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November 21, 2014

Family offices in developing regions are the most cost efficient in the industry with governance and investments on par with their western peers. Is this down to operational efficiency or how offices interact with family businesses?

The family offices of Africa, Latin America and the Middle East have the lowest operating costs in the industry, according to the Global Family Office Report 2014, challenging the conventional wisdom that they are costly and underdeveloped.

Despite this, many have governance structures and investment services on par with older offices in Europe and North America, with which they have far more in common than originally thought.

November 20, 2014

Family-owned Banque Havilland has extended its international network to the Bahamas with the acquisition of 100% of the shares in Pasche Bank & Trust Limited in Nassau, Bahamas, the latest in a series of international deals.

Family-owned Banque Havilland has extended its international network to the Bahamas with the acquisition of 100% of the shares in Pasche Bank & Trust Limited in Nassau, Bahamas, the latest in a series of international deals.

The acquisition of the Bahamas business follows the purchase of a majority stake in Banque Pasche’s Liechtenstein private banking business on 6 October this year. In November 2013, Banque Havilland  bought Banque Pasche’s Monaco business.

November 13, 2014

Australian family offices are investing in business, property and private equity, says the new head of Ernst & Young’s Oceania family office division.

Australian family offices are investing in business, property and private equity, says the new head of Ernst & Young’s Oceania family office division.

They are also hedging globally as part of a generational investment strategy, says Richard Boyce.

The Australian native says the region’s family office market is currently small, but well connected, and dominated by a few advisory firms, private banks and asset managers.

Boyce’s appointment to EY was announced this week.

November 10, 2014

A family office expert has warned that the proposed merger between multi family offices Stonehage and Fleming Family and Partners in pursuit of greater scale may not be the answer to profitability issues faced by the industry.

A family office expert has warned that the proposed merger between multi family offices Stonehage and Fleming Family and Partners in pursuit of greater scale may not be the answer to profitability issues faced by the industry.

Family-owned multi family office Fleming Family & Partners has agreed to the merger with Stonehage to create Stonehage Fleming Family and Partners (SF&P). The merger will see the Fleming Family Trust Company’s ownership stake reduced to less than a quarter of the new entity. 

October 28, 2014

Financial services firms serve their own agenda – selling and distributing products and services – and should not be confused with family offices, despite often positioning themselves as such, a new journal paper has argued.

Financial services firms serve their own agenda – selling and distributing products and services – and should not be confused with family offices, despite often positioning themselves as such, a new journal paper has argued.

October 3, 2014

Many family offices do not deliver adequate lifestyle and governance support, despite these areas becoming increasingly important to the families they serve, an industry professional says.

Many family offices do not deliver adequate lifestyle and governance support, despite these areas becoming increasingly important to the families they serve, an industry professional says.

Catherine Grum, head of a new private office division at merchant bank and operational risk business Salamanca Group, says instead many family offices are focussed almost exclusively on investment management.

September 12, 2014

The cyber world may seem intangible, but security breaches can have a very real impact on your family's money, reputation and even safety. CampdenFB looks at how and why family offices should take data security seriously

In May, Target chief executive Gregg Steinhafel stepped down after 35 years at the chain, following revelations a data breach had affected 70 million customers – one of the largest consumer data breaches ever. It came just one year after the National Security Agency (NSA), one of the most secretive government bodies in the US, was embarrassed by third-party contractor Edward Snowden, who released information to the media about their surveillance of non-consenting individuals. Data security breaches, big and small, are on the increase, and are making headlines.

September 9, 2014

The family office behind Swedish banking dynasty, the Wallenbergs, has given their stamp of approval on a recent deal by publicly-listed Electrolux, in which they are the largest shareholder, to buy General Electric’s US appliance business for $3.3 billion (€2.5 billion).

The family office behind Swedish banking dynasty, the Wallenbergs, has given their stamp of approval on a recent deal by publicly-listed Electrolux, in which they are the largest shareholder, to buy General Electric’s US appliance business for $3.3 billion (€2.5 billion).

In a statement, the Wallenberg family office, Investor, which holds 15.5% of the capital and 30% of voting shares in Electrolux, said it fully supports the transaction and is looking forward to seeing the brand increase its foothold in North America.

September 8, 2014

The family office of Indian entrepreneur Azim Premji, who founded IT firm Wipro, has participated in a $106 million pre-IPO placement in Silicon Valley-based start up DataStax, which helps companies manage large volumes of data. 

The family office of Indian entrepreneur Azim Premji, who founded IT firm Wipro, has participated in a $106 million pre-IPO placement in Silicon Valley-based start up DataStax, which helps companies manage large volumes of data.

According to a statement, PremjiInvest, which manages a $1.6 billion (€1.23 billion) portfolio, will provide a large but undisclosed sum towards the project, led by venture capital firm Kleiner, Perkins, Caufield and Byers.  

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