The latest family office services stories to feature on eprivateclient...
Farro Ventures, the parent company of Singapore-headquartered multi-family office Farro Capital and international mobility solutions provider Farro & Co, expanded its footprint into the Middle East. Farro Capital’s new office is located in Dubai International Financial Centre (DIFC) and offers access to a range of wealth management solutions spanning investment management, philanthropy advisory, estate planning, family governance and succession and more.
This launch is also complemented by the establishment of Farro & Co’s presence in the International Freezone Authority (IFZA) under the guidance of Nirbhay Handa, founder and chief executive, and Abhishek Menon, partner (Middle East), to provide additional immigration and mobility services. Rajiv Garg, co-founder and managing director, together with Vincent Valadares, managing director, are leading Farro Capital’s Dubai operations, spearheading client engagement, recruitment and the further build-out of the firm’s footprint in the region. [Read more]
Boston Multi Family Office completed the acquisition of the fiduciary business from Turnstone (Isle of Man) Limited. The move sees Roelf Odendaal, the co-founder of Turnstone (Isle of Man), and his fiduciary team and clients join Boston.
It is the third acquisition by Boston since the management buyout in October 2019 by chief executive Katherine Ellis and Alex McNee, who has since moved into the role of group director – mergers & acquisitions, and follows the purchase of IQE Limited in 2020 and Fedelta Trust Limited in early 2023. [Read more]
Trust, fiduciary and family office services provider New Quadrant appointed Virginia Airey as its new chief executive and board director. Ms Airey has over 30 years’ experience of working in financial services, initially as a banking lawyerat Clifford Chance, before transferring her skills to hold a number of key senior roles for several global investment banks, which included 17 years with Citi.
She has extensive industry knowledge with executive committee and board level experience, both domestic and international. Her role at New Quadrant is to drive and shape the business to meet the changing needs of the firm’s established, but also future, clients. In particular, she will oversee the further development of the firm's family office services alongside the long-established legal and tax advisory, and trust administration services.
London Stock Exchange-listed service provider, JTC, appointed Tom McGinness to the role of group director within its private office team. In his new role at JTC Private Office, Mr McGinness will have a particular focus on family governance, succession planning and sustainability.
Until recently Mr McGinness was global head of family business at KPMG. He has more than 30 years’ experience supporting the needs of large international family businesses and global family offices. Prior to joining KPMG, Mr McGinness worked as an inspector of taxes at HMRC in the UK, whilst he also holds family governance qualifications through STEP. [Read more]
Whilst "keeping it in the family" is important for family businesses, owners are still keeping their options open, according to research from wealth manager Investec Wealth & Investment (UK). A third (33 percent) of large family businesses are considering selling to non-family members as part of their exit plan.
The most popular route is a sale to private investors such as private equity or venture capital, which is preferred by 17 percent, while nine percent are considering a trade sale and seven percent are looking to become publicly listed through an IPO. However, the research found 37 percent of family businesses which have exit plans intend to pass the business on to the next generation. [Read more]