Family Office

The world economy is more dependent than ever on entrepreneurs

The adage claims rags to rags in three generations – i.e. the first generation in a family makes money (goes from rags to riches); the second generation starts spending the money; and the third generation squanders the money (and so goes back to rags)

For many family offices the times when businesses are sold are the most pivotal for family wealth and emotions. The process generally requires a team of specialist external advisers that the family office will be expected to co-ordinate

Family offices are concerned about the need to ensure the compatibility of trustees’ duties and sustainable investing, Guernsey Finance has claimed.

Speaking at the 2020 Jersey Finance Private Wealth conference, Joe Moynihan, chief executive of the promotional body explained that for the island, like the rest of the world, 2020 has been an “exceptional year” during which the island’s financial sector had witnessed the “the devastating effect of the pandemic.”

In a move aimed at furthering its offering to family offices, Guernsey is set to revise the rules of its Private Investment Fund, expanding the fund regime with two supplemental models which remove the requirement for manager involvement

Fiduciary and family office services provider Crestbridge has appointed Daniel Channing as a director in its family office services team as the firm continues to experience growth following a period of new client acquisition

When it comes to family wealth, the potential for conflict is always a possibility. However, as executive director at Ocorian, Richard Joynt explains, family offices and clarity around how they are established and operated, can play a key role in reducing the risk of disagreement or miscommunication, starting by finding shared purpose

Northern Trust has appointed Paul Rogers as head of fiduciary for its global family office (GFO) group for Europe, Middle East & Africa (EMEA)

Family office services provider Stonehage Fleming has hired Bev Stewart as director in the firm’s Jersey family office division