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Steve Braverman, president of the Investment Advisory Services unit for Harris myCFO, has left to launch Pathstone Family Office, a New York-based multi-family office.
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Wealth planners and attorneys at the 44th Annual Heckerling Institute on Estate Planning conference were hammering home the basics of family governance.
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Wells Fargo’s newly-minted Family Wealth unit, with $28 billion in assets under advisement, is working with the private bank to leverage in-house offerings and connect to outside managers, particularly long-only managers.
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Family offices and wealth management firms are analyzing solutions to proposed Securities and Exchange Commission and Congressional regulations that could potentially rattle the traditionally secretive market.
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BNY Mellon Wealth Management, TD Bank Wealth Management and Lydian Bank & Trust are stepping up their staffing in South Florida.
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After steering clients clear of illiquid investments for the last two years, Synovus Family Asset Management has decided to carve out an illiquid investments allocation of 5% or more.
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High-net-worth individuals are looking to switch advisors now that 2009 is behind them, and trust companies and registered investment advisors (RIAs) are staffing up to meet the demand.
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Multi-family office Threshold Group will seek acquisitions in a bid to expand its national footprint as soon as it finalizes its merger with Philadelphia-based Ashbridge Investment Management.
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Industry veteran Jamie McLaughlin made waves leaving Convergent Wealth Advisors to join Geller Family Office this fall.
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Money managers and wealth shops have finally stopped cutting costs and are cautiously starting to hire again.
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Mission-Related Investing (MRI)—investing directly in for-profit companies with social and environmental objectives—is becoming the latest trend among family foundations.
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Multi-family offices are increasingly restructuring fees and adding charges for non-core concierge services.
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Wilmington Trust, Lazard Wealth Management and PNC Wealth Management have been stepping up their focus on the East Coast, particularly in the hard-hit New York Tri-state area.
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Multi-family offices are getting ready for a wave of consolidation and joint ventures next year as single-family offices continue to struggle.
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New York-based Pepper International, which services four families that each have an excess of $100 million in assets, is eyeing socially responsible investments, particularly in clean and green technology.
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BBR Partners, a Manhattan-based multi-family office with $3.7 billion in assets under management and roughly 65 clients, is eyeing strategic investments in convertible arbitrage and hedge fund strategies.
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A trio of wealth executives has formed a consultancy designed to screen third-party providers for single-family offices.
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Multi-family office Shelterwood Financial Services has broken away from the Huber family after the family decided to exit the multi-family office business and instead run its own single-family office.
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Michael Moore, the controversial documentary filmmaker behind such titles as “Bowling for Columbine” and “Fahrenheit 911,” is no fan of capitalism, but that doesn’t mean that he hates the rich.
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Barry Glassman, former senior v.p. of Cassaday & Company, has launched his own shop, McLean, Va.-based Glassman Wealth Services.
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Harris myCFO, the $17 billion multi-family office, has introduced a high/low-volatility approach to customizing portfolios for its wealthy families to help conservative investors manage risk.
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San Francisco-based Presidio Wealth Management, a wholly owned subsidiary of Presidio Financial Partners, has raised close to $3 million in growth capital from existing and new investors and plans to use the money to expand.
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RWE Private Wealth, a recently-launched Orlando multi-family office, has rolled out Law Firm Advisory Services, a sub-division designed to garner investment clients among personal injury lawsuit winners.
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As family offices struggle to make it through the recession, with many trying to cut costs and reduce staff, some are setting up advisory committees instead of hiring specialists to address issues such as family governance, investments and philanthropy.
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Aston Pearl, a New York-based advisory group, is launching a program to help wealthy families negotiate lower fees on an array of residential services.
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Massey, Quick & Co., a Morristown, N.J.-based wealth manager with roughly $1.5 billion in assets under management, is looking to acquire firms with $100-300 million in assets under management and opportunistically pursue team lift-outs.
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Multi-family office Shelterwood Financial, which handles investments for clients with $50 million and above in assets, is eyeing commodities such as copper and industrial metals in the belief that emerging markets will soon look to build up their own infrastructures.
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Los Angeles-based Content Partners is targeting family offices for investment in its film fund.
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Several large private banks have either shed their art advisory units or scaled back their efforts during the recession, creating an opportunity for independent art advisory firms to step in.
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GenSpring Family Offices, with $16 billion in assets under advisement, is focusing on fixed income to reap attractive returns for its ultra-high-net-worth clients.
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New York-based Evercore Wealth Management is bulking up portfolios with defensive assets to hedge against inflation and liquid growth assets such as emerging market equities and distressed private equity.
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Multi-Family Office Gresham Partners has allocated 25% of its marketable assets to distressed and traditional debt strategies to get ahead of tightening spreads and rising prices.
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Family offices are increasingly looking to hire hedge fund professionals to senior roles, particularly cio positions.
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New York-based Silvercrest Asset Management is recommending adding high-yield municipal bond strategies and commodities to traditional long portfolios to take advantage of market opportunities.
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Bessemer Trust is expanding in the U.S. and Latin America and has brought on a string of high-level executives—most notably Neuberger Berman’s Eric Gies—to beef up the firm’s ranks amid the recession.
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Advisors at Wilmington Trust, GenSpring Family Offices and Citigroup are targeting ultra-high-net-worth women who happen to be shifting away from allowing the patriarch of the family to handle the wealth.
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Alison Deans, head of Private Asset Management for Neuberger Berman, is stressing balancing complementary asset classes such as fixed income with equities to lower volatility in high-net-worth portfolios.
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Wealth management firms such as Contango Capital
Advisors, Legg Mason Investment Counsel and Silver
Bridge Advisors are splitting investors’ cash between
investment portfolios and extremely safe investments to
help protect the high-net-worth during the recession.
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Single-family offices are creating joint ventures and utilizing the services of multi-family offices, private banks and consulting firms.
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Law firm Dewey & LeBoeuf, formerly Dewey Ballantine, has closed its private client division.
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Harry O'Mealia, ceo of Legg Mason Investment Counsel, is putting his clients' money into distressed debt with the help of an outside manager, and is also staying underweight on equities internationally, domestically and in emerging markets.
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Rockefeller & Co., which includes the family office for the Rockefeller family, has cut 30 non-client facing positions from its approximately 250-person staff.
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Gordon Fowler, cio of Glenmede, is overweighing distressed debt and using convertibles to hedge.
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Ultra-high-net-worth investors in Brazil have been moving their assets out of large international private banks to multi-family offices or local Brazilian banks.
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US Trust, Bank of America Private Wealth Management has reduced staff within its U.S. offices across the board, particularly among portfolio managers and bankers.