up 23.0% over the same period, an important metric given an increasing number of Australian family offices have significant US investments. There was also an increase in average Australian property prices of 20% over the same period. The concerns in 2015-2016 of a Chinese slowdown, deflating the market during that period, seem to have been repelled. Additionally, the slowdown in the resources sector does not seem to have had a particularly negative effect on family offices beyond those specifically deriving their wealth from resources. Significant increases in property prices have propelled many family wealth values to new heights. There is a concern held by some families of over-inflated property prices, and these families have been diversifying their holdings into equities, cash, and overseas investment. Our estimate of Top 100 SFO cash positions is 15% as at July 2017. This is approximately $32 billion of deployable firepower.

James Burkitt, [email protected] 11 The Table Club

Family Office Connect 2017

The Top 200

Table 5 below shows the Top 200 family offices by descending wealth size, for a total universe of $266.90 billion. The table includes information that was the subject of the preceding analysis; the generation in control of the family office, the sector that the family offices derive their wealth from, and the geographical location of the family office.

Table 5: Family office sector by wealth – Top 200 SFOs

Rank Family Office Wealth ($mn) Sector Generation State 1 Thorney (Pratt) 12600 Manufacturing 2nd VIC 2 Triguboff 11400 Property 1st NSW 3 Smorgon Group 10464 Investment 3rd+ VIC 4 Gina Rinehart 10400 Resources 2nd WA 5 Lowy 8260 Property 1st NSW 6 Glasenberg 6850 Resources 1st Overseas 7 Andrew Forrest 6840 Resources 1st WA 8 Gandel 6050 Property 1st VIC 9 Hui Wing Mau 5960 Property 1st Overseas 10 Liberman Family 5692 Investment 2nd VIC 11 Packer 4750 Entertainment 2nd NSW 12 Stan Perron 3900 Investment 1st WA 13 Todd Family 3132 Investment 2nd Overseas 14 Ainsworth 3070 Manufacturing 1st NSW 15 Lang Walker 3000 Property 1st NSW 16 Fox 2910 Other 1st VIC 17 Stokes 2900 Investment 1st WA 18 Myer 2831 Investment 3rd+ VIC 19 Bianca Rinehart 2740 Resources 2nd QLD 20 Portland House (Hains) 2550 Investment 2nd VIC 21 Farquhar 2510 Technology 1st NSW 22 Cannon-Brookes 2510 Technology 1st NSW 23 Century Plaza (Lew) 2380 Retail 1st VIC 24 Jack Cowin 2380 Investment 1st NSW 25 Gerry Harvey 2330 Retail 1st NSW 26 Besen 2240 Retail 2nd VIC 27 Alan Rydge 2090 Property 1st NSW 28 Michael Hintze 1980 Investment 1st Overseas 29 Huang Bingwen 1930 Property 1st Overseas 30 Teoh 1910 Technology 1st NSW 31 Nigel Austin 1890 Retail 1st VIC 32 Talbot 1883 Resources 2nd QLD

James Burkitt, [email protected] 12 The Table Club

Family Office Connect 2017

33 Alter 1800 Property 2nd VIC 34 Angela Bennett 1760 Resources 2nd WA 35 John van Lieshout 1720 Property 1st QLD 36 Ye Lipei 1700 Property 1st Overseas 37 Wilson 1600 Retail 2nd VIC 38 Fraid & Fried 1590 Retail 2nd VIC 39 Perich Family 1590 Agriculture 2nd NSW Wright (Leonie Baldock & Alex 40 Burt) 1560 Resources 2nd NSW 41 Chau Chak Wing 1550 Property 1st Overseas 42 Ell 1510 Property 1st QLD 43 Geminder 1440 Manufacturing 3rd+ VIC 44 Kerr Neilson 1440 Investment 1st NSW 45 Tarascio 1420 Property 1st VIC 46 Blundy 1390 Retail 1st Overseas 47 Judith Neilson 1340 Investment 1st NSW 48 Paspaley 1314 Investment 2nd NSW 49 Alex Waislitz 1240 Investment 2nd VIC 50 Stul 1240 Manufacturing 1st VIC 51 Withers 1230 Retail 1st VIC 52 Ingham 1190 Investment 2nd NSW 53 Makris 1170 Property 1st QLD 54 Rowe 1140 Property 1st QLD 55 Chris Wallin 1130 Resources 1st QLD 56 Chris Thomas 1120 Agriculture 1st SA 57 Sarich 1120 Property 2nd WA 58 Munz 1100 Manufacturing 1st VIC 59 Goodman 1080 Property 2nd NSW 60 Millner Family 1073 Investment 2nd NSW 61 David Barro 1051 Manufacturing 2nd VIC 62 Ron Walker 1030 Property 1st VIC 63 Gretel Packer 1020 Investment 2nd NSW 64 Maha Sinnathamby 1020 Property 1st QLD 65 PGA (Gunn) 1000 Investment 1st VIC 66 Terry Snow 1000 Property 1st ACT 67 Pask 996 Property 1st QLD 68 Tim Roberts 986 Investment 2nd WA 69 Bruce Mathieson 943 Entertainment 1st VIC 70 Belgiorno - Nettis 934 Investment 2nd NSW 71 Little 927 Property 1st VIC 72 Oatley 913 Agriculture 2nd NSW 73 Mick Power 902 Property 1st QLD

James Burkitt, [email protected] 13 The Table Club

Family Office Connect 2017

74 Richard Smith 891 Other 1st VIC 75 Richard White 882 Technology 1st NSW 76 Gordon Fu 877 Property 1st QLD 77 Spooner 861 Property 2nd VIC 78 Darling 861 Investment 2nd NSW 79 Juilliard Group (Werdiger) 859 Property 3rd+ VIC 80 Chris Morris 847 Technology 1st VIC 81 Kahlbetzer 841 Agriculture 2nd NSW 82 Lederer 824 Manufacturing 1st NSW 83 Ashley Williams 823 Property 1st VIC 84 Andrew Roberts 819 Property 2nd NSW 85 Flannery 818 Resources 1st QLD 86 Jeff Chapman 811 Investment 1st VIC 87 Vidor 804 Property 1st VIC 88 Marshall 803 Property 2nd NSW 89 Patrick Grove 801 Technology 1st Overseas 90 Lloyd Williams 784 Property 1st VIC 91 Baillieu 774 Investment 3rd+ VIC 92 Krongold 774 Property 2nd VIC 93 Politis 773 Retail 1st NSW 94 Peter Scanlon 772 Investment 1st VIC 95 Duke 751 Retail 1st Overseas 96 Kestelman 749 Property 1st VIC 97 Karedis 723 Property 2nd NSW 98 Bruno Grollo 720 Property 3rd+ VIC 99 Shaun Bonett 718 Property 1st NSW 100 RG Capital (Grundy/Chambers) 715 Entertainment 1st Overseas 101 Jack Bendat 701 Investment 1st WA 102 Iris Lustig-Moar & Max Moar 694 Property 1st VIC 103 Baiada Family 693 Agriculture 3rd+ NSW 104 Jina Chen & Alex Wu 686 Healthcare 1st NSW 105 Allan Myers 682 Investment 1st VIC 106 Kevin Seymour 679 Property 2nd QLD 107 John Symond 673 Retail 1st NSW 108 Menegazzo 671 Agriculture 3rd+ VIC 109 Duncan 670 Property 1st NSW 110 Paul Fudge 663 Resources 1st NSW 111 Bill James 647 Retail 1st NSW 112 Shesh Ghale & Jamuna Gurung 647 Other 1st VIC 113 Stamoulis Family 646 Property 2nd VIC 114 Kerry Harmanis 640 Resources 1st WA

James Burkitt, [email protected] 14 The Table Club

Family Office Connect 2017

115 Greg Poche 638 Investment 1st NSW 116 Geoff Harris 637 Retail 1st VIC 117 Bruce Gordon 629 Entertainment 2nd QLD 118 Graham Turner 620 Retail 1st QLD 119 Christian Beck 619 Technology 1st NSW 120 John Simpson (Corry Lyn/Summit) 614 Property 2nd WA 121 Inge Family 611 Property 2nd VIC 122 Mark Creasey 611 Resources 1st WA 123 Mary Fairfax 597 Property 3rd+ NSW 124 David Greiner & Ben Richardson 593 Technology 1st NSW 125 Peabody 587 Investment 1st QLD 126 Naomi Milgrom 585 Retail 3rd+ VIC 127 Spiros Alysandratos 582 Services 1st VIC 128 Kim McKendrick 582 Manufacturing 2nd VIC 129 Andrew & Michael Buxton 579 Property 1st VIC 130 Chris Ellison 574 Resources 1st WA 131 Andrew Abercrombie 574 Investment 1st VIC 132 George Kepper 563 Technology 1st VIC 133 Max Beck 562 Property 1st VIC 134 Chris Mackay 560 Investment 1st NSW 135 Mario Verrocchi 558 Healthcare 1st VIC 136 Leon Kamenev 558 Technology 1st NSW 137 Ian Roberts 557 Healthcare 1st VIC 138 Nigel Satterley 551 Property 1st WA 139 Jack Gance 546 Healthcare 1st VIC 140 Frank Costa 538 Agriculture 1st VIC 141 Hamish Douglass 531 Investment 1st NSW 142 Nick DiMauro 530 Property 1st SA 143 Paul Blackburne 530 Property 1st WA 144 Marcus Blackmore 529 Healthcare 2nd NSW 145 Grahame Mapp 523 Investment 2nd NSW 146 Bryan Dorman 520 Healthcare 2nd VIC 147 Peter Cooper 507 Investment 1st VIC 148 Roche 504 Property 2nd NSW 149 Kevin Maloney 499 Resources 2nd NSW 150 Robert Magid 499 Property 2nd NSW 151 Rino Grollo 493 Property 2nd VIC 152 Jonathan Hallinan 490 Property 1st VIC 153 Evan Acton 490 Agriculture 3rd+ QLD 154 Michael Boyd 488 Healthcare 1st VIC 155 Martin Family 484 Manufacturing 2nd WA

James Burkitt, [email protected] 15 The Table Club

Family Office Connect 2017

156 John Higgins 484 Investment 1st VIC 157 Tony Wales 483 Investment 1st NSW 158 Greg Coffey 482 Investment 1st Overseas 159 Tony Poli 482 Property 1st WA 160 Lee Family 482 Retail 2nd NSW 161 David Paradice 479 Investment 1st NSW 162 Dale Elphinstone 475 Retail 1st TAS 163 Tim Gurner 473 Property 1st VIC 164 Gerry Ryan 473 Manufacturing 1st VIC 165 Bruce Neill 472 Investment 1st TAS 166 Tim Kentley-Klay 470 Technology 1st Overseas 167 Alf Moufarrige 467 Property 1st NSW 168 Christina & Tony Quinn 465 Retail 1st QLD 169 Graham Tuckwell 462 Investment 1st Overseas 170 Tony Haggarty 462 Property 1st NSW 171 Steven Kalmin 454 Resources 1st Overseas 172 John & Robert Kirby 454 Entertainment 2nd VIC 173 Bob Rose 454 Property 2nd Overseas 174 Laurie Sutton 453 Retail 2nd NSW 175 Hilton Nathanson 451 Investment 1st Overseas 176 John Singleton 450 Investment 1st NSW 177 Danny Hill 447 Property 1st Overseas 178 Robert Whyte 446 Investment 1st NSW 179 Sammy Chong 440 Resources 1st QLD 180 Dick Honan 440 Agriculture 1st NSW 181 Barry Lambert 437 Investment 1st NSW 182 Jamie Pherous 432 Services 1st QLD 183 Doug Shears 413 Agriculture 1st Overseas 184 Arthur Laundy 412 Property 1st NSW 185 Seumas Dawes 412 Investment 1st NSW 186 Tony Tartak 407 Services 1st NSW 187 Trevor Lee 407 Agriculture 2nd QLD 188 Patricia Ilhan 404 Investment 1st VIC 189 Rod Jones 403 Services 1st WA 190 Peter Hughes 391 Agriculture 3rd+ QLD 191 Alan Tribe 375 Retail 1st WA 192 Craig Winkler 374 Technology 1st VIC 193 Clive Berghofer 374 Property 1st QLD 194 Joe Catalfamo 373 Agriculture 1st VIC 195 Radek Sali 372 Healthcare 1st VIC 196 Harold Mitchell 370 Investment 1st VIC

James Burkitt, [email protected] 16 The Table Club

Family Office Connect 2017

197 Ori Allon 364 Technology 1st Overseas 198 Tony Denny 355 Retail 1st NSW 199 John Kinghorn 353 Investment 1st NSW 200 Gordon Merchant 350 Manufacturing 1st QLD

James Burkitt, [email protected] 17 The Table Club

Family Office Connect 2017

The Australian & New Zealand chapter of The Table Club, a unique family office networking group, was formed in 2009 at the request of 20 principals of the leading family offices in the region. The principals wanted a way to reach out to other family offices with like minds both in Australia & New Zealand, as well as internationally, for the purposes of co-investment, idea sharing, and networking. The Table Club was formed as a result of this desire, and now has members across the spectrum of the Top 250 single and multi family offices which participate in networking lunches, dinners and workshops throughout each year.

The Table Club launched its “Ten Tables” plan in 2011, globalizing the network. It began with the hosting of dinners in New York and LA, and has since expanded to the rest of the world’s significant financial regions. The Table Club now has a strong international presence, with a particular strength in the UK, US, and Singapore. This presence is maintained by strong local family office membership, with a number of leading family offices in each region forming the core of each chapter, in conjunction with regular dinners that provide a means of bringing local and international families together.

Currently The Table Club has established eight of the ten tables, with Japan and China remaining.

Ten Tables: • Australasia • Europe • North America • Hong Kong • Singapore • India • China • Latin America • Middle East • Japan

James Burkitt, [email protected] 18 The Table Club