Kleinwort Hambros has announced its chairman will exit in November when the consolidation of parent company Societe Generale’s private banking businesses completes. Warwick Newbury will join multi-family office Sandaire as chairman, where he will replace its founder Alex Scott.
An interesting family investment concept is the closed multi-family office. A closed MFO is a family office that works with a few families but is not actively looking to increase the number it works with. Effectively, it is a way of institutionalising a co-investing arrangement between like-minded investors.
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For Michael Preiss, whose firm oversees $1.9 billion mainly for wealthy Asian families, adding hedge funds to his clients’ portfolios was an easy sell some years ago. Not anymore. The executive director at the Singapore-based Taurus Wealth Advisors Pte multi-family office said his clients are disappointed with mediocre hedge fund returns and are balking at high fees, prompting them to shift to private equity.
The recent and unprecedented spike in the number of millionaires in the US has spurred the creation of ever-more Family Offices (FOs) as people of wealth are turning to Single Family Offices (SFOs) and Multi-Family Offices (MFOs) to help them manage their wealth. Many of these offices offer a full suite of solutions including investing, […]
A trio of family office veterans have launched a new advisory service to help ultra-wealthy families and individuals achieve their long-term wealth management goals, including the setting-up of family offices. Former lawyers and bankers Adam Wethered (pictured) and William Drake founded their multi-family office Lord North Street in 2000 then sold it to the family-owned international investment office Sandaire in 2014. Wethered and Drake departed the merged firm to form Owl Private Office with broker Andrew Wimble in 2016.
Mainstream investors are looking towards bitcoin more and more these days as a safe haven and a digital asset hedge. With an ETF decision approaching, many bitcoin proponents hope it will be approved, adding an influx of mainstream investors to the cryptocurrency economy. An interview with the founder of the Family Office Association Angelo Robles reveals that there has been a rise in single family office (SFO) investments in bitcoin.
Belay Investment Group Acquires Portfolio Of Workforce Housing Communities With Eagle Property Capital
MIAMI, FL - Belay Investment Group acquired a 49% interest in five multi-family communities assembled by Eagle Property Capital Investments and simultaneously, entered into a programmatic joint venture (Belay-EPC PJV) to acquire and reposition up to $269 million of multifamily properties, primarily in select, high density submarkets in Florida and Texas.Belay-EPC PJV will target Class B & C properties of 150+ units with clear path to value creation, through repositioning strategies including both capital and operational improvements, and optionality around an institutional exit. The niche strategy positions apartment communities to capitalize on the need for quality workforce housing in high growth markets, catering to middle income renters and capturing the significant growth of the middle income segment of the Hispanic population, the fastest growing demographic in the U.S. Hispanic households have a high propensity to rent and are projected to account for more than half of the growth in renter households through 2023.EPC, headed by co-founders Gerardo Mahuad and Rodrigo Conesa, is the sponsor of EPC Multi-family Partners III (EPC Fund III), which holds a 51% interest in the acquired portfolio and will co-invest alongside the Belay-EPC PJV for future acquisitions.Vidalta Property Management, wholly owned by the EPC and its senior management team, will manage the properties and execute the value-enhancement strategies.Belay’s investment in Belay-EPC PJV comes from Belay Partnership Ventures II, which is anchored by a $200 million commitment from a U.S. public pension fund and is targeting $500 million of equity. For over 10 years, the management team has pursued value-added real estate strategies in major U.S. markets through collaborative investment programs designed to ensure unique access to compelling investment opportunities while identifying, and supporting the growth and evolution of, high caliber operating partners.“We are very excited about our venture with EPC to pursue a strategy that so clearly capitalizes on one of the strongest demographic trends in the U.S., the growth of the Hispanic middle class,” said Barry Chase, Managing Principal of Belay. “EPC’s tremendous success driving value across their portfolio is a testament to Gerardo and Rodrigo’s commitment to their cultural heritage and recognition that when families take pride in their community, they respond accordingly and recruit their friends and extended family as neighbors,” added Suzanne West, also a Managing Principal of Belay.“Our partnership with Belay marks a significant point in the evolution of our firm. It will uniquely position EPC as a leader in our business segment. We will draw on Belay’s industry-leading expertise and best business practices to enhance and strengthen our investment management platform,” said Gerardo Mahuad, Managing Principal of EPC. “We are delighted to have partnered with Belay and to benefit from Belay’s superior industry knowledge and business insight. Their collaboration in our venture will prove essential in the execution of our business plan,” added Rodrigo Conesa, Managing Principal of EPC.
Boston Multi Family Office has appointed leading Maltese trust lawyer Andrew Chetcuti Ganado as the new managing director of its Malta operations. Outgoing MD Chris Borg is moving to a new role at Deloitte Malta. Dr Chetcuti Ganado spent more than 15 years with Bank of Valletta, progressing from legal advisory positions to becoming the executive head of the Trustee Services Unit. Since leaving the bank in 2015, he has continued to work in law through his own firm, AC Ganado Legal.
Altus Group Limited ("Altus Group") (TSX:AIF), in collaboration with the National Association of Real Estate Investment Trusts (NAREIT®) and the National Council of Real Estate Investment Fiduciaries (NCREIF®), today released the results of the 2017 Real Confidence Executive Index, revealing that commercial real estate ("CRE") executives are especially bullish on industrial, infrastructure and multi-family asset classes in 2017.