Working with a busy fund manager to set up a private office in the US
The case of a successful US fund manager with children studying abroad and in New York, wanting a family office to take over details of financial management, large and small.
The situation
A very successful fund manager who is a US resident and lives in New York with his wife and youngest child. His other two children are living and studying abroad in Europe. The family has significant assets and investments that are mostly US focused and US based. The client is very busy and does not have time to manage the relationships with his various advisers.
The client’s goals
- Outsource the day-to-day management and administration of the family including managing relationships with all advisers, investment management and tax compliance.
- Develop a broader “family office” style relationship, taking a holistic view across all assets, planning and implementing the smooth transfer of wealth to the next generation.
- Simplify his investment portfolio and ensure it is suitable for the family’s long-term needs.
Our approach
- Outsource all activities to our Family Office team including accounting, bookkeeping, consolidated reporting and the coordination of domestic and international tax filings.
- Develop a bespoke next-generation education programme for the three children.
Outcomes
- We now act as the family office, providing coordinated oversight and support so the client can spend time on the things that are most important to him.
- We ran two family workshops with the family to start conversations and opened up communication around family values, purpose of wealth and expectations.
- Sophisticated reports are generated from multiple data sources to give a holistic overview of the portfolios – showing lifestyle assets including art and property as well as their investments and how they perform against relevant benchmarks.
Disclosure: Case studies are provided for illustrative purposes only and are based on real client or former client engagement. Some scenarios may reflect client experiences or work originally performed by a firm that has since been acquired. All client names, identifying details and contextual elements have been anonymised to protect client confidentiality. The outcomes described reflect the experience of a particular client. Results are not guaranteed and may vary based on each client’s individual circumstances, market conditions, regulatory requirements and specific financial objectives. Past performance is not indicative of future results.
Services are only offered in jurisdictions where each entity is authorised to operate. Products and services may not be available in all jurisdictions or to all client types.
