Family Office Elite Autumn 2016-Only PDF

FAMILY OFFICE
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FINE ART
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FAMILY OFFICES- WEALTH - PHILANTHROPY - FINE ART - LUXURY - LIFESTYLE

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FINE ART ROLLS ROYCE MANAGING

AS AN ASSET CLASS BENTAYGA RISK
FLY FISHING BY MULLINER OF COLLECTIONS
05 49
ART BUSINESS
CONFERENCE
LONDON 2016 13 ANTIQUE DISC
& CYLINDER MUSIC
BOXES
07 49
NAVA FRIEZE
AUTUMN FORUM ATTENDANCE IN
2016 NTHE ART WORLD
11 55
PHILANTHROPY WANT THE BEST
MISSION MATTERS FROM YOUR
ADVISOR OR CLIENT
21 NON EXECUTIVE
DIRECTOR
61
IN THE HNWI AND THE
PRIVATE JETS FAMILY OFFICE SECTOR FRONTIER
NEED SOMETHING MARKETS
39
LARGER IMPROVING RISK
ADJUSTED RETURNS
27
63
1
FAMILY OFFICE ELITE MAGAZINE
VOLATILITY 67
FIXED INCOME MARKETS
THE GATEKEEPER
FAMILY OFFICE AND HNWI
IMPACT 69 TRUSTED ADVISOR
FO INVESTING
ARTPOPCLASSIC
17
M. BATTAGLINI 73
AMMADO 81
DONATING PLATFORM
WALPOLE SUMMIT
THE AMERICAS 87
AMMADO 81
DONATING PLATFORM
RECRUTIMENT
CONFIDENTIALITY 97
FAMILY OFFICE
REAL ESTATE 99
OTHER STORIES...
INCREASE YOUR SECURITY AWARENESS - p.25
GOOD MANNERS FROM 100 YEARS AGO - P.30
JOY OF FAIRS - P.31
TELSA MODEL S - P.33
MEGAYACHTS TENDERS- P.65
BREXIT LIGHT- P.85
2
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DOMOS FINE ART
DOMOS FINE ART CONSULTANTS

DOMOS FINE ART is experienced in dealing
with rare o-market collections of ne art.
We have a portfolio of very Fine Art on sale

on behalf of our clients which include works
by Caravaggio, Renoir, Monet, Van Gogh,
Matisse, Rembrandt, Picasso, Rouault,
Bonnard, Raphael and more.
TEL: + 44 (0) 20 7193 8870 neart@domos.co.uk | www.domos.co.uk

ART AS AN ASSET CLASS
A new opportunity for wealth managers
Given the appealing investment returns
over recent years, art and collectables have
evolved into a fully-fledged investment
asset class. According to the Knight Franks
Luxury Investment Index (KFII) returns on
art investments such as paintings have
yielded 226% over ten years. Also, a recent
Financial Times report states that investors
in luxury cars saw returns over five and ten
years to March 31, 2016, rise to 161% and
467% respectively. Alain Mestat
Art Capital Group
The consequence is that UHNWI in Europe
has been allocating up to 19% over their collectors (72%) buy art for passion
overall wealth on Passion Assets such with an investment view. 82% of the
as paintings, watches, jewellery and art professionals confirm that this is the
collectable cars. In 2015, there were 33.7 main reason why their client buys art.
million $ millionaires around the world, The driving motivation is the emotional
and art specialists estimate that a least benefit of collecting combined with the
2% of this segment (675.000) are mid to potential of a value increase or at the
high-level collectors. The fastest growing very least wealth preservation.
segment of HNWI is the UHNWI who
account for up to 38% of spending in the The Deloitte report also states that the
art market. majority of wealth managers (78%)
believe that art and collectables should
Given these exceptional numbers, it is be part of a wealth management offering
clear that the worlds wealthiest buyers compared to 55% in 2014. This clearly
consider the high-end art market as a represents an opportunity for wealth
refuge from financial market uncertainty. managers to differentiate themselves by
Wealth managers confirm that their clients offering innovative art related services
are increasingly putting pressure on them which could meet the expectations of
to offer art-related services mainly related their clients.
to the preservation of capital allocated
to art and collectables. At this stage, Types of services: Art Secured Lending
however, there is still a lack of alignment Art Asset Backed Lending has been
between the clients expectation and popular in the US, and most major US-
the wealth mangers ability to deliver art based private banks do offer these
related services. The latest Deloitte Art services in-house. In the US we have seen
Tactic shows that the vast majority of art an increase of third party independent
5
boutique art secured lenders. This Art Wealth Structuring
positive trend is in part due to the fact Traditional private banking services do
that appropriate legislation allows aim at managing their clients global
lenders to leave the art with the borrower. wealth, ensuring long-term preservation.
Indeed the Uniform Commercial Code Very few Private Banks have been offering
(UCC) provides lenders with adequate specialised wealth management solutions
protection avoiding the need for lending to owners of substantial collections.
to take possession of the asset.
Some boutique speciality solution
On the other hand, European banks do not providers have emerged in order to
offer art secured lending facilities, except complement wealth managers by
for a handful and only limited to specific providing bespoke solutions in the area
regional jurisdictions. The main factors of asset protection, wealth preservation
which have curtailed its development and optimal succession planning related
have to do with the fact that banks do to the art and collectable asset class.
not have the internal expertise and the
risk and compliance officers who do not Art Funds
understand the asset class and are not Due to the emergence of art as an
willing to undertake risk. asset class combined with increasingly
attractive investment returns, it has
London has seen the emergence of a prompted some art specialists to launch
small number of specialised boutique art and collectable funds. All of these
lenders providing for the most part loans funds are alternative investment funds
within the UK. Indeed the UK does have and are aimed at well-informed investors.
a specific legislative framework, called There are currently around 70 art and
the chattel, which is a registry listing collectable funds, ranging from small
any encumbrances on assets such as family owned structures to larger fund
real estate as well as art and valuables structure which value may exceed several
avoiding the need for possession of the hundred million dollars. The vast majority
art on behalf of the lenders. The fact of the funds are Chinese funds. Very few
that in continental Europe we do not of these funds have very successful in
have a system of registry, i.e., a national term of returns, and many have failed
ledger which lists encumbrances on art as lack of liquidity and the inherent
and collectables has forced European volatility of the art market has reduced
art secured lenders to require physical their attractiveness as a collective
possession of the pledged art for the investment vehicle. In order to be able to
duration of the loan. This clearly reduces take advantage of the emergence of art
the attractiveness of the solution. as an asset class and meet their clients
However, recent solutions have been increasingly sophisticated requirements,
developed in order to provide the lender wealth managers should collaborate
with adequate guarantees to protect closely with external independent third
its lending exposure thus allowing the party specialists.
borrower to retain the art in his/her Alain Mestat is Managing Partner of Art
possession. Capital Group and PassionProtect@
6
ART BUSINESS CONFERENCE
LONDON 2016
Report sponsored by Hedleys Fine Art Logistics
The Art Business Conference London now

in its third year is one of the few, if not
the only, commercial forum dedicated to
the art trade.
On 1st September, over 400 dealers,
auctioneers, advisors and other art market
professionals were swiftly drawn back to
the city from Summer vacation for this not-
to-be missed annual event. The networking
alone was a vital element and the content
of the sessions both practical and relevant. Each year the conference has a country
focus and this year the Middle East
This years topics, fresh and current, featured through the lens of four
included as one might imagine, the impact panellists from Dubai. Fayah Nayeri
of Brexit on the arts. The message on Brexit of the International New York Times
is that London is active, future focused and explained that the Middle East is now
open for global trading. As for the specifics, a global art hub. Dubai now has 50
an intense presentation from accountants galleries, two museums, its own art fair
Rawlinson & Hunter proposed how VAT and districts equivalent to Shoreditch
and Temporary Admissions (bringing dedicated to contemporary artists.
artefacts across the UK border under bond)
represented challenges. Nevertheless, This is a sharp contrast to 10-15 years
Brexit poses some advantages to the trade ago when there were only two or three
in respect of VAT. local galleries. Art Dubai, with 27,000
visitors annually, has extended beyond
the status of a regional art fair to that
of a cultural powerhouse just eight
years since it opened. One factor of the
Middle East art scene is the increase of
exhibiting Western art. This provoked
a quest to understand precisely, what
levels of censorship are being imposed.
Respect for the local audience is vital,
yet what is acceptable seems to be a
7
grey area; the human figure clothed or limits of their insurance policies? Equally,
otherwise is not necessarily offensive. consigning fine art inward puts the
Nevertheless, moving fine art around onus on the dealer to be satisfied with
incurs costs and potential hazards so legitimacy, provenance and market value.
who wants to risk the export of a painting This process is often blurred by multiple
which might be impounded? parties to a transaction and clear lines of
responsibility not defined. David Scully
Turning to other risks in the art market stressed how dealers can suffer from not
the following panel was devoted to getting this right through the interruption
consignment risk, fraud and money to business and most importantly, through
laundering. reputational loss.
An outsider to the art industry, Louise Too many people buying art assume that a
Prior of the World Federation of Diamond dealer or gallery owns the art being sold.
Bourses explained the Kimberley Process, Adrian Parkhouse, solicitor with Farrer
now adopted in 81 countries. As a & Co revealed shocking cases where a
standard developed for due diligence in consignee did not have title and sold the
diamond trading, it is something which can owners works, effectively amounting
be used as a model and reference for the to theft. The importance of conducting
art trade. Adoption took time and there due diligence on the parties, the object
were hurdles, but illicit diamond trade is itself and understanding the risks not
now less than 1% and traders not signed to mention who in the chain bears those
up to the process are now clearly below risks - cannot be over emphasised. Other
par. Diamond experts rely increasingly object based risks became apparent in
on technology for gem testing to keep a session on the ever evolving CITES
unscrupulous people out of the trade and regulations which control the trade
the WFDB works with law enforcement of endangered species. This generally
and the OECD to educate the industry and involves shipping ivory, crocodile and
establish good business processes. tortoiseshell. In trying to identify worked
from unworked ivory and what is or is
Whilst Louise gave out a strong message not Tiger Claw, the panel highlighted
to the art profession to follow suit and just what a quagmire the regulations now
start self-regulating for responsible present and how in practice it is often
trading, David Scully of XL Catlin insurers open to the interpretations of some
explained some of the features and customs officers.
risks dealers face in inward and outward
consignments. The message: Get a permit to get it out
of the country and get a second to get it
Consigning an object means that you in to your destination country. Sessions
lose direct control over your asset yet on protecting the value of fine art
how many dealers understand the objects was the subject of an afternoon
consequences of not working to clear panel with perspectives on the physical
terms or not knowing the exclusions or condition, good documentation and using
8
advancements in science and technology to it. Finally match the quality of what
to sure up collections value. Bernadine you do offline in your online activities.
Brocker of Vastari, an organisation
connecting museums and art collectors Louise Hamlin, the events tireless
explained that the value of an object organiser is taking her successful model
can be enhanced by up to 20% when to New York, no doubt inspired by the
included in a museum exhibition, added number of US delegates coming into
to which is the added cultural cachet London each year that could benefit
should the collector ever wish to sell. from a local equivalent. Nevertheless,
there is no doubt overseas delegates will
Last years conference devoted a panel continue to come to London. The UK is an
to social media and this years digital important international hub for anyone
marketing session explored the online in the business of fine art or antiques
sales environment. Delegates anxiously representing US$13B, over one fifth of all
awaited those golden nuggets which global art sales.
drive sales and moderator Ivan McQuisten
elicited some tips from panellists: Push The Art Business Conference marked
content, good content as much as you the beginning of term for the trade
possibly can; ensure your website looks and delegates departed nourished by
credible, reputable and trustworthy; what they learned, comforted by what
support online activities with physical was confirmed for them and energised
events where you can interact with through the interaction with business
customers; develop the right tone and associates old and new.
keep it consistent; nail down your story,
spend your time articulating it and stick BY Pandora Mather-Lees
t: +44 1223 881691 e: sales@1066pianos.com www.1066pianos.com
INTE RNATIONAL
DE LIVE RY
S E L F P L AY I N G
S Y S T E M S AVA I L A B L E
PLEASE CONTACT US FOR FURTHER DETAILS ON THESE EXCEPTIONAL INSTRUMENTS FROM THE 1066 PIANO COLLECTION
WWW.TIMELESSGALLERYGROUP.COM
INFO@TIMELESSGALLERYGROUP.COM
NAVA AUTUMN FORUM
EVENT FOR VALUERS AND AUCTIONEERS
www.nava.org.uk
The NAVA Autumn Forum, the annual areas such as firearms and financial crime
conference of the National Association in property.
of Valuers and Auctioneers takes place in
October at The Belfry in Oxford. The Autumn Forum programme is always
designed to inform the growth and
The forum is important in that it brings development of member companies
together professional valuers of all levels and update delegates on the current
from around the country to inform the market and the latest innovations within
growth and development of the trade and both chattels and property areas of the
to promote best practice. industry.
Sponsored by Clive Emson Auctioneers, Attendees will have a rare opportunity

the Antiques Trades Gazette and EIG, for industry networking with peers,
inspiring speakers will be presenting suppliers and other professionals. This
a range of subjects including vital year eight delegates are welcomed from
knowledge on the latest legislation, the an auctioneers association in Nigeria,
potential of IT to improve the auctions with which NAVA has a supportive
experience, making online auctions collaborative relationship. Those in
successful, optimizing sales and the attendance will receive the latest thinking
customer experience as well as specialist on industry best practice, meet exhibitors,
11
gain inspiration from those at the top of the
profession and understand the important
work NAVA is doing at all levels for its
members.
Specific to the development of individuals

is the important area of CPD. Delegates will
achieve a full days CPD by attending the
Forum gaining five hours towards the 12
hour NAVA membership obligation.
The forum coincides with The NAVA Novice

Auctioneer of The Year Competition and gala
dinner, both of which are held on the evening
before.
Developing, nurturing and inspiring new

talent is the lifeblood of most organizations
and for NAVA its of paramount importance.
For auctioneers and valuers just starting out

in the business NAVA Novice Auctioneer of
the Year is the most important event in the
auctioneering calendar.
This years competition presents twelve

entrants from across the nation and the
wider auctioneering spectrum covering
property, chattels and livestock. Through
the competition, NAVA aims to champion and
expose new talent and fresh blood into the
auctioneering profession.
More information on NAVA and its pivotal

role in the national auctioneering and
valuations business can be obtained from
President Joe Trinder who will be leading
the forum. http://www.nava.org.uk/events/
autumn-forum.aspx
BY Pandora Mather-Lees
12
13
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14
BENTLEY
FLY FISHING BY MULLINER
BENTAYGA
THE ULTIMATE ANGLING ACCESSORY
Operational trials a 100% sucess
About BENTLEY Hand-crafted by Bentleys bespoke coachbuilding

division, the Bentayga Fly Fishing by Mulliner is an
Bentley Motors is the exquisite installation which houses all the equipment
most sought after required for a successful day on the river. Four rods are
luxury car brand in the stored in special tubes trimmed in Saddle leather with
world. The companys Linen cross-stitching and located on the underside of
headquarters in Crewe the parcel shelf. A pair of landing nets in matching
is home to all of its leather bags are stored in a bespoke, carpet-trimmed
operations including hard pocket built into the side of the boot. At the heart
design, R&D, engineering of the Bentayga Fly Fishing by Mulliner are three
and production of the individual, Saddle-leather-trimmed units: a master
companys four model tackle station; a refreshment case; and waterproof
lines, Continental, wader-stowage trunk. The master tackle station and
Flying Spur, Bentayga refreshment case sit on a sliding tray that allows for
and Mulsanne. The easy access. Inside the master tackle unit is a special
combination of skills that Burr Walnut veneered drawer containing a fly-tying
have been handed down vice and tools, as well as a selection of cotton, hooks
through generations, and feathers. Beneath this are four machined-from-
alongside engineering solid aluminium reel cases trimmed in Saddle leather
expertise and cutting- with a Linen cross-stitching. The interior of the
edge technology is unique refreshment case is trimmed in Linen leather, and
to UK luxury car brands contains up to three metal flasks and a set of Mulliner
such as Bentley. It is also fine-china tableware, as well as a separate food storage
an example of high-value compartment. With a quilted leather finish on top, it
British manufacturing at can also be removed entirely and used as additional
its best. seating. Waders and boots are conveniently stowed
in a hand-crafted and Saddle- leather-wrapped wood
trunk, lined with hard-wearing neoprene material to
keep the items in a waterproof environment after use.
Of course, all three units can be removed from the
Bentaygas boot whenever maximum luggage space is
15
Genuine Luxury with Go- Anywhere Abil ity
Never before has a vehicle so coherently
combined genuine luxury with go-
anywhere driving ability.
required. Waterproof boot-floor and rear-sill-
protection covers are discreetly integrated
into the rear of the Bentayga Fly Fishing
by Mulliner, as is an electronic dehumidifier
unit to ensure the area remains fresh and dry.
For the first time with Bentayga, Mulliner
Welcome Lights are also featured. These
are built into the underside of the doors and
project the Bentley and Mulliner logos on to
the ground when the doors are opened. Also as
a bespoke option, any personal logo or graphic
can be individually specified on a customers
Bentayga order.
Geoff Dowding, Director of Mulliner, said: The

Bentayga Fly Fishing car showcases the breadth
and level of detail a customer can expect from
Mulliner. This is an individual bespoke solution
and our skilled craftspeople can design elegant
and exquisitely executed bespoke solutions to
complement any customer lifestyle or hobby.
Fly fishing is a sport that requires a variety of
equipment and clothing, so it was essential
The Responsive Off-Road
to package the rods, reels, waders, boots and
fly-tying station into the car in a luxurious,
Settings allow the customer
accessible and elegant way and the result is
to select the appropriate
truly extraordinary.
vehicle settings for a wide
range of off-road surfaces
16
THE ROLE OF THE FAMILY
OFFICE GATEKEEPER
By Ty Murphy
What is a Gatekeeper? According to the interested in purchasing a Property in

Cambridge Dictionary, a Gatekeeper is Knightsbridge in London. Ther property
a person whose job is to open and close was being offered by a Broker who
a gate and to prevent people entering contacted the family member via his
without permission or someone who has lawyer. The property was offered to the
the power to decide who gets particular client by a dealer for the princely sum of
resources and opportunities and who 29M GBP. The client was unsure of the
does not. broker and asked if we could conduct due
diligence on the broker. This task took
The focus for our firm is acting as a about a week; it entailed checking out
Gatekeeper and trusted advisor for our the broker and we discovered he has a
Family Office and HNWI clients. This criminal background for fraud. We also
encompasses a range of specialist services contacted the UK Land Registry to find
that assist our clients specific needs and out who the owner is and to ascertain if
requirements. In todays world, there is there were any charges on the property.
a necessity for a gatekeeper barrier in It turned out the property was distressed
between Family Offices and the outside and in the position of a Bank.
world. As A Trusted Advisor (Gatekeeper)
to our clients, we are responsible for During our searches, the property was
coordinating with all outside advisors, offered to us a couple of times by other
screening all proposals and third party individuals, however at astronomical
suppliers. In addition to this, we also prices, and all claimed to be working
conduct vetting and background checks, directly for the owner. This was untrue as
risk assessments, media profiling and it was in possession of the Bank. When we
reputation management. met with the Bank, we were informed that
the property was not openly available and
Our primary objective as a Gatekeeper that the broker had no right to offer it to
in most cases is conducting in-depth due our client. After a brief discussion with the
diligence. As a Gatekeepers we protect bank and the owner, we established a sale
family members and the family office price of 22M GBP. When we informed
from the deluge of unsolicited proposals the client, he was as you would expect,
and charity solicitations that they receive extremely pleased to saved himself 7M
every single day. However, the job entails GBP and still acquire the property.
much more that just Due Diligence.
Ty Murphy is a Trusted Advisor and
One of our clients, a multiple Family Gatekeeper to Family Offices and UHNWI
Office had a Family member who was e-mail - ty@gatekeeper.me.uk
17
THE RETURN OF THE
LUXURY PROPERTY SHOW
London 14/15th October 2016
Now in its 10th year, the Luxury Proper- rary villas and holiday homes in the most
ty Show 2016 promises to be the best coveted locations. Some of the highlights
show yet. The exhibition remains the at the show, will be the exclusive launch
only property show in Europe dedicated of a new apartment scheme at St An-
to unique and luxury property from the drews, Scotland - the home of golf; a cas-
worlds leading developers and agents. tle close to Perugia in Italy, a magnificent
10,000 square-foot, plantation-style villa
The Luxury Property Show showcases a in the British Virgin Islands; exclusive
wide variety of homes in the UK and from residences in Luxembourg - one of the
all over the globe including France, Spain, top-ranking countries in terms of quality
Portugal, Italy, New York, Cyprus, Caribbe- of life; contemporary villas at the world
an and Zanzibar. Properties range in price famous golf resort Val do Lobo in Portu-
and style from 250,000 upwards and gal and elsewhere in the Algarve; super
include sleek city apartments, contempo- luxury apartments in New York, and ski
Discover new and unique properties ..
19
property in Switzerland. Service compa- those based further afield, the introduc-
nies include Property Accents, a property tion of a Saturday opening means they
search service for international clients, wont miss out either.
insurance and property investment advi-
sors, and currency advisors Smart Curren- Sponsors include Prime Property Interna-
cy, who will also be speaking at the event. tional, Rightmove Overseas, Smart Cur-
Visitors to the show can explore the ex- rency Exchange and Corcoran New York.
hibitor stands or join a broad range of The event will once again be hosted by
seminars with speakers such as the CEO popular TV property expert Melissa Por-
of the AIPP, who will be talking about the ter who will also compare the seminar
dos and donts of buying overseas prop- programme. The event will take place on
erty, and how to approach buying. Friday 14th October and Saturday 15th
October at Victoria House, Bloomsbury
Eddie Sikora, Director of The Luxury Prop- Square, London WC1B 4DA between Rus-
erty Show, comments: The Luxury Prop- sell Square and Holborn underground
erty Show has firmly established itself as stations.
a key event for lifestyle buyers, investors
and wealth managers looking for luxu-
ry property and services in the UK and www.theluxurypropertyshow.com
abroad. We decided to make it more ac- Tel:0845 299 3621
cessible this year by moving it to a central info@theluxurypropertyshow.com
London location so that those working
can come at lunchtime or after work. For
20
WWW.SATOCONSULTANTS.COM
WHY YOUR PHILANTHROPY
MISSION MATTERS
By Suzanne Hammer, Hammer & Associates
In business, you need a strong mission internal pressures that may lead to the
to grow and be successful. So it is in spray and pray approach, especially in
giving. A mission is no guarantee you will the absence of a strong and intentional
change the world, but you cant begin to mission statement. Once you have a
do anything powerful and meaningful mission statement, its much easier to
without it. Just as a family would put say no when you need tonamely to
thought into any gift they give, its those opportunities and requests that fall
important to think through how what and outside the scope of your mission.
where they might give philanthropically.
By discussing shared values and how Heres another reason why your mission
they might wish to make a difference in matters: It makes for more fulfilling
the world, family members will ideally philanthropy. Most people want to feel
whittle down what areas or causes they connected with what they do. They want
wish to focus their giving. Missions are a to believe they are making a difference
best practice in family foundations, and and that their actions have a purpose.
perhaps less common in family office When you articulate and stand behind
giving or with individual donors. You a missionwhether thats a personal
may feel a mission might pigeonhole mission, a family mission, or a mission
your giving, and thats understandable. in making money or giving it awayyou
However, most philanthropists would may feel you are a part of something
agree that establishing a missionand a bigger than yourselves.
narrow mission, at thatmakes decision-
making much easier and giving dollars Youll be able to see your progress and
more effective. your purpose. What could be better than
that? While all family offices are different,
Consider this: In the nonprofit world, most that give philanthropically will
people talk about mission creep follow certain steps for deciding who,
when a nonprofit tries to be all things what and where to give their dollars. A
to all donors, and as a result, stretches philanthropy mission statement describes
itself too thin. The same could be said this focus and is used to direct giving in
about philanthropists who give to this the years to come. Its best if a mission
cause and that, without any real focus statement is short and to the point
or proactive planning. I call it spray and no more than three or four sentences,
pray philanthropywhere donations and in clear language that anyone can
are scattered to this nonprofit or that in understand (i.e., no jargon). Be as specific
the hope that something positive might as possible, and think regarding whats
be achieved. There are many social and in, whats out as a way to make your
21
giving decisions easier. Its up to you, as a out? (And if we do know, how can we be
family office, to create your purpose, the sure?)
mission that motivates your giving. 5. Given the familys interests and
opportunities, which of the pressing
Ask yourselves: problems in our community are we best
1. From the list of shared values and suited to address? Which are we poised
issues, the family cares about, what to help solve? What can we all agree on?
focus areas energise everyone? What
are people most passionate about? What 6. Why is giving to this focus area
feels the most pressing? important to our family? What is the
change we hope to achieve? How are we
2. What is our family already giving to? balancing passion with strategy? Who are
Of these causes, which feels relevant and we (really) serving by doing this?
important? Which are we ready to let go
or plan an exit strategy? 7. Do we care about this so deeply we
need to do it ourselves, or would we be
3. What community or geographic area better serving in a role as an influencer?
do we wish to focus on? (Community of
focus could refer to a neighbourhood, 8. If we were to divide our total giving
city, entire region or country, or an budget into a few different buckets,
international focus.) what would they be and to what end
would they serve?
4. What does this community of focus SuzanneHammer.com
need? If we dont know, how can we find
FORT LAUDERDALE INTERNATIONAL BOAT SHOW
A Package Designed for Family Office Elite

For 56 years, the city known as the than 1,000 exhibitors from 30 countries
Venice of America has played host to showcase $4 billion worth of super
the largest in-water boat show in the yachts, boats of all types and yacht toys
world, the Fort Lauderdale International such as personal submarines, water-
Boat Show (FLIBS). Now, through an propelled jet packs and whatever is the
exclusive promotion, subscribers and latest addition to yachting fun. Beyond
readers of Family Office Elite Magazine the amazing display of 1,500 watercraft,
can register to receive free premier the shows jaw-dropping display of exotic
access to the spectacular event which autos delights crowds of car aficionados
takes place this year from November every year. Show Management, the
3-7 in the Yachting Capital of the World. company that organises and produces
Known simply as FLIBS to those who the event, has designed a Premier pass
know it best, the show attracts a global specifically for subscribers and readers
audience of 100,000 yachting and of Family Office Elite Magazine, a $1500
boating enthusiasts over five days. More value. There are 20 passes being offered
23
on a first come, first serve basis. The free offer. There are many convenient options,
Premier Pass delivers daily access for two including private and group charters and
people to the five-day event. Premier boat rentals. While on the water, you can
pass holders also receive: stop for cocktails or a bite to eat at one of
the many waterfront restaurants and bars
Water shuttle transportation or take a cruise to nowhere along canals
Access to the AIM VIP Pavilion lined with mansions and yachts.
Access to a concierge team to book
private yacht tours Whether its touring exclusive waterfront
Access to an exclusive event at the show neighbourhoods or simply relaxing at one
Hotel concierge services through of the many world-class spas, the city of
BoatShowHotels.com, the shows official Fort Lauderdale offers many wonderful
travel partner choices.
You dont have to be solely into yachts The 57th annual Fort Lauderdale
to enjoy this fabulous lifestyle event. In International Boat Show takes place
addition to being the event where yacht November 3-7, 2016 at seven locations
buyers and sellers converge each year to including the Bahia Mar Yachting Center,
see whats new, the show also delivers Hall of Fame Marina, Las Olas Municipal
plenty of fun, including its popular Marina, Hilton Fort Lauderdale Marina,
floating cocktail lounges, live music, Sails Marina, Pier 66 Marina and the
fishing and boating seminars for adults Greater Fort Lauderdale/Broward County
and children of all ages, live water sports Convention Center. All locations are
demonstrations and marine-themed art connected by a convenient land and water
and jewelry, all displayed across more transportation network offering various
than 3 million square feet of exhibit parking and transportation options.
space. Several of the show sites also have hotels.
Fort Lauderdale is a great place to visit, For Family Office Elite Premier program
with lots to do on the water and on land. for the 2016 Fort Lauderdale International
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performing arts centre, fashion-forward
shopping and an outstanding selection Want to learn more? Download the
of luxury hotels, progressive dining and EngagedGiving toolkit titled Laying the
nightlife. With 165 miles of navigable Groundwork: A Family Office Guide to
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enjoy everything this special city has to twitter.com/boatshowupdates
24
INCREASE YOUR SECURITY AWARENESS
EMBRACING THE THREAT
Security Experts: Intrepid Risk Management
Are you putting appropriate mitigating measures in place?

Ask yourself how would I break in?
Its difficult to browse through the Knox. Increased awareness of the threats,
newspapers without reading distressing adopting a stance of vigilance and putting
reports of violent attacks and the appropriate mitigating measures in place
increased rise in crime. At home or can go a long way in securing the safety
abroad, whether terrorism, burglary, of your family and your assets. A home
kidnap, extortion, mugging or even should be a haven for peace, privacy
piracy, the threats to our safety and and safety. Ever since the first primitive
security are abundant. man armed himself with a club to defend
his cave, we have always developed
The protection of ones family and assets ways to keep out unwanted intruders.
has become an increasingly important Today is no different, and the majority
priority for most wealthy households. of homeowners take their security
The scaling down of police forces coupled very seriously. When considering the
with some well-publicised burglaries improvement or upgrading the security
and muggings in places like the French of a home, it is sometimes better to work
Riviera and in some of Londons most from the outside in. Stand outside your
affluent areas continue to raise concerns property and put yourself in the mind of
over safety and security. However, the the criminal, identify any weaknesses and
protection of loved ones and valued think about how you could compromise
possessions doesnt mean taking your any existing security systems. Ask
kids to school in an armoured fighting yourself how would I break in? The idea
vehicle or turning your home into Fort is to develop a layered security system
25
designed to deter, delay and detect use of technology and are constantly
potential intruders. This is achieved with devising ways of using technology to
the intelligent use of fences, gates, hedges their advantage. Hacking into computers,
and hardened security doors backed up the use of bugging devices and remotely
with advanced technology systems such controlled aerial drones are just some
as sensors, alarms and CCTV. Where of the innovative ways criminals can
possible, the employment of a security access vital information in an undetected
manager or consultant is advisable, or manner. Information is power, and that
a better option is the employment of a information can be used at a later date
full-time residential security team. While to launch a variety of attacks on the
many luxury homeowners take care of unsuspecting victim.
the security of their estates, an area that
is often overlooked is the security of their Cyber attacks are far more clandestine
yacht. The occurrence of recent attacks than other methods of attack, but have
on yachts in the waters around the a range of potential implications that
Caribbean and Corsica demonstrate that include business disruption, financial loss,
the isolation of being on the open ocean damage to reputation, damage to goods
can provide an ideal scenario for acts of and environment and incident response
piracy committed by organised criminal cost. There are, however, some ways
gangs. Consequently, yacht security must to mitigate this range of sophisticated
not be neglected. As for home security, threats. Advanced malware systems are
many of the same principles apply, with now available to provide a highly robust
the development of an onboard layered and proven level of protection against
and integrated security system involving cyber attack; bugs can be detected, and
both technology and crew. electronic countermeasures are available
to deal with aerial drones. Nevertheless,
Many corporate and high net worth the biggest threat to security is apathy.
individuals view the engagement of Dismiss the attitude of itll never happen
close protection officers for themselves to me and create an attitude of awareness
and their family as an added necessity instead. The world is an increasingly
for the provision of personal protection dangerous place, embracing the threats
when outside of their home, particularly with a sense of vigilance should keep
when travelling abroad. Close protection them from your door.
officers can be employed for a plethora
of reasons including route planning to Ed Hill is a former British Royal Marines
avoid the press, taking the children to Commando, where he qualified as a
school or escorting valuable assets such sniper, firearms and tactics instructor.
as cash or jewellery. The utilisation of Upon leaving the Marines, Ed now
the above measures can assist in the provides high-end security services with
prevention of the occurrence of anything his company Intrepid Risk Management
untoward however, a new, sophisticated
and unseen security threat has emerged. www.intrepid-risk.com
Criminals have got wise to the valuable
26
PRIVATE JETS
Need something a little larger?

Most aircraft owners aspire to something the corporate market with the 747 and
thats a little larger, something with A340s catering for Heads of State but at
more range; perhaps a little more ramp present, theres a surge of interest in the
presence perhaps? Well, few aircraft beat ultra-long range sector, with the 787 and
a wide-body when it comes to luxury, A350 leading the way. At EBACE this year
and even fewer owners get to enjoy the a 787-8 made an appearance on the static
privilege of owning one of their very own. for the first time and had subsequently
been delivered to HNA Aviation Group in
The principal players in the VVIP market China. Earlier in the year, Associated Air
are Airbus and Boeing, of course, and just Centre delivered a 787-8 in Head of State
about any aircraft in their range can be configuration.
configured for VVIP. The bigger the aircraft,
the more scope there is to be indulgent These aircraft have a range of
studies, staterooms, bedroom, bathrooms, approaching 10,000 nautical miles so
seating for the support entourage and so they can fly virtually anywhere in the
on. One lavish A380 conversion, which world non-stop. So, how do you go about
unfortunately was never completed, buying and specifying such an aircraft?
even specified a full Turkish Bath. More First, you need to be speaking with the
typically its the Boeing 737 and Airbus manufacturer about supply, and its at
A320 that feature as the core volume of that point in time you realise that you
27
wont be getting your new shuttle quite tailored to your exact requirements.
so swiftly as you had wished. Perhaps two Whether you want to shuttle just family
or more years of waiting for delivery of and friends around and need very low-
the green airframe the basic building density seating or whether the rear of the
block for your dream aircraft and then aircraft is reserved for the support team;
a completion centre is going to spend virtually anything can be accommodated.
another couple of years or so equipping Whats more, pick any two cities, and you
it to your exacting requirements. Thats can probably get from one to the other
assuming you have been organised, got without having to stop, regardless of how
the designs and renderings completed much luggage you are shipping!
and booked your slot at the completion
centre. Im simplifying this process Everyone loves to see inside the VVIP
immeasurably, quite simply because its aircraft and at the big shows - NBAA,
a hugely complex topic on its own that EBACE, ABACE its these craft that
requires professional support to guide invariably has the biggest queues to
you throughout the process. get on board. For those who dont visit
the trade shows then there are plenty
The only options for shortening the of operators now offering these aircraft
process is to buy a pre-owned aircraft, and for charter and this is undoubtedly the
there are always plenty to choose from cheapest way to experience the most
but while the price may be attractive, luxurious and spacious of all aircraft.
you will immediately compromise on the
finish. So, the all-important question of how
much? I guess you could employ the
Such compromises inevitably lead to adage of if you have to ask then you
further investment further down the road cant afford it but generally speaking
for a cabin refresh or perhaps a complete UHNW individuals are as keen as all
reworking of the interior as well as of us to secure a good deal. If you are
updating the cockpit. All of this creates thinking about an early BBJ, then you
downtime, so you may end up with a could be pleasantly surprised just how
high-value asset that you are unable to much aircraft you can secure for around
use! One other option exists to shorten $20m. However, all of the speculators are
the lead time, and that is to buy an airline placing a value of $300m on the recently
that is due for delivery shortly. There are delivered 787-8 to HNA Aviation. The
usually a few available and as long as aborted A380 project was rumoured to be
you have secured your completion centre $500m, so the sky is your limit.
slot you could be eliminating the initial
delivery delay and achieving a delivery Tim Barber is SVP Private Jet for Cabot
within two years. Aviation, a subsidiary of Air Partner plc and
currently has a November 2016 delivery
Your patience is rewarded with an aircraft Boeing 787-8 available for sale amongst
that has very significant living space other airliners ready for conversion.
28
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MANNERS
GOOD MANNERS FROM 100 YEARS AGO
MANNERS constitute the language in intention of always doing right.

which the biography of every individual is
written. There is no one subject of today There are persons who seem to possess
which embodies more practical interest the instinct of courtesy to so high a
to people in general, than a knowledge degree as to require no instruction or
of the rules, usages and ceremonies of a practice in order to be perfectly polite,
good society. easy and graceful. Most people, however,
require some rules as to the best and
A lack of this knowledge is felt by almost most appropriate manner of expressing
every individual, whether in the city that which they may feel.
or country, at home or abroad. True
politeness is not a code of superficial In the cultivation of heart and developing
rules, arranged and trimmed up for character, Rules of Etiquette are
particular occasions, and then set aside at then essential. To acquire a thorough
our pleasure. knowledge of these matters, and to put
that knowledge into practical use with
Polite manners and true culture are perfect ease and freedom, is what people
expressions of the heart and have their call good breeding.
foundation in the Golden Rule.
The object of this series of articles on
If this rule is not the guide of our life, then manners from is from 100 years ago and
our politeness is entirely superficial, and is to present the rules and usages which
void of naturalness. used to govern and mould the most
refined society and to impart information
Nature is always graceful; fashion, by which any one may be enabled to
with all her art and glitter, can never acquire the perfect ease of a gentleman,
produce anything half so pleasing. The or the gentler manners of a well-bred
very perfection of elegance is to imitate lady.
nature; how much better to have the
reality than the imitation. Anxiety about This is so their presence would be sought
the opinions of others always fetters our for, and they will not only learn that
freedom and tends to awkwardness. We great art of being thoroughly at home in
would always appear well if we never all society but to possess that rarer gift
tried to assume what we do not possess. of making everyone around them feel
The grand secret of never failing propriety secure, contented and happy. How things
of good manners and culture is to have an have changed.
30
THE JOY OF FAIRS By Thomas Woodham-Smith
The antique business is often portrayed October brings Frieze Masters in London,
as rather staid and even a little dull, but and this Autumn a new fair in NY run by
in fact, it is wild and exciting and is has the TEFAF people, but replacing a long
much in common with romance and sex. established one. Now, there are many,
Where this comparison plays out most many more fairs and the only purpose
obviously is an art and antiques fair. In of my short list is to induct the neophyte
Alex Comforts legendary book The Joy into the idea that you could roam the
of Sex with its subtitle A gourmet guide world all year both visit and if you were
to lovemaking, published in 1972, he a dealer, exhibiting at fairs. These are
famously tried to analyse the pleasures all internationally renowned events,
of sex and break some taboos. and each one has a cast of glamour,
excitement, high prices and, above all,
If we simply replace the naked, writhing fascinating objects. At these fairs, you
cast of his book and insert instead trade will find myriad booths charged with
buyers and sellers, private buyers and treasures from every country and every
sellers and possibly lard the dish with a epoch, representing the best that the
dash of auction house personnel you may dealers can present. All these fairs are
be surprised to find how easily they can vetted - which means that each object
be swapped. Lets begin by setting the is checked by independent experts to
scene. All over the world and throughout confirm that it is what the dealers think it
the year there are fairs that have become is. Below this premier league, there are
beacons for the worlds trade and buyers. hundreds of junior events to cater to all
For this piece, I will ignore contemporary tastes and pockets.
art as it makes the narrative too
complicated. The principles are the same wherever
you go. If you are a seller, you present
So, adopting the technique of most yourself by laying out your treasures in
politicians: if it is too hard to explain - as appealing a way as possible. The fair
ignore it. The year begins with BRAFA opens and you focus on attracting as
which takes place in January in Brussels; many people as you can to your stand.
then in February there are fairs in Miami You may dress smartly or casually or
and Palm Beach:, March brings the big even eccentrically, but whatever your
daddy of them all - TEFAF in Maastricht; favourite is, the goal is always the same.
then there is Spring Masters in NY. You usually have only a few seconds of
Masterpiece and the Olympia fairs come speed-dating with a potential client, and
in late June in London; following a the secret is to overcome their shyness
summer pause we have the Biennale in and get into the conversation. It is like
Paris in September - oddly now annual; chatting someone up - you dont want
31
FAMILY OFFICE ELITE
to be too aggressive or too casual; you sales take place. The long pause after the
have to choose your line and approach dealers final offer, followed by a Yes!,
carefully. When you meet someone you is the moment that makes everyone
would like to sleep with/sell to; you need happy. The arrangements for payment
first of all to offer convivial reassurance. and delivery are often cursory and
meaningless - unless the dealer hopes
Many dealers begin by talking about to sell more. The client moves on to start
anything except the stuff - conversational the process again on another stand.
gambits may include trusted favourites
such as the weather or sport or even The beautiful union of dealer and client
other fairs. As a buyer it is often the case is often transformed into a threesome
that you dont want to linger too long in by the addition of a so-called advisor
front of a stand or worse still walk round - who could be a decorator or an art
it as then you will attract the attention of advisor. This person has to be cunningly
the salesperson. The thing to remember danced around as they can both make or
is that the client is the master. In brothel break a sale and they stand between the
terms the dealer is the prostitute and potential lovers as a chaperone.
therefore is there to be used - he or
she is not in charge. The client may ask The key for the dealer is to engage the
questions, sometimes difficult ones. chaperone so that they feel they have
something to gain. This could be social,
The client may ask the price and even or it could be financial, helping a sale can
propose a discount. The dealer should be make an advisor look clever or useful
thrilled by such discourse. This is the fun; to their client, while at the same time
it is not like going into a shop where you or they can be incentivised by knowing
are trapped. At a fair, the buyer is free that they will earn a commission. Also
to dally with a dealer, then to wander prowling around fairs are those who
off and interact choice. Walking away dont want to make a purchase but
is incredibly easy. If the relationship whose game is to offer the dealers goods
develops past the introduction, then the elsewhere. These are either auctioneers
courtship can develop. or more art advisors.
If the information about the object and A fair usually lasts a week, and the
its price do not elicit guffaws or a walk greatest fun is the anticipation: as
away, then the lovebirds can progress a buyer or a seller you arrive with
their rituals. The next phase is one of the simply no idea what you might or could
controlled silences. Each step towards encounter. The trick to enjoying it to
a purchase is not signalled by chatter, the full is to be fearless. Dealers need
quite the reverse - the couple need to to engage however timid they may be
be able to exchange words followed by in normal life; the same applies to the
trusting silent pauses. Each one of these buyers who are in charge and can have
silences echoes a state of undress; only anything they want - and can afford. This
when both are (mentally) naked can realm of intercourse truly is a joy.
32
33
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34
TESLA
NOW THE QUICKEST
MODEL S
PRODUCTION CAR IN THE WORLD
ACCELERATING WORLDS SUSTAINABLE ENERGY
Tesla, the Californian carmaker, leading the charge in
electric vehicles has introduced the Model S P100D
PERORMANCE with the Ludicrous mode. This makes it the fastest
Reaching 0-60 mph in a accelerating car currently in production and capable
mere 2.5 seconds, Model of reaching 0-60 mph in as little as 2.5 seconds. Thats
S is the quickest four- supercar performance from a 100% electric 5 door
door sedan ever built. family saloon with exceptional cargo capacity. And
Superior handling is the its not just the acceleration that is worth noting, the
result of an extremely low Model S P100D range beats any other electric car out
center of gravity, thanks there with up to 381 miles (NEDC) on a single charge.
to the battery pack along
the floor pan, centered Also built on the same Tesla architecture, the SUV
between the axles. No Model X accelerates to 60 mph in as little as 2.9
other production car has seconds and travels up to 336 miles on a single
a more ideal placement charge. As an all-electric SUV, its the first of its kind
of mass for optimal and the ultimate family car with a 5* Euro NCAP
handling. rating and Autopilot convenience & safety features.
The distinctive falcon wing doors provide convenient
Storage: Model S allows access to the middle and back row seats and there is
for additional cargo space more than enough storage space to seat up to seven
and offers a spacious passengers and all of their gear.
cabin fitting five adults
and two children. Plus the Model X and Model S are engineered to be
the safest cars on the road, and with the battery and
A 17 center touchscreen powertrain tucked neatly under the floor of the car,
that seamlessly integrates both have an extremely low centre of gravity, greatly
media, navigation and reducing the risk of rollover, common in SUVs, while at
communications. the same time enhancing handling and performance.
CONTINUOUSLY IMPROVING OVER TIME

Most cars dont improve over time. By contrast Model
S and Model X gets faster, smarter and better as time
35
drivers workload. Its a hands-on
experience and drivers are expected
to keep their hands on the wheel
and maintain responsibility of the
car. The Autopilot functionality
also continues to be enhanced
and improved with the over the-
air software updates. Using a
combination of cameras, radar,
ultrasonic sensors and navigation
data to steer within a lane, change
lanes with the simple tap of a turn
signal, and manage speed by using
passes. With Teslas regular over-the-air active, traffic-aware cruise control.
software updates (similar to mobile phone Digital control of motors, brakes and
updates), the cars actually improve while steering helps prevent the car from
owners sleep, meaning they can wake up to wandering off the road.
added functionality, enhanced performance
and improved user experience to make PLUG IN OVER NIGHT AND WAKE UP
owners feel like they are driving a new car. TO A FULL CHARGE
These updates and improvements are sent to For everyday travel, owners simply
the entire fleet irrespective of when owners plug in their Model S or Model X at
bought their car. night to a dedicated wall charging
unit and wake up to a full charge,
Tesla continues to improve cars in ways most which provides up to 381 miles of
people didnt imagine possible and the recent travel. For longer journeys Model
v.8.0 update sees a significant over the air S and Model X s unmatched range
overhaul of the unique and distinctive feature and unrivalled global Supercharger
inside the car, the 17 touchscreen which is network make long distance travel
home to most of the controls. In addition to a easy for drivers. Aptly named these
new modern interface display, in an industry Superchargers are the worlds largest
first the introduction of the Cabin Overheat fast charging network, capable of
Protection keeps the car at a safe temperature replenishing half a charge in as little
for hours, even when the car is switched off, as 20 minutes.
for child and pet safety. This is uniquely
possible for Model S and Model X because of CARS WITHOUT COMPROMISE
the Teslas uniquely large battery packs. With all the technology, design
and safety features that you would
AUTOPILOT INCREASING YOUR SAFETY ON expect from this innovative carmaker,
THE ROAD Tesla Model S and Model X give you
Autopilot was designed to give drivers more performance without compromise.
confidence behind the wheel by adding a
layer of safety, all while making motorway For more information, visit
driving more enjoyable and reducing the www.tesla.com
36
EMMA COYLE
THE BUSINESS OF ART
by Eoin Raftery
Emma Coyle has contributed work to many

exhibitions in Europe and America and has
exhibited alongside artists such as Jeff
Koons, Yoko Ono, Ed Ruscha, Kiki Smith and
renowned composer Philip Glass. While
living in Dublin Ireland Coyle exhibited
in the Tramyard Gallery, the Oisin Gallery
exhibited at the Irish National Portrait
Exhibition in 2005 and exhibited for
charities in the Royal Hibernian Academy
and Adams Fine Art Auctioneers. Before
moving to London in 2006, Coyle had solo
exhibitions in the Signal art centre in Co.
Wicklow and the Bank of Irelands art centre
in Dublin city.
Since moving to London Coyle has galleries in New York City, where her
exhibited in numerous galleries and art work has been positively received. She
fairs throughout the city, including a solo is represented by Degree Art, The Stow
show in the Mayfair and exhibiting in the Away Gallery, The Marylebone Gallery
prestigious Mall Gallery. and Saatchi Art in London. Her work is
eye catching, and with prices increasing
Her work has appeared in The Sunday Time considerably each year this is the time
STYLE supplement, Level25 art journal in to collect. Whether in a residential or
America and Kapa magazine - the Sunday commercial setting, or whether her
magazine of Greeces most prestigious paintings are hung singularly or in a
newspaper, Kathimerini. She has also been series, reactions to this artists work
selected by Los Angeles curator Bridget have been incredible.
Carron for her collection Power Pop on
Saatchi online gallery in 2014. Coyle I recently spoke to the artist about her
work has more recently been featured in current working process.
the Mayfair Times February edition and I have always produced strong imagery
art journal Sachet Mixte Women: Volume working from a Fine Art background.
6 July 2015. While exhibiting in London, I am always collecting images from
Coyle has expanded her audience by publications, whether I am working
exhibiting in Los Angeles, and in several on an on-going series of paintings or
37
not. I carefully select and group images of the 1920s, Silver Screen film stills
together to start working on a series and Fashion photography of the 1960s.
of drawings. I work with drawings for Over the last nine years, my work has
months at a time to manipulate the image, evolved with the use of contemporary
and then continue through to painting. images, and I wish to further progress
Mixing colours of paint is very important my work by expanding the size of my
to the progress of each artwork. I mix paintings even further. My paintings have
my paints in tubes that I have used for been compared to many different art
many years which contain leftover paint genres, from Realist to Pop Art, Fashion
from one artwork to the next. As I work Illustration and even Art Deco.
on each image, I minimise details and
line. I am very interested in abstraction, I am currently working on a new series
strength from line work and composition. of Untitled paintings which I am using
Although my paintings are more themes such as fashion and seduction; I
commonly compared to Pop Art because see myself developing my work through
of my use of a black line, it is, in fact, a the variety of images that I am using.
style inspired by the drawings of Picasso My current work deals with present
and Matisse, whos use of strong line day imagery from fashion photography
work were extremely expressionistic. My to advertisements. The thought of
use of strong colours comes from my love portraying the perception of societies
of coloured glass. moral has always been an ongoing theme
throughout my working progress.
From my experiences from living in
Dublin, New York City and now being I have an interest in contemporary artists
based in London, it has given me the such as Mel Ramos, Miles Aldrige, Tim
opportunity to find out what mediums Walker, Richard Phillips, Dale Chihuly
and themes that I am most passionate and Julian Opie. Visiting exhibitions in
about. I have found that using acrylic galleries and museums which deal with
{which is quick drying} on board, allows contemporary art, fashion design, past
me to work on numerous paintings art movements and cultural history is
without breaking my focus. I use large very important to the production of my
size boards to embrace the strong colours work. I find that it allows me to focus
and line throughout my work. on the importance of working with
different themes, and always to push the
The flatness of the board adds to the boundaries of my comfort zone.
sharpness of the imagery, a light wash of
varnish then covers the painting to further A selection of Coyle new ongoing series
enhance the image. Finally, the painting of Untitled paintings is currently on view
is framed. Through my style of painting, in The Marylebone Gallery on Devonshire
I mirror the present and reflect on past Street. Who knows where Emma Coyle
art movements. My paintings embody work will take her in the next five years,
the power and strength of imagery. In the but from examining her work process
past, I have created series of paintings I am sure she will continue to make her
dealing with Japanese advertisements mark in the art world.
38
NON EXECUTIVE DIRECTOR
IN THE FAMILY OFFICE SECTOR
Are you considering whether a Non-
Executive Director may be beneficial for
your company? Or maybe whether youd
like to offer your services in this type of
role?
Several major studies into the roles and

responsibilities of Non-Executive Directors
have been produced by successive
governments, but again these have largely
been appropriate mainly to Plcs. Indeed,
many smaller Plcs and companies in such
as the AIM market who tried to adhere to
their rules found themselves messed-up in SIMON GALL
the attempt. www.simongall.com
Nowadays, the importance of Non-

Executive Directors (also known as join the Board unless youre already on
Independent Directors) for the SMLE the Board of another large Plc, or have
sector is more widely recognised but, some personal relationship with an
despite this, there are no guidelines for existing Board member.
how they should behave or how they
should be remunerated, though the The majority of companies are
Institute of Directors is promoting NED not major Plcs; of 3.7 million UK
courses on this matter. However, the businesses, over 2.3 million are size
appointment of Non-Executive Directors, class Zero businesses (those made up
their role, responsibilities, liabilities and of Sole-Traders, or Partners without
remuneration are the source of frequent employees). There are up to 300,000
debate. medium-sized companies (those with
10 to 250 employees), and just under
A glance through the Appointments 7,000 large corporations (having 250
Sections of pertinent Trade Magazines and or more employees). Arguably Non-
the Broadsheets each week will provide a Executive Directors play an even
brief Whos Who amongst profiled Senior more vital role in the SME sector, the
Non-Executive Directors, as they move lifeblood of British industry.
from one position to another. But when it
comes to the major Plcs, its not easy to So, how do people become NEDs?
39
It is crucial to establish what youre As for Non-Executive Finance Directors.
looking for (or what you aim to be if this Often in an SME the finance function
is a role youre considering undertaking). is largely outsourced to Accountants -
Here are the two main ways of viewing having a senior finance function in-house
the contribution a NED can make: can be invaluable. It is often possible
for the non-executive Finance Director
(i) An independent voice on the Board to train a bookkeeper so that he/she is
who can bring both specific talents and a freed up for a purely strategic role as the
breadth of experience, who can challenge business grows.
existing thinking, and help avoid some of
the pitfalls. The appointment of a Non-Executive
Director to an SMLE Board should be
(ii) Someone who knows people in the approached as carefully as any other
City, plays golf with the Chairman, and crucial senior appointment. A thorough
has junior Ministerial experience. analysis of the requirements of the role
and the type of person who will work well
As far as the SMLE sector is concerned, with the existing Board will reap rewards.
number (i) obviously applies, if youre
thinking along the lines of (ii) I suggest Similarly, those considering offering their
you think again. services as a Non-Executive Director
should take a long, hard look at their
It seems that there are two key Non- career to see which type of opportunity
Executive Directors for the SMLE clients is going to succeed both for them and the
sector - the Non-Executive Chairman, Company they join.
and the Non-Executive Finance Director.
Non-Executive Chairman should have How to Make it Work: A lot of Non-
fairly extensive SMLE experience - major Executive Director appointments are
PLC experience is OK, as long as the still made by the old boys network
difference between the two sectors is - a somewhat unscientific approach
understood. The NEC needs to have a to what will be a key role within the
broad background. Must be someone the organisation. The pitfalls are obvious: no
Board can respect and work with. As the systematic matching of skills/experience/
company grows, so the type of Chairman qualifications; no reference checking;
it needs changes - it is wise to talk about no opportunity to shortlist suitable
this at the outset, and draw up a contract candidates for comparison/assessment;
accordingly. often a short-list of only one candidate!
40
Dont be too specific:: Decide what Look for independence - avoid appointing
you want from the relationship, but from existing professional advisers
avoid focussing too closely on the fine unless you are sure of the quality of
detail - e.g. specifying a functional role contributions. Interim Managers and
within a certain industry. Although former senior executives and friends/
often not specified, the abilities to think relatives of Board members should be
strategically and see the wider picture benchmarked against requirement ideals.
are of great significance. If you wish to Approach the arrangement in a
offer your services as a NED, focus on professional way (whether youre a NED
what you can offer to a Board: what your or a Company looking to appoint one). The
strengths and weaknesses are; what length of appointment must be discussed
type of business sector (and type of at the outset with formal reviews planned,
organisation) are you able to contribute fees (and share options) - all detailed in a
substantial expertise. formal letter of appointment.
Involve the whole Board in the selection Summary

process, starting by analysing the Its hard to go it alone in these days of
skills/experience, which is required to rapid change and increasing legislation
strengthen the existing Board. Be aware and legal pitfalls. A NED can make a real
that the quality of the NED will reflect in contribution to an SMLE, and represent
your Companys image: dont be afraid good value for money.
to aim high. Look for agents of change,
and give them the opportunities to bring As with any senior appointment, time
about beneficial changes - involve the and effort spent on appointing the right
Board to minimise resistance. person will reap dividends.
Worried about the cost? Consider If you are a candidate, ensure you are
utilising share options if cash is tight. aware of what will be required of you,
Ensure total fees are appropriate for the and that you seek the right sort of firm -
amount of time committed. There may be a mutually rewarding relationship is the
grants available to help. Get good value aim.
by ensuring the NED is used correctly
and that he/she contributes fully - plan If you decide to add a NED / NEC to your
their time with you, and ensure they are Board, prepare the ground well and
provided with adequate resources and ensure a rigorous, professional search
support. Create objectives and measure and selection process is carried out - give
performance - while recognising that a lot your Company the best chance to find the
of their contribution may not be visible. right candidate.
An ineffective Non-Executive Director can
be more of a problem/distraction than www.simongall.com
simply an addition to the overheads!
41
Q & A WITH PAUL RUSSELL
LUXURY ACADEMY LONDON

Luxury Academy London works with we are teaching the essential skills that
companies on developing soft skills such enable them to interact with others more
as communication, business etiquette, successfully.
leadership and sales skills within the
luxury market. The company was set up in How does Luxury Academy London differ
2012 and has a global reach with offices from other training providers?
in London, Delhi and Visakhapatnam. We
caught up with co-founder and managing The luxury market is very different from
director of Luxury Academy London, Paul other markets, and I set up Luxury Academy
Russell. alongside my business partner Shanine
to meet these specific needs. All of our
What is your background? courses are designed with the luxury
customer in mind, such as our range of
In a nutshell, psychology and luxury. Im Luxury Professional courses including the
a psychologist with undergraduate and Luxury Ambassador Programme which
postgraduate degrees in psychology enables sales associates to become brand
and occupational psychology and before Ambassadors and our range of Sales Skills
starting Luxury Academy I worked in courses such as Selling Luxury and High-
various management positions for brands Performance Selling. At Luxury Academy all
such as Marriott International, Four Season, of our trainers are qualified in the subject
St Regis and Renaissance Hotels. Staff they are training in, but I feel the real
training was within my remit, and I began difference between us and other providers
to see a very noticeable gap in the market is our strong reputation within the industry.
for training that was specifically for luxury.
Why might a company come to Luxury
What are soft skills and why do they matter? Academy for training?
Soft skills are a complex set of interpersonal If the company is in the luxury market,
and behavioural skills that help us build they might come to us for sales, customer
better relationships with everyone that service, communication, leadership,
we meet. Many lack the essential soft even marketing training. We work
skills for their roles as training may focus with companies across the luxury
on the technical aspects, leaving a gaping spectrum, from blue chip
hole in knowledge and understanding. and banking to travel and
The difference in a person following transport, we also offer
soft skills training can be extraordinary; specific retail and
43
hospitality courses. In addition to team- Where do you see the future of luxury
based training, companies may want us training?
to work with individual staff. It may be
that an individual has progressed through Luxury training programmes will develop
the ranks to a rather different role that with new technologies. The utilisation of
necessitates more client interaction, live streaming for trainers can be used to
public speaking, leadership or the not only train but provide instant feedback
development of an appropriate, luxurious on staff performance. It is possible that a
image. We might assist a professional trainer could prepare a podcast to deliver
being posted abroad with international a training seminar on customer service in
business etiquette or even the partner the morning, then for the staff member
of a dignitary wishing to master the art to demonstrate the techniques in real
of small talk. When it comes to one to time back to the trainer in the afternoon.
one training, we are happy to provide Also, pressures upon time mean that
a bespoke programme to meet the optimising learning is paramount, and this
individual needs of the client. is likely to continue in the future. We have
recently introduced The Hourly which is
Where do you offer training? a one-hour training session where up to
12 members of staff can be trained in a
Training is offered on-site at the clients particular subject such as assertiveness,
preferred location, wherever in the world handling complaints, managing conflict
this may be. Our training team are British, and many others, and this has proved to
American and Indian, delivering training be hugely popular.
in the UK, US, Europe and Asia.
For further information please visit
What is your favourite training to deliver? www.luxuryacademy.co.uk
My favourite short course to deliver

is from our Luxury Professional
range- Understanding High Net Worth
Individuals- because it really opens up
peoples understanding of how luxury
clients think and make decisions, and
in terms of full training it would have to
be Body Language, Assertiveness and
Presentation Skills because I can actually
see peoples confidence and self-esteem
grow over those three days. They leave
the training more confident and more
powerful individuals than when they
arrived. Paul Russell
44
MANAGING RISKS OF A
FAMILY OFFICE COLLECTION
THROUGH A CAPTIVE INSURANCE PROGRAMME
By Randall J. Willette & Paul Bailey
The Rise of Private Art Collections: A Assemble the correct team of experts
new generation of collectors is emerging including an insurance advisor, art
for which art is increasingly becoming a appraiser, and art succession planner.
critical component of their overall wealth Consider acquiring a specialised
management strategy. According to the collection management software
2016 Art & Finance Report released programme to track and monitor the
by Deloitte and ArtTactic, 72% of art collection.
collectors surveyed said they bought Invest in a strong security and surveillance
art for passion with an investment system.
view. Many collecting families have Use professional art shippers and
international lifestyles with art assets maintain comprehensive insurance cover.
located all over the world and liability to Create a family governance framework
risk can arise in multiple countries. for managing the collection.
Risk Management and Loss Prevention An Innovative New Approach to Insuring

There is a myriad of complex risks Art
that confront the owners of valuable Developed originally for the commercial
collections. These exposures require world, captive insurance provides the
expertise in their assessment, ability through a regulated private
management and mitigation. Here are insurance structure to obtain a
some basic steps that families should personalised art insurance policy directly
take to manage art risks: from the re-insurance market. There are
five main benefits for collecting families:
45
Each policy is unique and built around the (PCC) is used. The PCC is regulated in
specific requirements of the collection so its jurisdiction and has the fiduciary
gaps in insurance coverage can be filled. oversight by its board of directors. The
Direct access to the reinsurance market PCC creates cells which are segregated
rather than using a broker and standard from all other cells.
policies can provide a substantial
reduction in premiums. Clients also In the case of Guernsey, each cell is
benefit from the collective buying power regulated as a separate insurance entity
of the captive insurance manager. wholly owned by the family, trust, or
foundation. The cell is separately audited
The premium is assessed based upon and has its bank account. The cost of
the specific risk and claims history, not creating and establishing a captive cell
a general market rate. Where there is is substantially lower than a stand-
good security and a low claims history, alone captive, as the core of the PCC
the reinsurer can reduce the premium has a management agreement with the
rather than the family subsidising the cell which does not require its board of
losses of others. The ability to set the directors.
level of deductibles and self-fund part of
the risk which, even if modest, can lead Once established, the cell issues the
to a disproportionate fall in premiums. policy to the family (or trustees) to
The administration is simplified as one cover all the risks based on the specific
policy, and one annual premium covers requirements and a single premium is
all the assets insured by the captive (bothpaid. The captive insurance manager
art and other assets owned by the family) then places the risks directly with pre-
providing flexible and cost-effective risk selected re-insurance companies, and it
management. is at this stage that, if preferred, some
risk can be retained within the cell (i.e.
Structuring a Captive Insurance the deductible). However, many families
Programme do not wish to have deductibles and have
Captives were developed for the the collection fully insured.
management of commercial risks and
therefore the cost of creating and using Fiduciary Risks and Liabilities of Holding
them up until now has been un-economic Art in Trust
for privately owned assets. However, Just as trustees and executors must
several jurisdictions have created a undertake proper due diligence
type of captive that is cost-effective and concerning financial assets, the same
therefore accessible for the insurance of holds true for art owned by the estate
art assets. or trust. Where a formal fiduciary
relationship exists, a trustee may be
Rather than creating a separate captive exposed to a claim for breach of fiduciary
insurance company for each family, duty and negligence for failing to obtain
the cell of a Protected Cell Company insurance based on current valuations
46
or maintain adequate documentation Management in London responsible for
regarding provenance. helping to build its global Art Banking
franchise in Europe and America. www.
As the risks associated with family art fineartwealthmgt.com
collections tend to grow more complex
with the passage of time, families and Paul Bailey is Co-founder and Non-
trustees would be prudent to consider Executive Director of Private Captive
carefully the management of these Insurance PCC Limited. Paul has 28 years
assets and the risks associated with of experience working with international
them. families and trustees, primarily in the
field of wealth management.
About the Authors
Randall Willette is the Founder and He started his career working for
Managing Director of Fine Art Wealth Schroders in London and after 12 years
Management Ltd, a professional joined GAM, where he was a Client
membership-based advisory firm that Director both in London and Bermuda.
provides independent consulting to Paul has been a regular speaker at
wealth managers and their private conferences on a broad range of topics
clients on wealth structuring for art related to private wealth and is a Member
assets. Before establishing the Company of the Oversight Committee for the STEP
in 2003, Randall was Executive Director Indices.
and Head of Art Banking for UBS Wealth www.privatecaptive.com
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ANTIQUE DISC &
CYLINDER MUSIC BOXES

Anyone who visits this shop in Rye, smiles when they hear a musical box play.
Almost without exception, everybody exist. The musical information, or code,

who visits my shop in Rye, smiles when necessary for the production of the music
they hear a musical box play. Why do is provided by either a pinned cylinder,
people find them so interesting? Maybe the pins on the rotating cylinder pluck the
the mood or feeling of an earlier era is teeth on a tuned steel comb. Alternatively,
recreated. an interchangeable flat disc, whose
projections rotate star shaped wheels
The sound produced by a properly and pluck the teeth of a tuned steel comb.
restored musical box is exactly as it The cylinder of a musical box will slide on
would have been when the machine its longitudinal axis to enable more than
was new, all those years ago. Each one one tune to be played, each tune occupies
of us has the opportunity to experience one track or position on the cylinder.
the delight and enchantment felt by say,
William Gladstone or Queen Victoria. To change the tune on a disc machine, one
We can enjoy the entertainment that merely replaces the disc. Earlier types
was so new in that era. There are two of cylinder boxes were often plain, and
broad categories of musical box, cylinder understated. Despite (or because of) the
or disc. Many variations of each type cottage industry manufacturing, these
49
47
machines often play with a soft tone that they could earn their keep. The
that can be much sought after in musical manufacturers could keep producing
box collecting circles. Towards the latter discs as new songs became popular.
part of the 19th century, production Symphonion soon faced competition
methods became more sophisticated and from another disc manufacturer,
mechanised. Polyphon. Polyphon, based in Leipzig,
Germany, became so successful that
The manufacturers were exporting a large the name has passed into the English
proportion of their output. Attendance at language to be used as the generic term
international trade exhibitions gave an for a disc musical box (just like Hoover/
idea of what the overseas buyer wanted. vacuum cleaner and Thermos/vacuum
Competition drove the manufacturers to flask). As these items were highly sought
supply boxes with ever more elaborate after, many other manufacturers entered
cases and familiar tunes. Brazilian the ring.
Rosewood veneered cases were popular
in the UK and Europe, whilst oak found These included Adler, Britannia,
favour in the US. Cylinder boxes are Euphonoion, Fortuna, Kalliope, Komet,
normally associated with Switzerland. Mira, Orphenion and Stella. The musical
box industry began to decline as new
In fact the production and export of forms of home entertainment became
musical boxes provided a significant available.
contribution to the 19th century Swiss
economy. Cylinder boxes were, however, The phonograph and the wireless turned
produced in other countries including musical boxes into the redundant
France and Austria. technology that people stored in the
outhouse or attic. Items once cherished,
Cylinder boxes have certain obvious were left to the ravages of damp and
limitations. The fixed program of say six, time. Manufacturers then used the
eight or twelve tunes would, perhaps, engineering skills and experience gained
leave the owner wanting more variety whilst making musical boxes to produce
after a while. Interchangeable cylinder other things (phonographs, cameras,
musical boxes were expensive and quite typewriters etc.). The musical box
cumbersome to use. industry all but died.
A German company, Symphonion, solved Happily, the once discarded technology

this problem and produced the first has now embarked on a new era of
commercially available disc musical popularity. The restoration techniques
boxes in the late 1880s. The choice of that have been developed over the past 40
music was potentially unlimited. This years or so have enabled once treasured
extremely robust design was louder and items of domestic entertainment to
cheaper to produce than the delicate be resurrected, enabling us to gain an
cylinder equivalent. Machines were intriguing insight into the world of 19th
produced that were coin operated so century entertainment.
50
48
Types of disc musical box era was clearly coming to an end. Some
Bells manufacturers produced disc musical
Bells were sometimes added to what boxes capable of playing gramophone
would appear to be a standard disc discs (powered by the same motor).
musical box. The bells could take the form Although comparatively rare, many of the
of a saucer or cup-shaped bells, tubular major disc musical box producers made
bells or glockenspiel (flat bar) bells. examples of these combination machines
names, Polygraphon, Reginaphone and
Auto change Miraphone.
As the first jukebox, this type of
mechanism was most likely to be found Types of cylinder musical box
on machines to be used in a public Bells in Sight (or Vue)
space (bar, etc.). Obviously complicated The first cylinder musical boxes to be
and expensive, this variation is mostly offered with bells had them concealed
found on Polyphons. The tunes could be underneath the mechanism, in the
selected from a rack of vertically stored bottom of the case. The bells are struck
discs. by a hammer attached directly to the
underside of the comb tooth. Some
Multiple Disc manufacturers offered the option of a
Disc machines playing more than one disc drum (an upturned tin!) struck in the same
at a time allowed the musical arrangers way. It was soon realised that a feature
a whole new set of weapons to add to could be made of these options if the
their armoury. Symphonion was one such bells were placed where they could be
company producing machines capable of seen.
playing two or three discs simultaneously.
The Eroica is one such example. A set The upturned tin was replaced with
of three discs, marked A, B and C, were a properly skinned Drum, Castanets
needed. (wooden block) followed. The use of
highly polished, sometimes nickel-plated,
Disc Phonographs bells and the other accessories were used
By the early 1900s, the disc musical box as a marketing feature. Bell hammers cast
51
in the form of butterflies or bees added Pianoforte
further to the appeal. Some bell striking The music of a pianoforte box is produced
mechanisms were designed in the form of from two combs, one loud and one soft.
automaton monkeys, Arabs or Japanese This gave the musical arranger the option
figures whose arms moved to strike the of having soft passages of music from the
bells (some heads moved towards the short comb, louder sections from the long
bell about to be struck). forte comb and the loudest of all when
the two combs are played together.
Mandoline (Organochloride) Overture
The distinctive sound produced by a Nicole Freres is the manufacturer usually
Mandoline musical box is produced by associated this musical box feature. These
a comb that has groups of teeth (5 to 8) machines are usually recognisable from
tuned to the same pitch. A mandoline box the large diameter cylinder and would
is easily identifiable, as apart from the fact play three or four operatic overtures.
that this feature was distinctly marked The mechanisms were often supplied in
on the tune sheet, the pinning produces highly decorated cases. The machines are
distinctive patterns at the treble end of not to be confused with the less sought
the cylinder. The similarly tuned teeth are after two per turn musical box.
plucked in quick succession to give the
mandoline effect. Musical Box Music
Musical box manufacturers clearly had to
Laws of nature will not allow a single sell the musical boxes that they produced.
tooth to be used in this way (musical Consequently, the choice of music had to
box teeth need to be damped i.e. be what was popular with the customers.
vibration reduced, before being plucked Current opera and dance tunes would
to ensure a clean sound). This facility have obvious popular appeal. A market
gave the musical arrangers the option also existed for hymns, national anthems
of enhancing the music in a distinctive and local folk music.
way. The Organocleide musical box was
a development of the above in that the The more sophisticated, business-
mandoline pinning is extended to the minded musical box manufacturers like
bass end of the cylinder. Nicole Freres, were more ready to adapt
themselves to the market that they were
Interchangeable Cylinders operating in. Nicole Freres advertised
This development came about around extensively in the U.K. in the nineteenth
1850. The first machines of this type were century. Many of the tunes found on
supplied with a series of spare cylinders Nicole Freres boxes had a unique appeal
that could only be used with that to the British, this was no accident. Other
particular machine. The manufacturing boxes found, play a selection of tunes
processes were refined to such an extent clearly destined for the Scottish market.
that, with later machines, extra cylinders
could be bought when required and Much of the upmarket end of the
would fit different musical boxes if built business, in the mid 19th century, was
to the same specification (type specific). represented by well engineered musical
52
boxes playing overtures (from Operas). are small pieces of fine wire fixed to the
By the time the 20th century had arrived, underside of a comb that curls up to meet
musical boxes were produced in large the comb tip. In the case of a disc box,
quantities, often playing popular music the damper, in the form of a delicate leaf
hall tunes, Spanish folk music (for the spring, will emerge from between the
Spanish/South American market) Indian tips of the comb. This spring is often in
or Chinese music. two parts. The second part forms a brake
that will ensure that the star wheel will
What to look for when buying a musical stop in the correct position next time it is
box required.
The condition is a major consideration
when choosing a musical box and In conclusion
assessing its value. Torn or missing tune Listen to and observe as many musical
sheets, lifting veneers or cases damaged boxes as possible before making a
by woodworm are some of the most commitment. When comparing prices,
obvious defects that hardly need further remember to make a realistic allowance
comment. The musical mechanism, for restoration to ensure that you compare
however, needs scrutiny. like with like. A machine that has been
dormant and not used for many years will
Cylinder not perform as the original manufacturer
Careful inspection will reveal any bent intended. All machines need a degree of
pins. The bass end or any sections that maintenance. Patina is a beautiful thing
drive accessories (bells or drums etc.) on a musical box case or a unique piece of
are especially vulnerable. An excessive furniture but not in the form of congealed
number of damaged pins will impair the oil and grease on an antique piece of
music and repinning the whole cylinder is machinery.
the solution!
Protect yourself with experience.
The Comb
Look for excessive pitting to the surface by Stephen T. P. Kember
of the comb, missing teeth and tips and www.antique-musicboxes.com
badly repaired sections. Look underneath www.antiquemusicalboxrepair.info
the Zither (the gantry suspended above
the comb that supports a roll of tissue
paper) if fitted, it may conceal damage.
Corroded tuning weights (suspended
beneath the comb) will be indicated by
a fine white deposit around the affected
area.
The Dampers
Should a whisper, click or grating noise
be heard while playing, a worn comb or
dampers that are out of alignment or
missing will be the likely cause. Dampers
53
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www.satoconsultants.com - info@satoconsultants.com
FRIEZE
Friezes Ascendance in the Art World
By Judy Holm
FRIEZE
Founded in 1991, Frieze is one of the this educational platform.
most significant and respected art Secondly, with the launch
entities in the world. Frieze is a media of Frieze New York five years ago, the
and events company that publishes company is now anchored in arguably
print and online magazines dedicated the two most important cities for art
to contemporary art and culture- frieze. and culture in the world. Centers of the
com, frieze magazine, frieze d/e, Frieze art world, these two cultural capitals
Masters Magazine and Frieze Week; and also have the significant news sources,
produces three international art fairs, adding to Friezes immediate attention of
Frieze London, Frieze New York and Frieze journalists and editorial coverage.
Masters. Additionally, earlier this year,
the company launched Frieze Academy, a There are two other major players in the
year-round program of talks and courses. business of art fairs whose presence is
also growing globally. MCH Group, the
Three aspects of the company exemplify Swiss expo conglomerate which produces
its importance to the art world, and Art Basel, first launched in Switzerland
to the increasingly broad audience of in 1970, has since secured footprints in
consumers and investors. Miami Beach, USA and Hong Kong for their
First, through the introduction other fairs. The third large player in this
of Frieze Masters in 2012, the Frieze fairs arena, The European Fine Art Fair (TEFAF),
now incorporate a total perspective of all is an annual art, antiques and design
major art history periods, from ancient fair, organized by The European Fine Art
to contemporary. As art fairs have an Foundation in Maastricht, Netherlands
underlying role in educating the public, since 1988.TEFAF is also expanding with
the inclusion of the entire spectrum of art two annual fairs launching in New York-
history represented in their fairs elevates the first beginning this fall- featuring fine
55
art, design, furniture and jewelry from 1991, followed by Sharp and Slotovers
antiquity through the early 20 th century. launch of Frieze London in 2003, one of
Next spring, the second TEFAF New York the worlds most influential contemporary
fair is centered on contemporary and art fairs which takes place annually in
modern art and design. October in The Regents Park, London. In
2012, Frieze introduced both Frieze New
There are many fairs around the world, York; and Frieze Masters, which coincides
but these three major forces have with Frieze London.
adopted increasingly sophisticated and
wide spread cultural and educational Frieze London features more than 160
programs in addition to the fairs focal of the worlds leading contemporary art
point of selling art. For the nascent art galleries who display and sell the works
aficionado and collectors alike, these of over 1,000 of todays leading artists.
programs provide great value to deeper Frieze Masters completes the perspective
understanding of the world of art, from of all major art history periods, from
its rich history to its trends for the future. ancient to modern, showcasing more
Finally, it was publically than 130 leading modern and historical
announced earlier this year that WME- galleries from around the world,
IMG, a large entertainment company representing art from the ancient era and
with three Hollywood Agencies, has Old Masters to the late 20th century.
invested in the company. Amongst other
endeavors, the company represents Spotlight
performing artists across all media Another part of the Frieze fair experience
platforms, specifically movies, television, in London is Spotlight, a section at
music, theatre, digital and publishing. Frieze Masters dedicated to rare solo
presentations of 20th-century artists.
The significance is clear that the outside Selected by the curator Toby Kamps
world is taking a much closer look at the (Menil Collection, Houston), galleries
art world, and how this will impact the feature under-recognized artists, rarely
future of Frieze remains to be seen. It seen work by iconic figures of the avant-
is hoped that the infusion of capital and garde, and encompasses a perspective
other industry expertise will add to the beyond the Western tradition.
already momentous achievements and
success of Frieze. Revealing foundational moments in art
through pioneering figures from across
As a top L.A. art advisor notes, Everyone the world, Spotlight has been a celebrated
wants a piece of the art world. (The feature at Frieze Masters since its launch
Hollywood Reporter, by Maxwell Williams, in 2012 and saw its first New York edition
4/19/16) in 2015.
History of Frieze Frieze Masters Talks

The company was created by Amanda Frieze Masters Talks is a curated program
Sharp, Matthew Slotover and Tom Gidley of talks in which major artists, critics
with the launch of frieze magazine in and curators discuss the relationships
56
between contemporary and historical Sculpture Park
art. It expanded in 2015 to feature nine An exciting highlight of Frieze is a cultural
conversations, co-programmed for the attraction in the center of London, the
first time by Jennifer Higgie (Co-editor Sculpture Park, free and open to the
frieze and Editor, Frieze Masters magazine) public, and last year welcomed visitors
who joined Jasper Sharp (Adjunct Curator for three months for the first time.
of Modern and Contemporary Art at the
Kunsthistorisches Museum, Vienna). ThisInitiated in 2005, the Sculpture Park
features works from both Frieze
year, the Royal Academy of Arts (London)
Tim Marlow will programme the Talks London and Frieze Masters, juxtaposing
with Jennifer Higgie. significant historical, modern and cutting-
edge contemporary work by international
RICHARD SERRA artists.
FRIEZE SCULPTURE PARK 2015
The Frieze Sculpture Park gives visitors an
exceptional opportunity to interact with
sculpture, spanning hundreds of years
of art history. Set in The English Gardens,
the Sculpture Park 2015 was selected
for the fourth consecutive year by Clare
Lilley, Director of Programme, Yorkshire
Sculpture Park.
Frieze Projects program

Raphael Gygax has been selected in 2016
SEUNG-TAEK LEE as the new Curator of Frieze Projects
EARTH PLAY (1979-89), the innovative, non-profit program of
GALLERY HYUNDAI artist commissions at Frieze London,
established in 2003. Gygax, who is Curator
at Migros Museum fr Gegenwartskunst,
Zurich, will devise this high-profile
initiative, commissioning artists to realize
ambitious new work at the fair.
Selected artists for 2016 include Sibylle

Berg & Claus Richter, Coco Fusco, Martin
Soto Climent, Julie Verhoeven, Samson
Young and Frieze Artist Award-winner
Yuri Pattison plus a presentation by
Operndorf Afrika (Opera Village Africa).
Frieze Sculpture Park 2015. Frieze Projects and the Frieze Artist Award
Photograph by Mark Crick. are supported by the LUMA Foundation.
57
Frieze Academy
A significant new initiative was launched
by Frieze this year the Frieze Academy.
This program is comprised of talks,
workshops and symposiums exploring all
aspects of the worlds of art and culture.
It offers insider access to the individuals

and institutions that make the
international contemporary art scene
thrive with speakers from the different Goshka Macuga: International Institute of
realms including artists, collectors, Intellectual
curators, critics and academics. Co-operation, Configuration 11, Last Man:
Noam Chomsky,
Georg Wilhelm Hegel, Karl Marx, Friedrich
Nietzsche, Mikhail Gorbachev, Francis
Fukuyama, 2016 Bronze213 x 327 x 293
Courtesy: Fondazione Prada, Milan;
photographs: Delfino Sisto Legnani Studio
Judy Holm is President and CEO of the

Global Fine Art Awards (GFAA). Ms. Holms
background includes twenty-five years of
experience in arts and culture, direction
Conrad Shawcross, The Dappled Light of of more than 60 art installations and 600
the Sun IV (2015), Victoria Miro, Frieze cultural events throughout the United
Sculpture Park 2015. Photograph by States and Europe.
Mark Crick. Courtesy of Mark Crick/The Art
Fund/Frieze GFAA is the first annual program created to
recognize the best curated art and design
exhibitions worldwide spanning ancient
art to contemporary, across museums,
galleries, art fairs, biennials and public art.
The GFAA program honors artistic and

academic excellence; the judging criteria
are innovation in exhibition design,
historical context, educational value and
public appeal. For more information
Frieze New York 2016. Photo credit: Marvel about GFAA, please visit;
Vision
www.globalfineartawards.org
58
GODDESS ACUMEN
We talk to Oxford philosophy graduate Dr way through being overwhelmed or stressed,
Helen Johnson, founder of Goddess Acumen, or we become afraid or confused and therefore
www.goddessacumen.com a London-based find it difficult to make change or move forward.
company offering one to one sessions, The way I work with people helps them to be
workshops and Caribbean retreats utilising the truest and boldest version of themselves
Emotional Freedom Therapy (EFT), Hypnosis, and to clear overwhelm and anxiety so that they
Neuro Linguistic Programming (NLP) and are more calm, clear and living on purpose. My
goddess archetypes. biggest strength is seeing the core of people and
helping them to step into that core, powerful
1) What gave you the idea for Goddess self. I give people permission to be free (its the
Acumen? rebel in me!).
I picked up a book about goddess archetypes 4) Which of the techniques do you find most
that had been lying around my dads house for useful in your life?
ages my mum had always been into the idea I think the EFT has been the most useful tool
of us being goddesses (in a playful way, not in regarding both immediate stress relief and long-
a new age way) and I had finally got around to term shifts. Its a powerful way of clearing ways
reading it. My mum had died years before in of thinking and feeling that dont work for me.
an accident. It was an amazing experience for However, the framework of the goddesses has
me reading the book because I felt like she was been the most inspirational and helps me to find
giving me guidance even though she wasnt balance and tap into my power.
there. For me, it just made so much sense 5) Can you tell us a little more about your
when thinking about my life as a woman and retreats in the Caribbean?
I thought more people should know about it Each day is dedicated to a different goddess
and work with the archetypes. On top of that energy through workshops, yoga and activities.
I was using energy techniques like Emotional We will be working with both mind and body,
Freedom Therapy and meditation for myself but crucially, we also live and experience these
and finding them effective, so I decided to train energies by enjoying ourselves and engaging
in them and combine the two. with the amazing Caribbean environment,
2) We understand you used to be a barrister, people and culture. There will be plenty of time
why the change? to relax and to explore but at the same people
I hate rules and detail! I only really got to will be doing profound inner work with the
know this about myself through trying to be support of like-minded people. Anyone who
a lawyer. For me, it was very restrictive, and I needs both a rest and a shift in their lives should
was much more interested in playing around come along!
with ideas and finding out about peoples lives
than I was about the letter of the law. I had Goddess Acumens Abundant Goddess & Yoga
gone into it because I was (and still am) very Retreats will be held in Barbados, 8-16th
analytical and like to construct an argument October 2016 and 29th April-7th May 2017.
but temperamentally it wasnt for me. Packages which include flights from the UK,
3) How can your techniques help people most meals and accommodation are 3249pp
socially and professionally? when booked by the 1st January 2017. Please
A lot of the time we get stuck in one of two visit www.goddessacumen.com
ways we either become depleted in some
60
WANT THE BEST FROM YOUR
ADVISOR OR CONSULTANT
TRY BEING THEIR IDEAL CLIENT
A common concern of wealthy families,
even if they have a family office, is how to
choose the right advisor or consultant
legal, investment, governance, tax, or any
other kind. It can be difficult to know whom
to trust.
Selection is usually an externally focused

process, so families rarely consider their
own fitness and responsibilities as clients
as part of the decision process. It takes
courage, yet this type of honesty can
become the single most important factor.
How can families muster this type of
courage? Lisa Niemeier
Graymatter Strategies LLC.
By realising that a relationship of trust is
a two-way street right from the start. Lets the familys current advisory team and
take a brief look in both directions. For ease, complement their respective roles
well use the term advisor throughout. What other resources the consultant
may be able to provide the family
Beyond obvious considerations such as
experience, expertise, and reputation, Despite the Madoffs of the world, most
astute families also include these criteria advisors and consultants genuinely
in their selection process: want to serve their family clients
Specifically, a) why the family needs the well. The best advisors will also have
advisor, b) for how long, and c) for exactly their criteria for accepting client
what role(s) engagements. With that in mind,
The scope of the advisors expertise and families who want the utmost from any
how far beyond that expertise the advisor advisor:
is capable of stretching
How willing the advisor is to partner with 1. Will be confident enough in their
the family in achieving their goals rather choice to trust the advisors process
than instruct them or dictate solutions and to take their advice. If the family
How well the new advisor will fit with has followed a well-designed advisor
61
selection process (this is a component are too close to the issues. Good family
that should be part of governance), clients feel no need to micro-manage the
trusting their own choice should not be advisor. If they have questions, they ask
a huge leap. Families should also follow for explanation and context.
the project through to success. Hiring 6. Dont cut corners on fees. The
advisors to placate other family members adage You get what you pay for holds
inevitably yields this result: Weve tried especially true for family advisors. The
hiring consultants before and it didnt most successful families chose advisors
work. Family members who think they on quality of advice. They also pay on
know whats best for everyone else time, keeping the focus on the quality of
can sabotage the process from the very the relationship rather than fees.
beginning. This is why a mutually created, 7. Provide the advisor everything needed
pre-agreed upon process is essential. for success. Engaging families with fun
2. Have no hidden agendas. Advisor and informative processes requires
relationships depend almost entirely on private and adequate meeting space,
the family clients willingness to be open access to appropriate audio-visual tools,
about their motives and expectations. and other types of support. Its part of an
Hiring an advisor to help oust a family investment that will pay off handsomely.
member from a governing body, win a
vote on a particular issue, or support a In short, creating and employing the
particular investment is not only a waste right criteria can help families choose
of time and money; it also greatly harms advisors with masterful expertise and
the family. the right fit. Becoming such an advisors
3. Sincerely want to mendor at least ideal client will yield the highest returns
improvefamily relationships. Family on investment of time and money for
wealth flourishing is fueled by healthy everyone involved.
relationships. Not perfect ones, healthy
ones. Funny thingthats also when their Lisa Niemeier is a family wealth consultant
advisors do the best job for them. specialising in family dynamics and
4. Treat the advisor as a valued partner or governance. She is a managing member of
colleague, not as an employee. Families graymatter Strategies LLC.
should trust their advisors to challenge
them prudently and gently. This helps
families either confirm they are on the
right path or alert them to areas that need
attention.
5. Hire the advisor, then treat them like
the professionals they are. If families
could achieve what they wanted on their
own, they would have done it by now!
And lets face it, other family members
even those who are trained therapists
62
FRONTIER MARKETS
IMPROVING RISK ADJUSTED RETURNS
Traditionally asset managers have
advocated constructing a balanced
portfolio with fixed income instruments,
listed equities and cash. The relative size
of each of the asset classes depended on
the age and risk appetite of the owner
and stage of the market cycle. Since then
real estate, commodities such as gold, and
alternative assets such as hedge funds have
been touted as components for a portfolio
which can provide increased returns as
well as diversify risk. In particular, it is now
well understood that a portion of carefully
selected hedge funds in a diversified
portfolio of bonds and stocks can reduce PETER DE VRIES
volatility while maintaining the return ASIA FRONTIER CAPITAL
or even increasing it. Now, Id suggest
frontier markets is very low. Each
adding frontier market equities exposure
frontier market tends to have their
as an additional component to the asset
opportunities, and challenges, and
mix which would improve the overall
with their currency, political landscape,
risk/return characteristics of a balanced
and natural resources they show quite
investment portfolio.
different behaviours in stock market
performance.
The advantages of investing in frontier
Demographics tend to be favourable
markets are clear:
with relatively young and fast-growing
Frontier markets are in earlier stages of
populations.
their development, and many of them go
Low labour costs mean that they
through a period of strong growth in their
attract industries from developed
development path towards becoming
markets, and even emerging economies.
emerging markets. For example, Vietnam is
Consider the current shift from China-
currently eying to get included in the MSCI
based manufacturing of low-cost goods
Emerging Market Index, though further
to Vietnam and Bangladesh.
openness of the market is required.
Immature financial markets in frontier
Frontier markets come from a low
countries mean that with fewer local
economic base, and there is lots of room
and international investors valuations
for sustainable GDP growth.
are relatively lower than those in
The correlation between frontier markets
emerging and developed markets.
and developed markets, or even other
Further, these markets are not very
63
actively researched which present in developed economies, in frontier
opportunities to generate sustainable markets this tends to be a disappointing
longer term returns. But with all the choice. In many cases frontier markets
good news, frontier markets are exposed ETFs have a large to very large tracking
to some risks too. For example, the error. This is the result of the difficulty
possibility of war and terrorism, policy of investing in these immature markets,
shifts, political instability, corruption caused by low liquidity which increases
and immature financial markets can bid-offer spreads and trading costs,
depress share prices. Also access to these limits on foreign ownership, and trading
markets can be difficult with troublesome suspension arrangements during volatile
account opening procedures, capital periods.
controls, low liquidity and limitations on
foreign ownership of listed companies. Actively managed diversified frontier
All of these challenges are also seen in funds may be a better choice. A fund
emerging markets, but perhaps to a lesser manager that can invest in a range
extent. of frontier countries can assess the
idiosyncratic risk of each of the markets at
Given the idiosyncratic risk involved all times, and shift the funds to the most
with each frontier market, the best way promising markets.
to invest in frontier markets is to select
some them to diversify the idiosyncratic He/she could also manage currency risk
risk away and benefit from the overall in the same fashion. An active manager
expected higher GDP growth translating also has the capability to select the
into share price performance. best companies in his/her universe for
Through the low correlation between investment, and since the frontier markets
the various frontier markets, investing are less mature, competition for the best
in some them will reduce the overall stocks is less, offering more chances for
volatility to a level that is significantly undiscovered gems and undervalued
lower than that of the MSCI World Index. quality companies, resulting in better
chances for active managers to be able
For example, the volatility of our AFC to generate alpha compared with the
Asia Frontier Fund is only 9.71% while developed markets.
the correlation between the Fund and
the MSCI World index since inception Peter de Vries is a director at Asia Frontier
nearly four years ago, is only 0.34. At the Capital, a pioneering fund management
same time, its correlation with the MSCI company based in Hong Kong that
Emerging Markets index stands at an even specialises in investing in high growth
lower 0.33. Asian frontier economies by managing
the AFC Asia Frontier Fund, the AFC Iraq
How to obtain frontier market exposure Fund, and the AFC Vietnam Fund
One way investors might like to get
exposure to frontier markets is through pdv@asiafrontiercapital.com
an ETF. While this may be a good approach www.asiafrontiercapital.com
64
THE SUPER RICH
MEGAYACHT TENDERS
Several of the high-profile megayachts built by the worlds leading shipyards such as
Lrssen, A&R, Blohm&Voss, Nobiskrug, Feadship, Amels, Oceanco, Heesen and Perini
Navi have one thing in common: the guest tenders they have on board were built by
the German specialist yard for superyacht tenders, yachtwerft meyer.
This family-run shipyard is located in Bremen, just up the river from A&R and Lrssen,
where they have been building superyacht tenders for over 20 years. Owners of
superyachts, as well as their crews and agents, value the exceptional build quality
and attention to detail at yachtwerft meyer. The atmosphere at the Yard is a unique
mix of the down-to-earth attitude of the experienced workforce, and the innovative
custom solutions they create with German ingenuity.
Yacht tenders are bespoke boats which reflect the level of quality and often also
the design - of their motherships. And in addition to being a floating work of art,
they have to extremely reliable, as they are used on a daily basis in the operation
of a megayacht. Whenever the yacht is at anchor, the tenders are the connection
between the yacht and the shore. Tenders can be open boats, often with a bimini
for sun protection and a foldable sprayhood to keep the guests dry when the sea
is rough. These boats are often also used for watersports and fishing and as a
base for scuba diving and snorkelling. Limousine tenders are used to transport
guests to and from the boat in style and fully protected. These tenders have
a fully enclosed salon space with luscious seating arrangements, high-end
entertainment systems, air conditioning and a fridge for drinks. Also, complete
bathrooms with toilet and shower can be installed in a limousine tender.
The Signature Line is the yachtwerft meyer synonym for full custom tenders,
which are often designed in cooperation with the designer of the yacht.
One of the latest examples of the Signature Line is the custom limousine
tender for the A&R builds M/Y Rome, which was nominated for the 2016
Showboat Design Award. Currently, there is another outstanding 11.2 m
Signature Limousine tender in build at the yard in Bremen, which will be
delivered this summer. The client for this boat took delivery of his first
yachtwerft meyer tender last year, and after using it for a few weeks he
loved it so much that he ordered a second boat just like it.
Last year yachtwerft meyer introduced the new Silverline range of

semi-custom tenders, which offers a modular platform for a length
range of 8 9.5 m for limousines and open tenders and are now in
production.
65
Ya
ch
tw
er
ft
M
ey
er
66
NAVIGATING THE NEW VOLATILITY
IN FIXED INCOME MARKETS
Arif Husain, CFA, Head of International Fixed Income at T. Rowe Price
Its been an eventful summer. Where do

recent developments leave fixed income
investors?
For the past few months, Ive been
preaching a sermon of caution in fixed
income, and that continues to be my
sermon. I expect higher bond yields, wider
credit spreads, and increased volatility.
Caution is key.
China has been at the epicentre of recent

events. Whats your take on the situation
in China at the moment? Arif Husain
Id break it down into three broad themes. T. Rowe Price
First, China is going through a long-term
structural changeit is trying to become Was China the sole cause of the recent
more international, liberalise its capital volatility, or were there other factors
account and become more open, generally, at work?
toward the world. China is just one element of a number
of things happening in the worldit
Second, most experts believe that Chinas is unfair to blame it for everybody
growth is probably slowing from the elses troubles. Weve gone from a
official figure of 7% to something more period of almost perfect certainty
like 5% or 6%1 a modest decline but to a number of very large changes.
an important one nonetheless. At T. Rowe The Fed has rates at zero, and thats
Price, we believe that any talk of a hard going to change at some point;
or soft landing for the Chinese economy China used to have a fixed currency
is misleading because it implies an ending, regime, and thats changed;Iran used
whereas Chinas deceleration has no clear to be completely isolated, and now
endpoint. Third, there is a certain apathy it is potentially coming back into the
toward the situation. People invested global community.
in different asset classes understand
that China is having an impact on their A lot of things are changing, which
portfolios, but they dont really know why is having ramifications in financial
or how to respond to it markets. In summary, when there is
67
change, uncertainty arises, and that leads It means things will probably continue as
to volatility. Were just living through they have been for a while yet. The hike
that. The market, however, finds it will probably now come in December or
difficult to focus on more than one thing early next year, but the exact timing will
at once. Recently, that has been China, depend on circumstances and therefore
but the market will soon get bored of that cant be predicted with certainty.
and focus on something else. There are
other issues in the world that are equally So the markets will continue to speculate
important. about the timing of the rise just as it did
ahead of the September decision, which
Moving beyond China, are fundamentals will lead to further volatility. For fixed
in other emerging markets as bad as the income investors, this means positioning
recent data suggests? our portfolios for volatility and being
Emerging markets have become a alert in order to take advantage of any
group of disparate countries. Yes, the potential mispricings we identify.
fundamentals in some emerging market
countries are pretty bad at the moment What opportunities are you seeing at the
theyre facing political, economic, and moment?
structural issues all at the same time. So An important recent development is a
some countriesBrazil, for example divergenceor desynchronization, if
are having a tough time. Other emerging you preferof monetary policy. Over the
market countries are in better positions, course of 2015, almost as many central
having gone into the financial crisis banks have cut rates as have hiked
in much better shape than they did in them, which is creating opportunities at
previous crises. the interest rate and government bond
level. At the same time, differentiation
There has been some talk of the possibility is occurring within credit markets. The
of another Asian financial crisis like that obvious examples are the oil and mining
of 1997, but we dont think that will industries, which have suffered as the oil
happen. The main reason for this is that price has slumped.
a lot of Asian countries have worked very
hard since 1997 to make sure that they There are also changes taking place in
have stronger buffers in place to defend other credit marketsfor example, the
themselves against another crisis. For cable market in the U.S.which are also
example, current accounts are in surplus creating dispersion and opportunities.
rather than deficit, and new regulations
have ensured that banks and other Weve also spotted some good
companies dont have foreign exchange opportunities in Europe, particularly in
mismatches. hybrid debt, and in emerging markets
too, in both hard and local currency
What effect will the feds decision to terms. Active investors need to be on the
delay raising rates have on volatility lookout for these.
levels?
68
IMPACT OF COMMUNICATION IN
FAMILY OFFICE INVESTING
by Stephen Campbell
There are numerous headwinds that
family offices face when managing
investment portfolios. One that is
frequently overlooked by practitioners
and family principals alike is the role and
impact of effective communication. This
paper lays out a framework to identify
risk factors that could ultimately give
rise to unintended and negative portfolio
consequences.
When assessing a family offices

readiness to effectively manage Stephen Campbell
portfolios, a number of factors come to Chairman, North America Family
mind. Does the office have: sufficient OfficeGroup Citi Private Bank
staff; experience in the asset classes, understanding and intent, an absence of
sectors and types of investments to a common language all contribute to
be undertaken; access to research a lack of comprehension, collaboration
and analytics; have they formulated a and trust. Left unchecked, these factors
thorough and consistent investment often inhibit solid decision-making and
process (see Campbell & Bailin 2014). undermine role clarity and a common
Objectively evaluating each area allows sense of purpose to the business of family
the family and executives to determine investing. The inevitable consequence of
whether the foundational elements of a these missteps can result in mistrust, an
solid investment program are in place, us and them mentality, firing of staff
thereby filling in process gaps, and or advisors, slow/no decision making,
outsourcing or hiring/securing resources and portfolio churning as the family
as necessary. capitulates in the face of uncertainty and
exists investments at precisely the wrong
One area that is often overlooked is the time. However, when properly executed,
communication strategy surrounding a foundation of trust and confidence can
the family office investment process. be created that will sustain a healthy
Absent a thoughtful and systematic and long-term relationship between the
approach to communication; family family and investment staff.
offices often fall victim to interpersonal
dynamics that may negatively impact This communication system consists of
portfolio performance. Infrequent four main elements:
interaction with the principal(s), lack of
69
Principal Communication under varying conditions (failure, loss,
Investment Team Communication success) while understanding that this is
Family Communication only a window into the range of possible
External Advisor Communication reactions and influences that may impact
their decisions, and that such reactions will
Lets examine each element using a change over time. Having created a heat
straightforward example of a single family map of potential behavioural responses,
head or principal, and a chief investment validate these observations with the
officer as the framework. principal and discuss the potentially
deleterious impact they commonly have
Principal Communication upon portfolio performance. Focus on
Effective communication between the the 2-3 likely biases that may emerge and
family principal and the investment create a common language around each.
staff is based on three core elements: 1)
Understanding behavioural and decision- Lets look at one example of how
making characteristics of the principal; language can serve to drive clarity and
2) Defining the modes and frequency address an awkward dynamic. The west
of communication; and 3) creating a coast family office of a very successful
common language that allows for clarity technology entrepreneur observed a
and economy of interactions. success bias in the principal. Having
created a multi-billion-dollar company,
While much has been written about the founder believed that success in
behavioural bias and the impact upon this one endeavour would translate
returns, there are still no clear-cut ways universally into a range of new activities
in which to objectively assess such biases. - experience and logic notwithstanding.
This leaves us with the challenge of truly After a series of failed start-up ventures
understanding the behaviour of principals outside his area of expertise, the office
under conditions of uncertainty. Its fairly and principal came to an understanding
easy to ask if they will exhibit loss regret as to a threshold test that would be
in the face of a 15%, 25% or 40% decline applied to future investments. They
in an investment but such responses are named this test after one spectacularly
situational in nature and often impacted failed investment and when summoned
by other factors (total wealth, performance up in a meeting, the principal and staff
of other investments, previous portfolio immediately understood that they were
lossesthe list goes on). identifying a potential risk factor. No
judgment was made.
How then does a family office investment
team divine such an understanding about A second key area is to understand the
their principal? Two practical approaches decision-making preferences of the
may be applied. The first involves, principal. In essence, how does he or she
examining the past behavioural responses make their best decisions? Are they data
of the principal in a range of business, driven, or prefer a quantitative approach,
personal and investment settings. do they like a consensus-based approach,
Develop a candid picture of behaviour or prefer to see pro and con arguments
70
put forth, do they like to make quick fly. The form of these meetings should
decisions or prefer to reflect and discuss be consistent with the preferences of the
with others outside of the investment principal but also meet the needs of the
team. Keep in mind; the size, importance investment staff. Often, these meetings
and potential impact of the investment are modelled from the way in which the
may alter these preferences. principal conducts executive meetings
in their business. One parenthetical
An effective way to understand principal note, every investment recommendation
behaviour is to interview (with principal should be summarised and signed-off
sign-off) business associates, key (literally) by the principal. This helps
advisors, and professional services firms with both selective memories, and in
who have observed the principal over reassessing the assumptions that formed
time. Identify the characteristics of his the basis of the recommendation.
or her best and worst decisions in order
to arrive at a clearer picture as to how Team Communication
you will communicate. Validate these Regardless of team size, frequent,
assumptions with the principal and agree candid, and thoughtful communication
upon a base case format that best serves is essential. The form and substance
the needs and preferences of all parties. of the meetings can be dictated by the
Be prepared to alter the format as the management styles of the leaders. At
circumstances of the invest dictates. a minimum, they should be organised
around the life cycle of the portfolio,
The frequency of communication is separating out potential investments
also critical. One problem often voiced that may be made, examining existing
by family office staff is access to the position performance regarding risk
principal(s). In a 2016 survey of 75 and return factors, and assessing total
family office executives by Citi Private portfolio performance about the asset
Bank, 65% of respondents representing allocation, underlying risk exposures, and
over $450B in family wealth across every exogenous factors and outlook. Regular
region of the world, reported that access meetings should be scheduled which
to the principal(s) was their greatest dovetail with the analytical work of the
management challenge. Negotiating team so that the group has substantive
a clear need to have periodic check- content to discuss.
in conversations that allow the staff to
test ideas and informally discuss a Three group dynamics to be alert to in
potential investment in advance of doing this process include: groupthink, the
the leg work is essential. impact of over-powering personalities,
There are however, absolutely no and emulating the principal.
substitutes for formal meetings that
allow the parties to review investment Groupthink is a byproduct of the desire
returns, changes to the asset allocation of a group to reach consensus. It often
model, or obtain approval to commit occurs as the team leader strives to
capital. Discussion of these important integrate disparate views amongst
topics should never be done on-the- analysts, portfolio mangers and advisors.
71
It is a natural consequence of otherwise and behaviour. Creating a healthy culture
healthy teams motivated to collaborate. in which diversity of thought is valued
However, in an investment setting, it can be is an essential characteristic of high
catastrophic. Constructive discord often performing investment teams.
results in considerably more effective
decision-making and informed learning. Communication within the Family
Fostering a civil culture of disagreement Multiple constituencies and their varied
and intellectual debate allows the team needs for investment information can
to identify better potential black swan often challenge family office executives.
events, as well as tease out factors, which Principal(s), children, grandchildren,
may not be obvious to all participants. It siblings, cousins, as well as beneficiaries
also serves to educate less experienced of trusts and family foundation
team members as to the thought process board members each have specific
of more experienced investors. needs, interests and varying levels of
comprehension.
It is also not uncommon to see one or
more personalities dominate the dialogue A well thought out investment
and decision-making process within an communication strategy has three
investment team. Those with long track core elements: a.) Understanding your
records or a history of strong investment constituents; b.) Aligning the form and
returns may inadvertently cast a long objectives of communication with each
shadow over constructive debate within constituency; and c.) Scheduling regular
the team. This often stifles candid meetings, reports and touch points.
information sharing and drives more
junior members of the team from the Most often, generation, beneficial
family office. Effective CIOs understand ownership, or role within the family is
that while the ultimate recommendation used to identify family constituents.
may lie with them, every voice has merit Typically, family principals will have
and deserves to be heard. visibility over consolidated assets and
liabilities, while adult children may see
A final observation on investment trust, business or foundation assets as
team behaviour is the temptation of appropriate. Deciding who sees what
the members to emulate the attitudes, information should be based upon need
behaviour and views of the principal. to know, as well as the need to educate
Often this is byproduct of a strong and inform. For example, increasingly
principal (personality, image, ego) and families will conduct an annual meeting
the unwitting desire of the team to bond where family business, investment
with her or him. While understanding and foundation information is shared
such characteristics of the principal at a high level with a wide range of
is essential, resist emulating these constituencies. Quarterly meetings with
characteristics in your thoughts and company beneficial owners (yet another
actions. Why? The greatest value of the constituency) can augment with more
team to the principal is to complement, detailed content. Finally, the principals
augment, and challenge their experience may meet monthly with staff for detailed
72
review and approval of key matters. educational gaps that may exist amongst
Younger family members may also be family members. Where such gaps
engaged through educational programs exist, the team must formulate plans to
that begin to model the means of methods offer reading, 1:1 sessions, and family
by which the family communicates and education seminars.
encourages participation. In sum, identify
each constituency based on their needs Effective family communication
and align formal, informal, ad-hoc and strategies foster consensus, education,
educational communication strategies. and information sharing. Develop
consistent reporting formats and layouts
While one dimension involves that become the template for regular
segmenting constituents (the who), the communication, and conduct meetings
other is identifying what content is made in deliberate and formal fashion in
available (the what). Often, investment keeping with the culture of the family.
information is parsed into disclosure A predetermined meeting schedule
categories such as: a) high-level strategy (regardless of frequency) allows family
and performance only (much like one participants to hold concerns and
would find in a mutual fund prospectus), avoids ad-hoc queries directed to staff.
b.) position-level performance, and c)
position level including risk mitigation, By introducing the family to the
leverage, cash flow/j-curve strategies. investment process and decision-making
practices, family office staff can educate
Need-to-know is paramount when members and work toward succession
parsing which has access to family plans based on a common framework.
information, with, for example, principals Be careful to separate meetings (and
having access to all sub-portfolio participants) that are intended to make
information, while an adult family decisions from those that are intended to
member may see only his/her trust. inform simply. Reinforce need-to-know
to foster respect and the confidentiality
Delineate which groups or individuals will of individual family members, who may
receive specific reports and participate have divergent interests and need for
in investment meetings. For example, confidentiality.
some will be informed as a courtesy via Communication with External Advisors
an annual or periodic family meeting,
while others (spouses, adult children) The notion of family office staff
will require a strategy that fosters their functioning as gate keepers is on the
support and understanding consistent decline. To the extent the principal or
with the wishes of the principal family members desire contact with
outside advisors, such interaction can
However, information in the absence of buttress the work of the investment team.
comprehension is of little value, and a
solid investment communication strategy One model that is increasingly used
must include a candid assessment of is the periodic or annual portfolio
73
review involving the principal/family, family offices that you might emulate
external advisors and managers, and or adapt. If problems presently exist,
the investment staff who moderate the consider bringing in external consultants
meeting. Often, these meetings focus who might facilitate the formulation
on three key areas: a discussion of of strategies and overcome existing
macro-economic and market conditions communication obstacles. CIOs and
and forecasts, a review of the asset investment teams are well served
allocation, performance and risk profile by focusing on communication as an
of the portfolio, and an assessment of the essential element of their investment
positioning of the portfolio on a going process.
forward basis about the broader market
outlook. Some families will use this as Stephen Campbell is Chairman of the
an opportunity to educate members North America Family Office Group for Citi
by taking a deep dive into one or more Private Bank. In this capacity, he advises
managers investment thesis, strategy affluent families around the world on
and performance. family office, and investment practices.
He is the author of numerous publications
Regardless of the form of such meetings, on family office investing, family office
they can serve a valuable purpose best practices, and the characteristics of
regarding expanding the views of staff successful multi-generational families.
and family members, challenging core Stephen co-founded and chairs the
assumptions, or validating the strategies Citi Private Bank, Global Family Office
in place. Investment staff may resist Leadership Program.
the notion of such meetings, fearing to
appear uninformed or vulnerable. Careful Prior to joining Citi Private Bank, Stephen
selection of the external participants was Chief Investment Officer of a major
and advance preparation will help allay Seattle-based family office where he
such concerns. Similarly, negotiating managed multi-asset portfolios, and
the purpose, intent and potential risk led venture capital investments. He
(confidentiality) of such meetings with was previously CEO of two financial
the principal or family in advance is technology firms, and has served on
critical. Consider beginning with a the boards of several privately held
modest meeting during which a single companies. Stephen began his career
asset manager comes prepared to discuss with Fidelity investments where he was
their fund. head of International Technology based
in London, as well as head of Technical
In conclusion, a thoughtful approach to and Quantitative Research for Fidelity
communication along these and other Management & Research Company.
dimensions can serve a variety of interests.
It can help avoid misunderstandings, He may be reached at Stephen.
foster trust, develop a common language, Campbell@citi.com
and improve efficiency and investment
outcomes. Look for models in other
74
ARTPOPCLASSIC
ESTHETIC UPRISING Marco Battaglini
Without a doubt, the work of Marco proximity with the multidimensionality
Battaglini (Verona, Italy, 1969) echoes of being; his purpose has been to expose
the anxiety inherent in Western society the contradictions intrinsic to human
during the 21st century. This artists existence while demonstrating the power
work confronts us with an esthetic shock, of imagination through his view of the
a style charged with eclecticism and a reality that surrounds us a reality that
touch of humour that brings a smile to the sometimes insists on playing tricks on
spectators face while begging questions our perceptions. This is an artist that
about the dogma that underlies current devotes special attention to the notions
artistic and social scenes. of time and space, viewing them as
Throughout his artistic career, Battaglini fictitious entities and showing us that
has maintained a complex working their worth and weight in our daily lives
concept of reality, approaching it from are quite relative. This modus operandi
its basis in perception and coming into of snatching reality away and giving it
75
FAMILY OFFICE ELITE
characteristic of Battaglinis work,
specifically the inclusion of elements
drawn from classic art alongside
elements drawn from Pop art -
an inter-textual puzzle rich with
references. Here we see classic works
of art transported to the present day,
re-contextualized in a contemporary
artistic and social setting where new
messages are sent that require the
cooperation of the receiver. This
fusion offers us a clear view of the
artists inclination toward exposing
the intrinsic contradictions of the
human condition, drawing inferences
from the contrasts that result from
the juxtaposition of essentially
antagonistic artistic styles: the
back to us in the form of art gives us the

opportunity to see reality from another
perspective. Battaglinis insistence on
laying bare the inherent relativity of our
lives is a fundamental characteristic of the
work featured in this publication; these
compositions capture the very essence
of an artist whose desire to shatter the
conventions of perceivable reality seems
linked to a passion for art and his interest
in diverse genres. In this fashion, the artist
projects a personal universe capable of
submerging us in reflection on diverse
issues, ranging from the concept of artistic
expression to the notion of individual
human existence.
ARTPOPCLASSIC captures the main
76
traditional current, with its general we are to discover a motive for criticism
connotation of elitist superiority, merged and reflection, not in the images, but
with an art that emphasizes the popular in ourselves. Battaglinis fascination
culture of the masses, converging in an with art and artists, artistic movements,
attempt to subvert and relativize the techniques and concepts has led him
value we attribute to Art with a capital to develop a keen ability to conceive of
A. Battaglini revitalises the subversive the coexistence of diverse artistic styles
qualities of Pop art itself by placing and realities in a single composition.
the elements of that tendency in a His work reflects the artistic influences
contemporary setting. The confrontation that he has received throughout his life.
that Pop elicited in its moment by inserting Having entered art school, he studied the
mundane elements into the sphere of art traditional canon, repeating and copying
has ceased to be what we would deem traditional referents for years, until this
subversive, immersed as we are now in process was completed with the study
a context where mass culture has clearly of art history, where the artist acquired
achieved the status of phenomenon a particular interest in the avant-
a condition from which there is no garde movements of the 20th century,
turning back. From this perspective, the especially surrealism. This interest is
work of Battaglini represents a fusion of now reflected in his art, primarily the
classical art with Pop art the latter with way in which, as Breton would say in the
its connotations and converts both to Second Surrealist Manifesto, the past and
fragments of a new esthetic that are, in the future cease to contradict each other;
some way, a reflection of the eclecticism they form parts of the same scene and
and the fragmentation that are hallmarks come together to show us reality from a
of post-modernism. more distant viewpoint. Yet Battaglinis
is nevertheless a post-modern take on
This conversion is emphasised by the surrealism, as evidenced by the manner
technique used by the artist, taking full in which he juxtaposes diverse elements
advantage of the technical possibilities of in order to achieve a unified whole. We
expression that we enjoy today; he starts might indeed use the term pastiche,
with a digital image that is transferred to considered by Frederic Jameson to be
canvas using high-quality inks, generally a sign of a post-modernism that has set
followed by airbrushing and acrylics. At aside parody. While Battaglinis work
this point, we are no longer confronting is not a parody, neither does it offer the
Art with its capital letter, given that neutrality of pastiche. It is tied to irony,
even these transformative relationships given that the artist does not try to
between diverse types of art are accepted imitate other styles, but instead seeks
within the new cannon of artistic to appropriate them, incorporating them
expression. Rather this is an esthetic into his work to start a dialogue that has
proposal that transcends simple diatribe, the potential to push us into a critical
entirely linked to the new media for artistic posture inspired by a relationship with
expression; this work requires certain current societys values and not by a
spectator background if the symbols and contrast of styles.
references are to be appreciated and if While far from parody, this latent irony is
77
semantic shock that implies a series of
contrasts and leads us to become aware
of the diverse contexts presented by the
artist.
Battaglini offers a holistic view of his

work, a pictorial unit in which diverse
strands are intertwined and transformed
to produce a new and significant universe
where the spectator is responsible for
the resolution of the semantic puzzle
laid out before us. Both the capacity for
polysemy possessed by painting and the
multiplicity that Umberto Eco attributes
to art both become manifest; works of art
become a mode of communication that
evident in much of Battaglinis work, which opens the way to diverse possibilities,
is occasionally tinged with a humour to vast and significant spaces waiting
born of the contrasts that the spectator to be observed from multiple points of
uncovers and may indeed find humorous. view. As Battaglini himself maintains, his
Still, this is a sense of humor that almost work thrives on the overlay of divergent
always carries hidden messages, not realities - whether temporal, spatial or
decipherable at first glance, moving us to cultural and the coexistence of extreme
that imprecise border between irony and opposites, such as elegance and vulgarity,
humour. wealthy and poverty, the esthetic and
the anti-esthetic, all with the objective
As Schopenhauer declared, when serious of generating an ambiguous dialogue
issues are hidden behind jokes, there that requires the spectator to initiate a
irony is born. And Battaglinis work is personal process of reflection, something
always ready with an ironic slap in the that is not always so easy or comfortable
face that may surprise us if we are initially to do.
satisfied with a simple recognition of the
classic painting that he has appropriated; This is an artist that is fascinated with
his play with references reaches beyond a deeper analysis of the multiplicity
what might be read on the surface. In this of human existence and the multi-
re-contextualization, classic paintings are dimensionality of life, an artist who
combined with elements of pop culture investigates the inherent relatively
and urban art. Each of Battaglinis works of prejudices, recognising that they
offers a series of details that allow the depend on their own temporal, spatial
spectator to gradually discover new and cultural contexts. In the artists
meanings with a careful reading and a own words, I am shocked how a single
reflection on the dissolution by art of generational change (or a simple decision
the barriers of time and space. In this to live in another part of the world) can
manner, we experience a cultural and lead people to see things so differently,
78
without any objective basis; hidden in not just to consumption of products, but
our own contextual bubbles, we make also of the images, icons, and symbols
decisions without looking outward to that make up the fabric of our culture, our
the unlimited currents of imagination collective imagination, and our lives. With
and human potential. In this new age, this, Battaglini indicts the information
with the evolution of knowledge and glut that is a direct result of this new
the elimination of barriers by new era of communication; many debates
information media, I would like to invite have already raged over the influence
the spectator to see things from another that this overload of information may
point of view more open, from above have on our cognitive capacity. In this
the trees I would like to demonstrate way, he generates dialogue that calls
the relativity of everything, change into question the border between the
paradigms, make people understand the apparent and the real while evoking
power of imagination and force them to a series of contrasting emotions and
see things with a different focus. forcing us into readings of his work from
perspective frequently guided by irony.
Battaglini shows a particular interest in According to the artist, irony is the
knocking down the walls of the given, a weapon of choice if you cant or dont
necessity to glorify subjectivity and carry want to attack a more powerful enemy
the spectator to a place that is beyond In this case, human prejudices.
the apparent, aspects that make fill his
work with connections and allusions that This is, without a doubt, an artist who
allow us to explore with a questioning walks a tightrope in todays world and has
mindset. In this way, through the dialogue no qualms about calling out an incoherent
that opens with the confrontation/ fusion society that sometimes appears to
of diverse eras and elements, the artist be operating in a parallel dimension,
seeks to renew the focus of the spectator recklessly churning out a quantity of
while highlighting the questions of the information that is impossible for anyone
day, linked to information overload to process As a result, our proximity with
and the culture of consumption. Upon our environment appears to blind us;
reflection of Battaglinis work, we observe we are not sufficiently conscious of how
that his paintings offer some different our behavior might affect the planet and
readings, due to the variety of references other people. In addition to delivering
contained therein. The artist achieves this message pictorially, Battaglini
this not only by transporting classic works also addresses the spectator through
to the present day, but also by combining words, text elements that are entirely
them with graffiti, symbols related to compatible with painting, and can in
Western culture, and elements of pop art, fact enrich the message of an image,
creating a harmonic mix that forces us to amplifying its polysemic potential. In
reconsider corresponding values and the Battaglinis work, we can often encounter
reality in which we live. internal written motifs, as well as the
titles of the paintings, such as Its like a
He lays bare the influence of consumerism jungle sometimes and Gentlemen prefer
on our way of living and thinking, referring blondes that, with their references from
79
other media, such as literature or music, glance on the part of his audience. The
force us to reinterpret the originals and artist, in turn, uses his work to highlight
expand our perspectives. This is one the capacity of painting to serve as a
of the ways in which the artist tries to form of subversive expression that,
capture the attention of the spectator far from trying to answer societys
while repeating his position that all problems, is capable of serving as a form
thinking is relative. of interrogation. His work frequently
shows that art can be a double-edged
Battaglini sees art as an extraordinary sword where esthetics becomes open
human capacity that holds the unlimited and critical, prepared to attack the
power to transform preconceived ideas. most deeply-rooted conventions of our
He understands art to be a mode of collective imagination.
expression that leads to reflection and has
the power to open the eyes of the world One could say that encounter is the
and stimulate thought and imagination. concept that best defines what it is that
As a result, Battaglinis work is based on happens in the works of Marco Battaglini:
his belief that art is an elevated form of an encounter between diverse eras
communication, frequently loaded with and places, pictorial styles and artistic
a significant emotional component and conventions, ideas and concepts. These
able to influence our surroundings. He are encounters that are simultaneously
affirms that if art is idea, as proposed semantic shocks and formal
by Duchamp, then the power to sow a conversations; they go beyond simple
new idea in the mind of the spectator, pictorial interplay and can generate
a different point of view, can create an conflicts in which the spectator is invited
infinite spectrum of possibilities. But to reflect and reconsider perspectives
Battaglini approaches this like a game, on the main questions of the day. In a
without imposed self-importance, free of word, these encounters are clearly acts of
messianic pretentions. defiance against our cultural hierarchies.
Here the spectator can find shattered In art, there are sterile, defenceless
socio-culture paradigms and a gap in encounters that do not manage to escape
space and time that is simultaneously their disinterested insignificance, and
ideological, one that creates multiple there are others that, on the contrary,
significant possibilities, all proposed in trigger unexpected consequences, chain
a style that coincides with post-modern reactions, intellectual firestorms. It goes
setbacks. All of the references that we without saying which type of encounter is
find in Battaglinis work are inspired by provoked by Battaglini and his references,
the orgy of cultural consumption that or how the diverse elements he unites
has consumed art in its role as part of on canvas spark dialogues after our
mass culture, proof that, while the artist encounters, igniting cognitive bursts that
may be trying to free us of conventions, surround us with the relativity inherent in
judgments, and prejudices, he is doing so each of our thoughts.
from an evidently humorous perspective,
always capable of provoking an ironic
80
ammado
DONATING PLATFORM By Jack Horgan-Jones
Imagine you could harness all those hours younger
people spend plugged into their mobile devices for
something productive - and not just productive, but
good. Something that will help millions of people
around the world lifts themselves out of hunger,
poverty or marginalisation - and will help younger
people learn more about the world around them at
the same time. It might sound impossible, but thats
the task Peter Conlon has set for himself.
Conlon, a serial entrepreneur, has made a career

doing deals worth hundreds of millions of dollars
with the likes of HP, Intel, Samsung, Yamaha,
Bloomberg, KPMG, Siemens and many, many more.
But now hes heading up Ammando, a global online
donation platform designed to marshall millions
of dollars directly from consumers to charitable
organisations.
Now hes asking why it should just be the adults that

take part - and thats the governing idea behind his
new product, the Philanthropy Academy.
We were thinking: how can we use this global Peter Conlon

technology to engage and enrich the next CEO, ammado AG
generation. And we came up with the idea of the charity to back, and can split the pot determined by
Philanthropy Academy. the donor three, or two, different ways if they wish.
Like all the best idea, it is simple at its core. Using The charities win out, but thats not where it ends,
the Ammado platform, users can send a weekly according to Conlon. The children themselves are
amount to their children or grandchildren to donate also embarking on a journey of discovery about the
To help the youngsters inform their decision, they world in which they live, the fate of some of those
are sent three short videos about a charitable sector they share it with, and how through simple actions,
in focus every week. they can help people who are very culturally or
geographically remote from them.
As you look at what is happening in the youth
market, they basically live on mobile devices. Their It creates a virtuous cycle. From one act of giving,
attention span and where they consumer media has many people benefit, Conlon explains: When you
changed dramatically. Using the platform, the young give you feel good. In this situation, lets say the
people watch three thirty-second videos about parents give the gift card, they feel good. Then the
three different charities. Then, they decide which person redeeming the gift cards on a weekly basis,
81
FAMILY OFFICE ELITE
they feel good. And then, of course, theres the social networks, taking advantage of the massive
social impact. influence of virality in digital media.
The bespoke technology is built on Ammados It allows you to promote the video of the non-
unique global platform, which facilitates donations profits to whom you gave. Theres a big viral aspect
in dozens of currencies and across all major to it, and well use some of our core technology to
business languages. Overall, the company is already embed a donation feature in it. So, if a young person
facilitating donations to 1.6 million nonprofits promotes a video of the Red Cross on Facebook, any
in 190 countries. The platform is designed to be one of their friends can watch the video and make a
nimble, and responsive to world events, according donation to the Red Cross, he said.
to Conlon.
Already, leading NGOs are signing up to use the
If theres an international disaster, we may platform. It looks like, thanks to platforms like
have scheduled an animal rights charity; we can the Philanthropy Academy, time spent wasted on
swap that out for humanitarian relief. Its also screens might end up being just the opposite.
designed to spread quickly and efficiently around www.ammado.com
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82
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84
BREXIT LIGHT
A health conscious approach to exiting the EU
maintains a property price check that overseas
buyers can find appealing in Prime Central
London.
In his June market update, Charles Curran

Principal and Data Analyst at Maskells
predicted that following the referendum
result to leave the European Union, buyers
would have a four-month window of buying
opportunity in Prime Central London.
This view was very much centred on the Charles Curran
uncompromising rhetoric coming from Maskells
the EU Commission and various European
leaders, making noises that should we data they have used is flawed. Until the
vote to leave, Britain would find itself in a next tranche of relevant official data
significantly less favourable position. for June sales is released three months
down the line, no one can claim that the
Since then European discourse has market has fallen.
continued to settle - quite dramatically in
the last few weeks. The new appointment As we enter a period of uncertainty,
of Theresa May as Prime Minister has some things are certain. Namely,
resulted in the tone indicating that any that consumer prices will rise, and EU
shift in agreeing on terms with Europe will white goods manufacturers are already
lead us to a Brexit Light version rather increasing their prices.
than a full fat Brexit.
The economy is already beginning
Charles Curran believes that the window to show weakness evidenced by the
of opportunity remains because Brexit purchasing managers index falling
Light is going to take time and as a result to 47.7 in July (any reading below 50
uncertainty will continue keeping property constitutes a contraction). Right now,
prices across Prime Central London in the UK PLC is looking cheap Liberty
check. The next official set of property Global is eyeing Vodafone, now 10%
trading figures from June sales takes cheaper against the dollar. Recently
three months to be released until then no ARM Holdings was sold to Japans
one can validate how the PCL market has Softbank in a deal aided by a drop in
been affected. Societe Generales report sterling. Under the new Chancellor,
that London could see a 40-50 per cent our twin deficits and net sector public
reduction in prices is rubbish because the debt balances are likely to increase.
85
Indicators of confidence such as the FTSE Chelsea and South Kensington and only a
100 (up 1.42% year on year) is largely slight reduction in prices of no more than
due to the market recognition of the 2%. We are quietly marketing several
constituent companies foreign currency family houses in Chelsea priced between
earnings versus the FTSE 250 (down 3.7m and 8m, which are attractive
3.6% year on year), which has a greater to families who have chosen to delay
domestic focus. moving for the last couple of years. One
point to remember is that over 50% of
On the back of this expected uncertainty, our business is conducted off-market.
pundits have been muttering that the This is equally true of many established
incoming Chancellor needs to produce a and respected agents in PCL, who have
package of fiscal measures to stimulate cultivated a serious black book of buying
the economy. contacts over the years.
Tax cuts may help underpin the economy We have noticed that it is vendors who
and strengthen sterling to avoid potential are providing a pricing floor to this
future inflation-targeted interest rate current market. Low bids that represent
increases. High UK household levels of anything less than 5-7 per cent below
debt 132% debt to income (as of April current asking price are being rejected.
2016) according to the Bank of Englands It is wrong to think that what is available
financial stability report, must have been constitutes a fire sale; many prices have
on the Governors mind when he reduced already been reduced over the past few
the interest rate by a further 0.25% in months.
August. It would also be reasonable to
assume that tax cuts in corporation tax Rental stock levels continue to remain
and VAT may be announced in the Autumn high around 40 percent higher year on
Statement to help further stimulate the year. Price bands from 700 to 2000
economy. per week are experiencing an increase in
demand, along with a rise in the volume
As far as prime property prices in PCL are of US tenants coming to work in London.
concerned, pricing volatility comes from
uncertainty. If confidence and a feel For landlords who have not yet reassessed
good factor return, it will do so as a result their rental expectation over the last
of the stimulus mentioned. This offers two months, it is now critical that they
buyers a window until the autumn to consider this carefully against the context
benefit from the current uncertainty. of oversupply in the marketplace and the
cost to them of prolonged void periods.
Here at Maskells, we have already For prospective tenants, the most stock
experienced interest and taken enquiries currently available will have been priced
from euro and dollar denominated buyers according to demand and already reduced
who are starting to transact. We have in price. Offers below 10% of the rental
had steady interest and transactions up asking price are likely to be rejected.
to 2m from overseas buyers for one and
two bedroom flats in prime areas, mainly www.maskells.co.uk
86
WALPOLE LUXURY SUMMIT
THE AMERICAS 2016
Report sponsored by Hedleys Fine Art Logistics
A McKinsey study launched in March

of this year predicts an opportunity
for British luxury brands in America.
McKinsey reports that the number of
millionaires in the US is greater than
anywhere in the world and is likely to
grow by 83%. It is against the setting
of this strong market potential that
Walpole, an organisation representing
170 of Britains leading names, launched
this years conference exploring be approaching that market. Dibble
the nature and potential for British recapped the history of a mature
and strong commercial relationship
excellence in the Americas.
between the US and the UK with Britain
Charlotte Keesing, Walpole Director of as the bedrock of US trade. The UK is
Public Affairs, presented the opening Americas biggest trading partner in
remarks at the 2016 Walpole British Luxury services (and seventh in goods) with
summit following an introduction from imports to the UK of US$ 65B. 7,500
CEO Michelle Emmerson and Louise Nash US firms operate physically in the UK
of Covington, the Law firm sponsoring the employing 1.2m Americans. On the
event. Seasoned consultants and brand reverse side, British exports to the US
gurus from Mulberry, Clive Christian, are nearly on a par, currently, at US$
Charlotte Olympia and jeweller Steven 55B and the American government
Webster shared their secrets in conquering says it is committed to continuing to
the American market. Just two days into work with Britain to ensure economic
the news of Brexit, three specialists prosperity in light of Brexit.
in government, banking and research
delivered various insights into economic Brexit was set against a historical
relations and the status of the US economy. landscape by Anthony Collard of JP
Morgan who demonstrated how the
US Economy UK underperformed compared to
Elizabeth Dibble, Deputy Chief of Mission, continental Europe before joining the
US Embassy says business is picking EU. Once in the EU however, the UK
up speed and that this a great time to outperformed its partners continuously
87
for 40 years. The challenge then is to is a cue for luxury goods and associate
prevent a post-Brexit decline and this JP luxury with good taste and professional
Morgan predicts could be around 1% by achievement; this in turn, breeds self-
the end of 2017. confidence and fitting in. Millennials
cherish core values, ephemerality and
Regardless of-of the overall state of any experience and tend to have their first
economy, the luxury sector will always luxury experience in their 20s, at an
have its characteristics. Low borrowing earlier age than previous generations.
rates have encouraged investment in
the West especially from the top five Winston Chesterfield of Wealth-X a
percent of the population. The luxury specialist source of data on the ultra-rich
market is valued at over 1T of which argued that luxury means a very different
250B is in personal luxury goods. The thing to the American today. The previous
percentage of rich individuals is rising sentiment of showing off personal wealth
to the extent that the American luxury has quietened down. The original brash
goods market is now bigger than China, taste requires a recalibration of the brand
France, Italy and Japan combined. The US approach to more subtlety. Brands that
economy has an unprecedented low rate have ignored the American market in the
of unemployment. Despite this positivity gold rush for Asia need to show American
and underlying strong economy, US buyers true value and relevance.
business is sceptical about the future,
demonstrated by static wages; for the first The concept of value has shifted in that
time in history, low unemployment is not brands such as Zara have decimated the
met by rising salaries. luxury market with disposable fashion
- the buy now and throw out tomorrow
The third perspective on the US economy, trend requires marketers to reinforce
delivered by You.Govs Cara David, the longer term investment value of the
suggested a conservative outlook. A product.
study on the US affluent population
conducted with 290 brands earlier this Another trend is the increasing role of
year confirmed that the wealthy, although influencers across social media in a world
better off, think the US is heading for a where, for instance, fashion models now
recession and is curbing spending. have more influence than the brands
themselves. Model Kylie Jenner has
Observations on the US Luxury Market launched a cosmetics business entirely
Following these individual perspectives through Snapchat exemplifying social
on the economy, the panel developed the medias value as a conduit for sales as
concept of perception of luxury. well as the underlying power of celebrity
to drive revenue.
Older generations look for quality and
traditionally perceive luxury spending as Another insight proposed is that prestige
an indulgence associated with success and is more than pure ownership. The
elegance. Millennials think that high price experience of consuming luxury, say,
88
presenting a partner with an engagement like to meet the artist behind the brand,
ring on a yacht, not only about the Webster created a series of themed
enjoyment of the product, it is about experience events across the country
communicating the moment and the which he attended often taking them to
story to others. In the US especially, a new level by creating a cabaret, theatre
luxury selling requires a deep level of or a restaurant in store. In an interview
service. The consumer wants a one-one with Charlotte Keesing, luxury marketer
relationship with the brand, and we are Marigay McKee confirmed that new
continually re-defining what the luxury experiential sales models are required
is: Yachting is attractive, not just from the in bricks and mortar retail. McKee
viewpoint of owning a yacht, but because elaborated on what she describes as the
it means no compromises. A yacht owner Three Os, the challenges department
can move freely with everything including stores face: Online, off-price and outlets.
helicopters and a car. This has produced Interestingly, regardless of location,
new growth areas of yachting for luxury the outlet business far exceeds the
vendors such as private cinemas, the latest online business. Change always brings
toys, high octane fun and conveniences. about prospects and retailers should
Yacht owners have the ultimate luxury grasp the opportunity to build direct
self-sufficiency anywhere in the world. relationships, creatively, through social
Blatant hedonism certainly, yet the panel media platforms. The powerful position
commented that there is a true concern department stores once held is gone
with making a contribution to society; in and nowadays they have to fight hard
small ways such as dealing responsibly for foot fall by turning the store visit into
with the waste matter on the yacht to something special, a home environment
environmental issues and from the larger for instance, which creates a sense of
perspective of philanthropy. theatre, developing edits of certain
brands or offering in-store hospitality to
US Department stores and Luxury gain an edge.
The wealthy consumer tends to be urban
based, so physical shopping is still more Being British in America
important than shopping online. Brands While McKee explained the importance
wishing to penetrate the US market need of creating a difference, retail consultant
to understand localised retailing and and ex-Christies CEO, Stephen Murphy
particularly the traditional department said that being a British brand in America
stores. Steven Webster, a London-born carries weight; Americans love all things
jewellery designer, revealed how he English from the accent to the goods.
embraced novelty in selling his edgy Murphy emphasised the need to do
design through Niemann Marcus stores. sound research from the geography and
Webster broke into the US market with a regional opportunities to grasping the
new business model whereby he took an sentiment of the audience. Different
advance on stock. He soon realised that cities exhibit nuances in the range of
good service is primary and this requires service and language. Emotion rules
a local base along with a personal and emotionally connected customers
element. Understanding that buyers are 52% more valuable than just highly
89
satisfied ones. Britishness resonates. Use now blurred. Friendships with clients
that Britishness. Select key features and on Facebook and Instagram is now more
tailor the narrative to those audiences. So common than in the UK. The culture of
what do American audiences understand Amazon expects that quality is high and
by British? James Bond and Hugh Grant delivery is instantaneous.
are seen as figureheads of British luxury.
The codes are masculine, and it is hard Haute couture shoe designer Charlotte
to establish a feminine idea of British Olympia learned how important it is to
luxury. Magazine editors can help to set open a showroom in New York, to have the
the tone, and if the product is great, they right pricing, good PR, a strong presence
will spread the word and then bring in the and to deliver on time. Charlotte manages
influential people. her own Instagram account, and this
makes the brand authentic. Authenticity
Succeeding in US Luxury is vital in a country where integrity in the
Allyson Stewart-Allen of International product is key. Added to this, the company
Marketing Partners moderated a panel, realised that relevant collaborations
the consensus of which was: If you are are important; by partnering with other
better than others in the US you win. luxury brands to speed up the costly
By being quick, innovative and better process of customer acquisition.
any brand will outperform the others
in the market, but British brands must Latin America
communicate in numbers and quantify This was a conference on The Americas
their business plans. American business and Walpole included a session on Latin
culture is like Germany in that it America, seemingly a long term prospect.
appreciates consistency, yet Americans Mexico is deemed to be the biggest market
dont discuss complexity which equates financially , but Brazil the most important
to time and money lost. Make it easy for future potential. British retailers
to do business with the Americans and Burberry and Land Rover already have a
always be reachable. Anne-Marie strong presence in Brazil which has 5-10
Verdin of Mulberry explained how the important cities and significant growth in
company took Britishness to LA by being millionaires. Despite this, it is politically
different, for instance with barefoot pool and fiscally extremely complex. Market
parties. She believes that the West Coast penetration is slow, unpredictable and
is more open to Britishness and in turn, bureaucratic. State of the art hospitality
will bear influence on New York, so is an is vital as is the use of the Portuguese
easier entry point. Medium sized brands language, good service, good distribution
find it hard work to break America and and endless patience.
must adopt stealth marketing such as
using personal relationships to seek For Brazilians wearing and owning
out support and success when punching symbols of success are meaningful.
above your weight. Understanding the Alongside this, they also value tradition,
subtlety of language difference is vital quality, the arts, nature and their roots.
as is a personal presentation. Formality The arts are growing phenomenally, and
in dress at work and in relationships is tourism is an important market. There
90
was only cursory mention of other South deemed trustworthy and perceived to
American markets, and it seems that be the key to helping us navigate the
serious luxury penetration for foreign future. This runs deeper to the need to
business is some way off. know the construct of a product, origins
of ingredients and the integrity of the
The shopping Landscape of the Future purveyor. As much as technology is quick,
Trevor Hardy, CEO of the Future convenient and accessible, we are now
Laboratory communicated new shopping less surprised and delighted by what we
trends online and offline. Concept stores find online. Today, internauts are served
such as Sephora are becoming common. data based on preference algorithms so
Consumers dont pick and pay; they that nothing new is discovered. Enter
rather browse using a digital interface another trend, sensory searches such
to order products collected from the as Predominantly enabling consumers
counter or delivered. Phygital this form to find music searching by unorthodox
of blending of physical and digital can means like a pink or purple album cover
represent an immersive and powerful rather than musical genre.
shopping experience, one we will see
more of. Artificial Intelligence will be Bio analytics is another consumer chasing
used increasingly as the much-needed technology to watch out for. Originally
driver for productivity growth in the used to monitor audience engagement,
Americas. Google is evolving from an the future offers shopping options based
information engine to becoming your on the browsers mood.
personal assistant using soft forms of
AI to harness calendars and personal In conclusion, the key takeaways from
history and Northface offers very tangible this years summit of experts are that
personal assistance through its apps North America must be retargeted as
using AI. There is the need to exploit a destination for luxury brands. The
the growing proximity shopping trend market is strong and sophisticated, the
so that the consumer can learn about HNW bracket is growing, regional cities
what is going on in any location at any offer opportunities and the market is
time. We are increasingly interested ripe for creative opportunity and careful
in what is around us here and now and individual nurturing.
this demands a powerful use of data
to identify when customers are near a Luxury marketers must be alert to the
store. No conference is spared new buzz different purchasing values of Millennials
words and Hardy suggests many of us and not forget that the Baby Boomers
have reached a state of Stuffocation. are still a significant market in short to
Tired of buying stuff we are turned off medium term. They must take account
by mass consumption and increasingly of current and future trends. Above all
seek out special experiences rather than British companies must stay true to
more products. Alongside this is an ennui their prestige value offer and nurture
of hackneyed authenticity in that words advocates who can communicate well,
like organic and hipster are both out inspiring others to follow suit.
and inauthentic. Scientists are however
91
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CITY SOCIAL
When Jason Atherton decided to he has concentrated his efforts on a

establish another London restaurant on short list of spirit-based wonders that
the 24th floor in Tower 42, I wonder if are faultless. My Vermouth, you cant
hed looked at the end of the buildings handle vermouth was delicious served
postcode? 1HQ is quite a statement, with one giant ice cube to keep the
although Pollen Street Social is his temperature constant without diluting
London flagship I wonder if his loyalties the flavour. This is my sort of cocktail bar.
might sway. I wouldnt blame him at all Its pumping soundtrack from The Great
as City Social is fabulous in every way. Gatsby set just the right tone. I would
happily have sat there for a few hours.
The restaurant is reached via its lift just to
the right of the main entrance. At once, But fortunately, a booth with a spectacular
you feel something special. I remember view had my name on it. Being 24 stories
a similar feeling going up the dedicated high has a hypnotic effect on the diner.
lift at The Eifel Tower to The Joules Verne It all seems rather unreal and almost
restaurant. It says something about you hallucinogenic. The service here and
and the destination. The whole 24th in the bar is impeccable. Jason has an
floor is your playground. eye for detail at every level. The food is
a move away from tasting menus and
The first part of the evening was spent in is more traditional. There are sections
the rip-roaringly cool bar. This is party named cooked and uncooked starters,
central think prohibition era speakeasy rice and pasta, mains and grill. So its all
with a cocktail list to die for. Created by very straightforward with a simple line
award-winning mixologist Gareth Evans, describing each dish. M chose yellowfin
93
TOWER 42, OLD BROAD ST, LONDON
tuna tataki with a cucumber salad, radish,

avocado and ponzu dressing. Apart from PIGS TROTTER
being exquisite to look at it tasted so fresh
and vibrant. The head chef Paul Walsh
has a fine, light touch. He has worked in
Michelin starred restaurants including
a five-year stint at Gordon Ramsays
Royal Hospital Road. My pigs trotter
and ham hock with crispy Mrs Browns
black pudding apple and Madeira was a
rare treat. I dont know who Mrs Brown
is but the crispy pig, apple and Madeira
bringing it all together brilliantly offset
the square baton of hot black pudding
that she had made. An excellent start to RUM BABA
what was going to be a first rate meal.
It is almost a distraction having to eat the

wonderful food but still give respect to
the surroundings and view, The Gherkin,
The Cheese Grater seem so appropriate in
giant form at eye level. The low lighting
(but your food is perfectly illuminated)
and gentle music (different playlist from
94
the bar) are just to soften you up for the I decided to opt for some cheeses before
view. While it was impressive when we desserts. The trolley came round, I
arrived by the time the sun goes down counted 22 and chose five. All kept in
it is something spectacular. London is perfect condition they were explained by
so pretty as the lights come on one by their guardian who carefully placed them
one and car rear lights burn their red like precious jewels on a plate. The goats
departure. Domino from Italy was good as was the
Flower Marie from Sussex. A careful
We had a little risotto that was heavenly selection and passionate staff will always
and creamy but still with a bite. Cps shine through.
with a crispy sweetbread and Madeira
glaze (they like Madeira here) was just I had been tipped off that the strawberry
right. My main was Lincolnshire rabbit souffl was very good (thank you A-M For
saddle, rabbit sausage, cassoulet with a your insider knowledge!) so we ordered
tarragon and hazelnut pesto. Adorned one and a rum baba with English summer
with carefully placed asparagus (last berries and strawberry sorbet. The sorbet
of the season) it looked as if this dish was the perfectly in formation. I have
had been on the menu for years but of never seen a flatter top it looked like it
course it hadnt, City Social has only just had come out of a machine room and had
opened. My cassoulet was served in a been sanded down it was so perfectly flat.
separate dish and was superb. It is this It tasted brilliantly rich and creamy with a
level of cooking that will; Im sure to gain gooey middle and piqued of strawberry.
City Social a star or two quite soon. M A creation any chef would give their right
chose Romney Marsh lamb with braised arm for. My rum baba was like a rocket
shoulder shepherds pie. This was two poised to lift off into my waiting mouth. It
dishes in one. Rack cooked to pink didnt last long and was soon just a happy
perfection lamb and a mini shepherds memory.
pie. M found the pie a touch too spicy but
I didnt and ate all she didnt want. If they As with The Pollen Street Social Jason
put that pie on as the main course in its Atherton has created the world where
right, I would order it. Delicious. luxury flows like a Swiss watch movement.
Timing is perfect at every level; the staff
London is a different city from above. The are delightful and all very well trained.
known definitions blur to be dominated Food and cooking are of the highest
by the neon and phosphorous glow. standard. The 20s speakeasy feel is an
Twinkling and smiling at you, the view is illicit treat. City Social is one big party as
mesmerising. As we waited for desserts, large or as small as you want it to be. F.
other diners would walk past taking in Scot Fitzgerald put it better in The Great
the view and stopping to take a picture Gatsby I like large parties. Theyre so
or two. It feels very communal up on the intimate. At small parties, there isnt any
24th floor. There are restaurants in high privacy.
buildings but as this occupies the whole
floor it does offer that matchless wrap www.citysociallondon.com
around view.
95
TINKER,TAILOR,
SOLDIER, BANKER?
CONFIDENTIALITY IN RECRUTIMENT
by Dudley Edmunds of CULLIFORD EDMUNDS ASSOCIATES LIMITED
I used to work for someone who described management world into that of the
his company as being a cross between the Family Office so why is it so different?
Mossad and the SAS. This didnt mean that The simple answer is that, by definition,
we were experts at covert surveillance the Family Office and its senior staff is
or kidnapping but that our research, much closer to the client than they
intelligence gathering and execution of would be in a wealth manager, much
business was top rate. closer to the real issues, much closer
to the secrets and much closer to the
The world of recruitment should always internal issues and problems that
be confidential, but this is especially the (most) families have.
case in the world of the Family Office
(FO). Regardless of whether it be a multi These issues can be dependent on the
or a single, secrecy reigns supreme at culture and/or ethnicity of the Family.
the top end. However, this puts many One of my clients made the point
Family Offices, especially singles, at a that while some nationalities may be
disadvantage and they have yet to realise relaxed about how much information
the potential open to them. is given, others (and particularly the
one he works with) can be much less
Like any other group of institutions, relaxed to the point of being paranoid.
there will be differences, sometimes Secrecy, Confidentiality and cloak and
considerable, in the way that the FO is dagger approach are the order of the
constructed and run. So, as always, take day!
what makes sense to you and leave the rest.
The market has evolved over the last few This can be a very good thing for the
years with many more true or quasi-family family, but it can cause issues when
offices being established and developed. recruiting senior executives. For
However, realisation about senior hires example, one family will not appoint a
and exactly who is really (or potentially) senior executive whose culture is the
available has, I believe, often been missed. same as their own as they see this as a
major issue. In another case, the exact
So, from a confidentiality perspective, opposite is true.
what makes the family office so different
from, for example, a private bank? All Some will only hire if the person has
employers want and deserve a degree existing FO experience while others
of confidentiality and there is a good feel that to hire from a rival FO
level of migration from the global wealth may compromise the integrity of
97
the appointment. All of this leads to a There is the good reason for senior hires
restricted pool of talent that, providing into Family Office to need special and very
the groundwork is done correctly, need careful consideration; one can almost
not be as restricted as it seems. The argue that it should have a clandestine
reluctance to poach from another FO is approach. The hire has to be as personal
interesting. Is it due to some unwritten but and as confidential as the workings of the
agreed gentlemens agreement or is it office and the family (especially when it is
fear of reprisal? Is it, as one senior banker a single Family Office).
suggested, more a fear that they may hire
a mole? Is the world of Family Office By recognising and acknowledging the
really into spies and financial sabotage? special requirements and then making sure
that the groundwork and preparations are
To me, the Family Office sector is not done properly the world of Family Office
realising its whole potential when it hires can open up while still retaining the
comes to making senior hires and is degrees of confidentiality and integrity
punching below its weight. Yes, there that are invariably needed and always
are more complicated issues of security desired. However, super spies need not
and understanding. Yes, there are more apply!
complicated issues of relationships Dudley Edmunds
between banker and client and employee dudley@searchint.co.uk
and employer, but these simply need CULLIFORD EDMUNDS ASSOCIATES LIMITED
addressing according to those issues. Tel: +44 (0) 1923 721214
www.culliford-edmunds.com
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estate. Typically a stable investment, estate. The operator should be local
commercial real estate has been the best and experienced to handle leasing and
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and most importantly transfer their wealth to on-going deal flow and the ability
to future generations and foundations. to identify opportunities is essential
Lately, in emerging markets within North when partnering with an operator.
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appreciation. hold, it is critical to find an operator
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How should a Family Office invest in established storage facilities in South-
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99
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THE IMPACT OF NEW TRENDS
ON TRANSPORTATION
The Mena ICT Forum team
The transportation sector is a major capacity of the roads. Currently, travel

component of the economy. The costs and traffic congestion is reduced
importance of this industry stems from by ridesharing innovations, in addition
the fact that it has a significant impact on to reducing consequent pollution,
the daily life activity of millions of people such applications include Uber or the
and workers. It also employs millions of more common one in Dubai, Careem.
employees and generates revenues. They are not only faster than public
The move towards digital economy is transportation but also can offer other car
evolving rapidly, and it is going to have entertainment features such as; wireless
an impact on the transportation industry internet. Another important issue that
more than in the past. It is not deniable has been tackled in recent research and
that the technological transformation will studies is the move towards driverless
have a significant impact on society and cars. Singapore took the lead in this and
economic growth. To reap the chances launched the worlds first self-driving
of the Fourth Industrial Revolution, civil taxis. It seems that Singapore believes in
society leaders, business people and the the importance of transformation towards
government must develop initiatives to be smart cities vision, to improve the quality
applied on one of the most vital sectors, of life. Researchers and studies show that
which is the transportation sector. Traffic more people are willing to take a ride in
jams have adverse effects on daily life a self-driving car, as humans will never
activities; there should be strategic plans have to touch a steering wheel. Delphi
to address these effects and solve them. Automotive, which is a global supplier of
There is an ultimate need for strategic vehicle technology, announced recently
plans for managing roads in the cities as that it plans to eliminate drivers as well
more people are moving to urban areas, as steering wheels and pedals by 2019.
and this continues to rise faster than the
103
A5_Boof_40.indd 1 2016.08.30. 11:52:41
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FAMILY OFFICE

FAMILY OFFICES- WEALTH - PHILANTHROPY - FINE ART - LUXURY - LIFESTYLE

FINE ART ROLLS ROYCE MANAGING

ING_PB_A4_EN_def.indd 1 21/05/14 13:57

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We have a portfolio of very Fine Art on sale

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