DOCSLIB.ORG

Developing Partnerships with Family Offices

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Developing Partnerships with Family Offices Developing partnerships with family offices Rotterdam-Delft, August 2020 Introductory words to this report on approaching family offices. This report details a strategy for developing partnerships between Cardano Development (CD) and family offices (FOs). It provides an answer to the question: What is the best strategy for Cardano Development to develop partnerships with family offices in the United States and Europe? To this end, it includes a market overview, a selection of family offices whose interests are aligned with CD’s mission and a route to market. The market overview is largely based on a review of existing literature and reporting. Amongst others, it educates the reader on FO market size, segments and trends. Of interest is the observation that impact investing is on the rise, especially amongst the newer family offices and younger generations. The selection of FOs functions as a focus group for CD to proactivelyreach out to if they indeed choose to pursue this market. An initial long list has been selected from the Prequin database on FOs and supplemented with other sources. It has subsequently been narrowed down to the final selection, containing only those FOs whose online profile points toward an interest in impact investing. The route to market is a synthesisof twenty interviews conducted by Young Advisory Group (YAG). Although it is a very private market, family offices and those in the extended ecosystem appeared very willing to share their expertise. A degree of luck and a substantial amount of networking are key to eventually obtain an investment. Moreover, it is important for CD to be an understandable concept to investors, which is a challenge given the current structure. YAG has developed two alternative brand images and has created a comprehensible pitch deck for CD in its current form. We would like to express our gratitude to Maria-Pia, Matthijs, Fleur and Joost for the challenge in this interesting field and their useful insights along the way. We look forward to similar fruitful cooperation in the future. It has been our pleasure to tackle this challenge for CD and we would like to stay in touch. OLIVIA KORTE SACHA MARTINI COMMUNICATION Project manager • MA Global Political YAG has worked on this project • MSc Financial Economics Economy with much enthusiasm. If there • LLB Dutch Law • MSc Public Affairs are any additional questions or • BSc Tax Economics • BA International Relations if there is curiosity as to what • BSc Economics & Business else YAG could do for your economics organization, please do not hesitate to contact us: Sacha Martini JASPER GROENEWOUD MARJOLEIN KERSTJENS [email protected] • MSc Biochemical • MSc Complex Systems +31 6 20 71 16 38 Engineering Engineering & Management • BSc Life Science & • BSc Systems Engineering, Technology Policy Analysis & Management PROJECT TEAM 3/48 Table of contents The executive summary first lays out the strategy YAG advises, after which the detailed analyses follow. TABLE OF CONTENTS INTRODUCTION TABLE OF CONTENTS PROJECT METHODS CH 1 – FAMILY CH 2 – CH 3 – ROUTE TRIGGER OFFICE IDENTIFYING TO MARKET MARKET POTENTIAL PARTNERS TABLE OF CONTENTS 5/48 Project trigger This issue tree elaborates on the questions and sets the scope for the project. HOW TO PARTNER WITH FAMILY OFFICES? ROUTE TO MARKET MARKET What would be a Which players are What are the market characteristics? suitable route to interesting partners? market? Which type(s) of How should Are there What are the What size is the financial support do relationships be subsitutes to CD? market dynamics? market? they provide? built? What size What are CD’s Are there In terms of Are there gatekeepers investments are characteristicsand newcomers? capital? to the process? USPs? common to them? What is their “track- Which are other Is the market In terms of Which fora may be record” in CD- parties’ USPs? growing? players? used? comparable investments? Have there been/are there strategic shifts? ISSUE TREE 7/48 Methods The market analysis draws upon desk research, the shortlist on databases and market entry on interviews. METHOD CORE SOURCES CHAPTER 1: Industry reports, complemented Main sources were UBS & FAMILY OFFICE MARKET with insights from interviews Campden Wealth and Rockefeller & Campden Wealth CHAPTER 2: Shortlistingbased on database Preqin is a prominent investor database POSSIBLE PARTNERS and networking via interviews and includes a large family office database. CHAPTER 3: Findings from interviews form 20 interviews were conducted with people ROUTE TO MARKET the advise on the route to market. working in the field of family offices. These were mostly obtained from YAG’s and CD’s network, as well as from web searches. METHODS 9/48 For a representative image of the FO world, knowledge was gathered from twenty diverse FO experts (1/2). Interviewee 1 Interviewee 2 Interviewee 3 Interviewee 4 Interviewee 5 VP and Head of Business Senior Manager, family Managing Partner/ Head Former CEO of an F amily office advisor & Development at a family office and Governance at of a family office impact fund & CEO of a director at a family office office a consultancy firm public growth enabling community organization Interviewee 6 Interviewee 7 Interviewee 8 Interviewee 9 Interviewee 10 Impact Investing Partner & Founder of a Former CEO/employee CEO/Founder emerging Former manager family Managing Director at a family office of three family offices & market platform & office, founder family family office private investor founder impact office advisory firm investment consultancy firm INTERVIEWEES (I/II) 10/48 For a representative image of the FO world, knowledge was gathered from twenty diverse FO experts (2/2). Interviewee 11 Interviewee 12 Interviewee 13 Interviewee 14 Interviewee 15 Prof. PhD at a university Investor Relations & Managing Partner at a Founder impact Founder & CEO at a with main focus on Business Development at family office community global family office family businesses impact investing community community Interviewee 16 Interviewee 17 Interviewee 18 Interviewee 19 Interviewee 20 Chairman of a family Co-founder and CEO/Co-founder of an Co-founder & Partner Director family office office President Director of an impact crowdfunding impact investing firm impact focused company platform INTERVIEWEES (II/II) 11/48 Chapter 1: Family office market This chapter presents conclusions on market size, market dynamics, impact investing and substitutes. WHAT DOES THE MARKET FOR FAMILY OFFICES LOOK LIKE? MARKET SIZE MARKET DYNAMICS IMPACT INVESTING SUBSTITUTES TO CD 25%of FOs is engaged in The most important substitutes 5.9 trillion AUM in total Most FO assets are in equity impact investing to CD are impact funds Of which 1.5bn in MFO and The real estate asset class is Most investments are done Returns realized by impact 802m in SFO growing the most rapidly through direct private equity funds differ from 7 to 17%. FOs have grown 38% in the past Because of COVID-19 the focus One concern regards the lack of 85% of fund investments are two years. has shifted to preserving wealth knowledge in the field market rate returns seeking Average self-reported return of In recent years impact Another barrier is confusion 11% of impact funds around 5.4% investing has been on a rise around these investments investments are in Fin services. *N.B. The market is very diverse and not one family office is alike. Office size, structure and investment strategy and criteria are the main differentiating factors. Therefore the uniqueness of the market should always be taken into account when acting upon these generalizations. FAMLIY OFFICE MARKET CONCLUSION 13/48 CH 1 – FAMILY OFFICE MARKET 1.1 MARKET OVERVIEW 1.2 MARKET DYNAMICS 1.3 FO UNIQUENESS 1.4 IMPACT INVESTING VS. PHILANTHROPY 1.5 SUBSTITUTES TO CD INHOUDSOPGAVE 14/48 A family office serves the generations of a wealthy family by managing key areas of family assets. WHAT IS A FAMILY OFFICE? TYPES OF FAMILY OFFICES A family office (FO) is the private office for a family of significant wealth. The number of A single family office (SFO) is a family office serving staff working in the office can vary from one (multiple) generations of one single wealthy family. or two employees to 100 or more staff, The SFO is designed to fit the specific needs and depending on the type and number of services beliefs of the family. it provides. For families with private wealth in excess of USD 150 million, establishing a FO could be an attractive move. A private multi-family office (MFO) is a family Generally, FOs manage key areas of family office serving multiple families with often same assets, including real estate holdings and common values or goals, with the benefit of direct or indirect investments, tax economies of scale. consolidation and estate management. They can serve as the central hub for a family’s legacy, governance and succession. They can A public multi-family office (MFO) is a family office furthermore support the education and looking after interests of multiple families with less development of family members, coordinate wealth. Unlike private MFOs, they are owned by communication and resolve issues within the commercial third parties. family enterprise. UBS/Campden Wealth MARKET SIZE (I/IV) 15/48 Working with FOs has four general benefits, one of them is being more flexible than traditional investment firms. THESE ARE THE RESULTS OF THE MARKET REVIEW, INTERVIEWS OFFER A MORE NUANCED VISION BENEFITS OF WORKING WITH FOs 2. OPERATIONAL FLEXIBILITY The market for family offices has been increasing and Family offices operate with much more speed and flexibility than other more and more businesses and companies are looking investment firms. Unlike institutionalfunds, many family offices do not for family offices as an investment partner. In general, have a formal mandate or an investment committee. Principals of the there are four major benefits of working with family family office determine general goals, and as such, investments can be made offices.
Load more

Recommended publications
  • The-Single-Family-Office-Book.Pdf
    i Family Office Help Line: (212) 729-5067 THE SINGLE FAMILY OFFICE Creating, Operating & Managing Investments of a Single Family Office By Richard C. Wilson Billionaire Family Office | Family Offices Group Association ii iii Family Office Help Line: (212) 729-5067 This book is dedicated to my amazing daughters Bella & Maya Wilson. iv v Family Office Help Line: (212) 729-5067 Table of Contents Chapter Page Preface 5 Part 1: Single Family Office Fundamentals 7 Chapter 1: Introduction to Single Family Offices 9 Chapter 2: Single Family Office Talent & Teams 17 Chapter 3: Single Family Office Operations 35 Chapter 4: Single Family Office Governance 47 Part 2: Starting a Single Family Office 59 Chapter 5: Creating Your Family Compass 61 Chapter 6: Starting a Single Family Office 69 Chapter 7: Partners, Vendors, & Service Providers 87 Chapter 8: Investment Committees & Advisory Boards 93 Part 3: Single Family Office Investment Portfolios 109 Chapter 9: Family Office Investment Management 111 Chapter 10: Investment Fund Manager Selection & Monitoring 113 Chapter 11: Direct Investing & Operating Businesses 131 Chapter 12: Co-Investing & Club Deals 171 Chapter 13: Real Estate Investments and Hard Assets 191 Part 4: Single Family Office Best Practices & Models to Emulate 205 Chapter 14: $1 Billion+ Single Family Offices 207 Chapter 15: Intergenerational Money Management 227 Chapter 16: Converting from a Single Family Office into a Multi-Family Office 233 Chapter 17: Outsourced Chief Investment Officers 243 Chapter 18: Virtual Family Offices 247 Chapter 19: The Future of the Single Family Office Industry 261 vi vii Acknowledgements The Single Family Office book would not have been possible to write without the help of many smart and dedicated professionals.
    [Show full text]
  • Q&A with Denmark West
    SEPTEMBER 2017 V OL. 5 | ISS U E 134 R E P O R T Q&A with Denmark West. Founding Partner of Connectivity Capital Partners (“CVF”). Principle Series: Family Office Insights sits down with Denmark West, Founding Partner of Connectivity Capital Partners & CIO of Connectivity Ventures Fund, to discuss the early stage, mission-oriented fund of CVF that works to improve the human condition in the areas of health, finance, and work. Family Office Insights is a voluntary, “opt-in” collaborative peer-to-peer community of single family offices, qualified investors and institutional investors. If you care to learn more, and perhaps join the community, you are welcome to visit us here at FamilyOfficeInsights.com. P AGE 1 Q: Tell us about your background and your company, Connectivity Capital Partners. A: I started in investment banking after graduating from Harvard and focused on technology. I quickly realized I actually wanted to work inside the technology industry. So while still in my twenties, I found a role at Microsoft, where I had the opportunity to work directly with top executives including CFOs Greg Maffei and John Connors, and CEOs Bill Gates and Steve Ballmer among others. I was tasked with leading some strategic projects, ranging from Software as a Service to Open Source Software, which shape my thinking even today. I was also given the opportunity to lead internet infrastructure investments within a nascent corporate ventures effort. I led investments in Akamai (IPO), InterVU (sold to Akamai), and iBeam (IPO) among others. In 2004, Viacom recruited me to lead strategy and business development.
    [Show full text]
  • Apollo Global Management Announces Conclusion and Release of Independent Review
    Apollo Global Management Announces Conclusion and Release of Independent Review NEW YORK – January 25, 2021 – Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that the Conflicts Committee of the Board of Directors has completed its previously announced independent review of Chairman and CEO Leon Black’s previous professional relationship with Jeffrey Epstein and publicly released the review’s findings. At a regularly scheduled Board meeting in October 2020, Mr. Black requested the Conflicts Committee, comprised of independent directors, retain outside counsel to conduct an independent and thorough review. The Committee subsequently retained Dechert LLP (“Dechert”), a leading global law firm. Michael Ducey, Chair of the Conflicts Committee said, “On behalf of the Board, we want to thank Dechert LLP for conducting a timely and thorough review. We are releasing the report and findings in its entirety in the interest of being fully transparent to all of our stakeholders.” Key findings of the Dechert report include: • Apollo never retained Epstein for any services and Epstein never invested in any Apollo- managed funds; • Epstein regularly advised Mr. Black on trust and estate planning, tax issues, philanthropic endeavors, and the operation of his Family Office; • All fees paid to Mr. Epstein by Mr. Black or his Family Office were for bona fide tax, estate planning and other related services, and the amounts were intended to be proportional to the value provided by Mr. Epstein; • Epstein’s advice was vetted by respected professional advisors; and • Dechert found no evidence that Mr. Black was involved in any way with Mr.
    [Show full text]
  • 2015 Media Kit ®
    MAKE GROW LIVE CURATOR Learjet Turns 50; Luxury How Foundations Can Self-Defense for 2014; Eight Super Fast Sedans MAKE GROW LIVE CURATOR W Living at Disney World; Earn a Profit; Investing in Top 10 Influential Art and Sports Cars; Surprising The 10 Smartest Employee How to Invest in a 10 Questions for Your NetJet’s New Beauty Why Tech is Beating the Caspian Sea; Galleries; Wine’s New Whiskies from Japan; New W Benefits; Marissa Mayer’s Restaurant; Avoiding Nanny; The World’s Takes Flight; Napa’s Wall Street Fishing for Science Power Brokers Classics from Burger Boat Road to Yahoo’s Top Job; 2013’s Tax Cliff; The 10 Greatest Hotels; How to Unconventional Cabernets; How to Vanish Online Most Popular Tax Havens Fix a Bad Back (Overseas) The Power Suit for Fall ® ® THE EVOLUTION OF FINANCIAL INTELLIGENCE the evolution of financial intelligence 100 THE 100 MOST POWERFUL PEOPLE P IN FINANCE 100 THE 100 MOST POWERFUL PEOPLE PIN FINANCE WORTH.COM worth.com 26VOLUME 22 | EDITION 05 20volume 21 | edition 05 COVER_WOR20_ms.indd 1 9/25/12 11:38 AM MAKE GROW LIVE CURATOR MAKE GROW LIVE CURATOR Why Private Aviation is Top 10 Art Sales of 2013; 10 Classic American Designing Your Own Top 10 Venture Capitalists; Investing in Healthcare; How to Survive a Perfect Fall Fashion; W Soaring; How to Reinvent What Financial Credentials Restaurants; Six Artisans of Ferrari; Crafting Personal W Manhattan’s Hot New How to Buy a Winery; Hurricane; Best Cigar The World’s Largest Casinos; Making Furniture Really Mean; How to Bespoke; Talking Watches Whisky in Scotland; The Whisky Bar; Six Startups Expert Lessons from the Lounges; 10 Great Autumn Catamaran; The Beauty of with Thos.
    [Show full text]
  • Future Finance & Investment Chapter
    FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS OF THE GRI GLOBAL COMMITTEE FUTURE FINANCE & INVESTMENT CHAIRPERSON VICE-CHAIR Audrey Klein Peter Plaut Head of Investor Relations (Funds) Executive Director Kennedy Wilson Wimmer Family Office Investor Relations (Funds) Investor - Family Office Kennedy Wilson is a global real estate operator. We focus Wimmer Family Office offers both bespoke investment portfolio on multifamily, office and industrial properties located in the solutions for family offices and high net worth individuals as Western U.S., U.K., Ireland and Spain. Headquartered in Beverly well as its core investment trend following strategy through the Wimmer Wealth Protection Fund. Hills, CA, and London, UK, Kennedy Wilson has 16 global offices. Audrey Klein is the Head of Fundraising for Kennedy Wilson Europe. Prior to Peter Plaut is an Executive Director at Wimmer Family Office focused on origination, this she held Head of Fundraising roles at several firms but is best known for researching and structuring private debt and equity transactions across a broad range starting the European business out of London for the Park Hill Real Estate of industries including specializing in real estate across the residential, office and hotel Group, a Division of Blackstone, which she ran for 9 yrs. Prior to joining Park and hospitality sectors. Minimum transaction size is $100mm to well over $1 billion. Hill, she ran her own business for 5 yrs marketing alternative asset funds Mr. Plaut is consistently recognized as a leader in the industry. Among his many across all asset classes including private equity, real estate and hedge funds achievements and awards, he was ranked as one of the Top 20 Rising Stars of Hedge to European investors comprised of pension funds, banks, family offices and Funds during the 2008 financial crisis –a recognition of his ability to manage through high net worth individuals.
    [Show full text]
  • Turning Ideas to Gold
    TURNING IDEAS TO GOLD Perspectives on Venture Capital for Indian Family Offices Summary 10K 140+ ~20% $30Bn Expected number of ultra- Formalised Family Offices in Portfolio allocation towards Indian Family Offices are high net worth individuals India that preserve, enhance, Alternative assets (which estimated to contribute 30% of (net-worth > US$ 30M) in and transition UHNI wealth includes PE/VC) by Indian the estimated $100Bn to be India by 2024 Family Offices raised by Indian startups by 2025 55K 485 bps 9 12 Number of start-ups launched Higher IRR generated by VC Levers through which VC Crucial checks across team in India. Home to 56 unicorns, and PE funds raised during funds generate value for their skills, fund reputation, investment India has added 14 new periods of economic crises GPs – including relationships, strategy, funding capability and unicorns by May 2021 already relative to the average VC/PE expertise and processes past returns generated while returns over the period 1995- selecting a fund GP 2016 © 256 Network © Praxis Global Alliance | 1 A new generation of Indians is growing their wealth UHNIs in India expected to have ~US$ 700B wealth by 2024, India expected to have ~10K UHNIs by 2024, ~2X of 2019 figures ~1.6X of 2019 No of UHNIs in India UHNI wealth in India 2014-2024P US$ B, 2019-2024P 707 10,354 CAGR CAGR 10% 12% 440 5,996 CAGR 3,061 14% 2014 2019 2024P 2019 2024P Notes(s): UHNIs refers to individuals with net worth > US$ 30M, CAGR for UHNI wealth estimated on the basis of past trends from 2013-18 Source(s): The
    [Show full text]
  • Dubai's 16Th Global Family Office Investment Summit October 2021
    Under the High Patronage of His Excellency Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade & Minister in charge of Talent Attraction and Retention at the United Arab Emirates Ministry of Economy. 16th Anniversary Ritossa Global Family Office Investment Summit 3-5 October 2021 Dubai, Waldorf Astoria Palm Jumeirah “World’s No. 1 Family Office Investment Conference, where World Leaders & Elite Family Office Investors Unite Together to Invest and Create A Brighter Future” Special Thank You to our High Patron His Excellency Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade & Minister in charge of Talent Attraction and Retention at the UAE Ministry of Economy: "I am so proud to be honouring the glowing strategic direction of the Ministry Of Economy, UAE with H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade as well as holding the position of Minister in charge of Talent Attraction and Retention at Ministry Of Economy, UAE. The UAE is cementing its position as the leading business destination at regional and global levels attracting incoming business partnerships and foreign investments. UAE's key areas of focus are Impact Investing, Renewable Energy, Healthcare, Education, Biotech, Fintech, Space, Real estate, Hospitality, and A.I. H.E. Dr. Thani bin Ahmed Al Zeyoudi is devoted to attracting the best talents and competencies to serve the strategic direction of the UAE. Thank you, Your Excellency, for providing us with your High Patronage and that of The Ministry of Economy and honouring our Conference with your active participation. Ritossa Family Office looks forward to our longterm friendship and collaboration." Sir Anthony Ritossa, Chairman of Ritossa Family Office & Host of Ritossa Global Family Office Investment Summits, UAE Personal message from our Distinguished Grand Ambassador for the 16th Ritossa Global Family Office Investment Summit: "It is an honour and a pleasure to be the 16th Ritossa Global Family Office Investment Grand Ambassador in Dubai on October 3-5, 2021.
    [Show full text]
  • Family Offices and the Tech Industry: Investing in the Future
    Family Offices and the Tech Industry: Investing in the Future Technology continues to provide substantial Family Offices are attractive tech investors potential returns There is clearly no one size fits all characteristic of an The exponential growth of the technology sector over investor, be in a PE or VC fund, FO or business angel. the last decade has generated spectacular returns for However in the eyes of many tech entrepreneurs, those investors with a share in the equity of businesses FOs are a high quality class of patient capital that that have successfully caught the public’s imagination, gives them greater freedom to explore commercial disrupted existing industries and even created new opportunities and pursue longer term objectives. ones. Compared to many traditional VC funds, which will have exit-led time constraints and fund restriction criteria, A consideration of CB Insights’ listing of the forty the perception of the technology sector is that FOs take highest returning Venture Capital (“VC”) investments a more holistic view of a business’s growth potential, shows the result when an investor is able to catch a can collaborate better and can act quicker than typical fabled tech ‘unicorn’: Swedish firm Creadnum invested VC funds. $4.5m into Spotify at an early stage, recording an 82x return of $370m when the company underwent an IPO For tech start-ups, these traits make FOs a very in April 2018. Sequoia Capital enjoyed gross returns attractive proposition. A misconception is that founders of $2bn from the listing of Dropbox and an exit value and entrepreneurs prefer silent partners who will leave of $3bn arising on Facebook’s acquisition of Whatsapp them to run their business, however our experience is having been the first venture investor in both.
    [Show full text]
  • Private Wealth Investors Find Opportunity in Real Estate
    Private Wealth Investors Find Opportunity in Real Estate August 2015 When stock market and hedge fund investments turned down during the recession, family offices and other private wealth nvestors turned to commercial real estate as a way to get a favorable income stream and long-term appreciation. The volume of family office investment in the U.S. grew dramatically, fueled by both foreign and domestic investors, who initially found a buyer’s market. But what has happened to family office investment now that institutional players like pension funds and sovereign wealth funds are bidding up prices and pushing down cap rates? Are private investors getting forced out of direct real estate Proper valuation and due diligence is essential to a investment? In past cycles, the answer might have been ‘yes,’ as family offices tended to fulfill their real estate allocation successful investment strategy. We thought it would be by investing through intermediaries like hedge funds. Property owned directly by a family office was either a legacy of a real helpful to share our thoughts on how best to mitigate estate developer patriarch, or smaller assets close enough to family members for drive-by inspections. But those old rules some of the risks associated with making bank appear to be changing. As private wealth grows and family offices become more sophisticated in their approach portfolio acquisitions in a fast changing market and to investment, they’re competing effectively with institutional buyers for commercial real estate deals, in perhaps provoke some thought, discussion and insight. part by adopting some of the strategies of institutions.
    [Show full text]
  • Demystifying the Virtual Family Office
    INDUSTRY SPECIALTY FINANCE WEALTH MANAGEMENT IDENTIFYING THE KEYS TO MAXIMIZ- Throughout the years, many families and fidu- ING THE EFFECTIVENESS OF A VIRTU- ciaries have asked, “What is a Virtual Family Office (VFO)?” AL FAMILY OFFICE My goal in this article is to demystify these structures and share a growing trend within the ultra-high net worth marketplace. A VFO consists of a team of professionals who, rather than operate in silos, collaborate together to create a seamless and holistic wealth manage- ment experience, facilitated through well-de- fined governance, structure, and process. To illustrate this point, let’s start off by sharing a short story. It is every advisors ideal day: the phone rings with one of your key investment banking ROBERT DALIE, CFP® relationships on the line sharing with you the Executive Director - Investments details of his client’s imminent liquidity event. The Summa Group of DEMYSTIFYING Listening to the investment banker describe Oppenheimer & Co. Inc. the situation, you realize that the client, Mr. Los Angeles, CA Smith we’ll call him, might need more than just investment guidance. In fact, the more you THE VIRTUAL learn about the situation, the more it becomes crystal clear that one of the most valuable things you can do for Mr. Smith is educate him on the process of building out a high quality FAMILY OFFICE team of advisors. A team that has his best interests at heart. The tangible and intangible In his role at The Summa Group, Robert Dalie is in benefits to the client can be game-changing, charge of wealth planning capabilities, one of the and the economics can appear very attractive core pillars the group is founded on.
    [Show full text]
  • Evercore Wealth Management Promotes Three to Partner, Two to Managing Director
    Evercore Wealth Management Promotes Three to Partner, Two to Managing Director NEW YORK, March 3, 2021 – Evercore Wealth Management today announced the promotion of three to Partner and two to Managing Director. “I’d like to congratulate our colleagues on their well-deserved promotions,” said Chris Zander, CEO of Evercore Wealth Management and Evercore Trust Company, N.A. “Our three new Partners and two new Managing Directors have demonstrated their commitment to the values of our firm, through the excellence of their work, their integrity and their constant client focus.” The three new Partners are: Ruth Calaman is the General Counsel and Chief Compliance Officer at Evercore Wealth Management and Evercore Trust Company, N.A. responsible for all aspects of legal and compliance. She joined Evercore in 2011 from Goldman Sachs where she served as the Chief Compliance Officer of The Goldman Sachs Trust Company, N.A. and The Goldman Sachs Trust Company of Delaware. She was previously the Chief Compliance Officer of Morgan Stanley Trust, FSB, and Morgan Stanley Trust, N.A. Ms. Calaman received a B.A. in Latin American Studies from Brown University and a J.D. from St. John’s University School of Law. She holds a Certified Regulatory Compliance Manager (CRCM) certification from the Institute of Certified Bankers and a Certified Fiduciary & Investment Risk Specialist (CFIRS) designation from the Cannon Financial Institute. She is a member of the Fiduciary and Investment Risk Management Association, Inc. (FIRMA) and Co-Chair of the National Women’s Law Center Leadership Advisory Committee. Howard Cure is the Director of Municipal Bond Research at Evercore Wealth Management.
    [Show full text]
  • Private Equity in Luxembourg 5
    PRIVATE EQUITY IN Luxembourg Private Equity & Venture Capital Association LUXEMBOURG Your guide to set up and manage your Private Equity and 12, rue Erasme | L-1468 Luxembourg Venture Capital structure in Luxembourg Grand-Duché de Luxembourg Tel. (+352) 28 68 19 602 | www.lpea.lu 2 LPEA 2020 DISCLAIMER LPEA believes the information document. The information and data contained in this document to be provided in this document are for reliable and correct. However, LPEA general information purposes. It does makes no representation or warranty not constitute legal, tax or investment (express or implied) as to the accuracy, advice nor can it take account of your completeness or continued availability own particular circumstances. If you of the information and data available require any advice, you should contact from this document. To the fullest extent a fi nancial or other professional adviser. permissible under applicable law, LPEA No material in this documentation is does not accept any responsibility an offer or solicitation to buy or sell or liability of any kind, with respect any professional services, fi nancial to the accuracy or completeness of products or investments. the information and data from this Contributions provided by the following LPEA members: Elvinger Hoss Prussen, Etude Loesch, EY, GSK Stockmann, Intertrust and PwC Legal. © LPEA, January 2020 LPEA | 12, rue Erasme | L-1468 Luxembourg E-mail: lpea-offi [email protected] | Telephone: (+ 352) 28 68 19 - 602 | www.lpea.lu Follow us on: www.twitter.com/lpea_lux | www.linkedin.com/company/lpea CONTENTS Foreword by the CEO of LPEA and Message from the Minister of Finance 1.
    [Show full text]