Turning Ideas to Gold
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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. -
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. -
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. -
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. -
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. -
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. -
Spectacle Spaces: Production of Caste in Recent Tamil Films
South Asian Popular Culture ISSN: 1474-6689 (Print) 1474-6697 (Online) Journal homepage: http://www.tandfonline.com/loi/rsap20 Spectacle spaces: Production of caste in recent Tamil films Dickens Leonard To cite this article: Dickens Leonard (2015) Spectacle spaces: Production of caste in recent Tamil films, South Asian Popular Culture, 13:2, 155-173, DOI: 10.1080/14746689.2015.1088499 To link to this article: http://dx.doi.org/10.1080/14746689.2015.1088499 Published online: 23 Oct 2015. Submit your article to this journal View related articles View Crossmark data Full Terms & Conditions of access and use can be found at http://www.tandfonline.com/action/journalInformation?journalCode=rsap20 Download by: [University of Hyderabad] Date: 25 October 2015, At: 01:16 South Asian Popular Culture, 2015 Vol. 13, No. 2, 155–173, http://dx.doi.org/10.1080/14746689.2015.1088499 Spectacle spaces: Production of caste in recent Tamil films Dickens Leonard* Centre for Comparative Literature, University of Hyderabad, Hyderabad, India This paper analyses contemporary, popular Tamil films set in Madurai with respect to space and caste. These films actualize region as a cinematic imaginary through its authenticity markers – caste/ist practices explicitly, which earlier films constructed as a ‘trope’. The paper uses the concept of Heterotopias to analyse the recurrence of spectacle spaces in the construction of Madurai, and the production of caste in contemporary films. In this pursuit, it interrogates the implications of such spatial discourses. Spectacle spaces: Production of caste in recent Tamil films To foreground the study of caste in Tamil films and to link it with the rise of ‘caste- gestapo’ networks that execute honour killings and murders as a reaction to ‘inter-caste love dramas’ in Tamil Nadu,1 let me narrate a political incident that occurred in Tamil Nadu – that of the formation of a socio-political movement against Dalit assertion in December 2012. -
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. -
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. -
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. -
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. -
Pdf Gsa01-02
G R E E T I N G S F R O M T H E D E A N We began to compile a record of the achievements of Stony Brook's graduate Students in 1991 and have published an issue each academic year since then. This issue covers the 2001-2002 academic year. The accomplishments of Stony Brook’s graduate students are quite extraordinary. They include winning numerous, prestigious, national and international fellowships and research grants. Our students have also established an impressive presence in the literatures of their disciplines with publications in many of the best scholarly journals and books. They have achieved recognition in the creative arts with acclaimed exhibitions and performances. Stony Brook’s graduate students also won awards for their excellence as teachers. Our students participate fully in the intellectual activities of their field of scholarship by participation in conferences and workshops. Finally, graduates of Stony Brook’s programs leave us to take up a wide variety of professional appointments. Many of these are Post- Doctoral fellowships or faculty positions at some of the nation’s finest universities. In addition, Stony Brook’s graduates carry the knowledge and expertise that they gained here to many prestigious institutions overseas, thus enhancing Stony Brook’s international reputation as an outstanding research university. The success of Stony Brook’s graduate enterprise is rooted in the success of the faculty of the University in research, scholarship and creative activities. The international reputation of Stony Brook’s faculty attracts outstanding students to our graduate programs from across the country and around the world.