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W elcome to the August edition of Family Office Monthly. We hope you were able to join
us for CapitalCon 2017 in NYC, which proved to be yet another fun and insightful September 15th 2017
capital raising conference featuring some of the most successful fund marketers in the world.
The rest of the year's conferences will be focused on family office wealth management, deal Houston, TX
flow, and investments. If you plan on attending our upcoming conferences and we encourage
you to RSVP as a Charter Member in the new login platform at www.FamilyOffices.com www.FamilyOffices.com/Energy
We hope that you'll also join us for The Family Office Energy Summit in Houston on
September 15th. For our full list of this year's events, be sure to visit www.FamilyOffices.com. Deal Flow East
Beyond the conferences, we hope that you take advantage of our extensive family office
resources such as Family Office Monthly, database solutions, family office training programs, October 17th 2017
webinars, and more. If y ou would like to learn more about how we can work with you, your
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Guest Article: Paint & Carpet - The The Most Interesting Job in
Value Add Imposter Finance?
Family Office
One of the most frustrating parts of being a If you talk to many family office
value-add investor is how subjective the term professionals (and we do), they don't
Super Summit
value add has become. Eight years ago, I always strike you as the Dos Equis
walked into a bank with the goal of
negotiating to purchase...Page 2
pitchman, "the most interesting man in
the world." But many of these... Page 5 December 5-6th 2017
Podcast Episode: Why You Need a Family Office Exec Foresees
Miami, FL
Family Office Volatility Ahead www.FamilyOffices.com/Super
In the latest episode of The Family Office
Podcast, Richard C. Wilson discusses why you Stephen Diggle, the chief executive
should consider a family office and explores officer of Singapore-based family office Reserve your seat today:
the various advantages that families have Vulpes Investment Management, expects
www.FamilyOffices.com/Reserve
found in setting up their own family office... to see a big surge in market volatility. As
Page 4 he puts it, it's almost... Page 9
E-Mail: Clients@FamilyOffice.com (305) 503-9077
Source: https://www.financemagnates.com/forex/brokers/ironfx-announces-100m-investment-middle-eastern-family-office/
There is always a tension between the need to quickly implement, adopt and iterate,
and at the same time be patient. The most successful centimillionaires I work with
(the individuals who have raised billions of dollars) who run the fastest growing
private companies seem to all have that approach of focus, strategy, ducks in a row,
and ability to implement changes quickly. At the same time, these centimillionaires
have the patience for the results to come once they've chosen their position and not
care too much if that is short or mid-term since the end goal is worth so much to To download the first four
chapters of this book visit
achieve. http://CApitalRaising.com/
book and complete the simple
In contrast, many of the ones who never raise the capital, grow their family office download form to receive the
portfolio, or build their business past 7 figures seem fail to occupy valuable enough book.
turf, don't play a long enough business game, don't add value first, don't get their
Looking to meet family offices
operations or execution right (ducks in a row), or they are very impatient so if they
in person? The Family Office
don't get an ROI in the first few months they are out. Club hosts many live
conferences throughout the year
I think that the balance of knowing a niche is worth really owning (in part at least) in great locations like Manhattan,
regardless of how long it takes to do so is what ironically speeds up your efforts, Singapore, and Miami. Once a
credibility, and progress on doing so. Nobody wants to work with someone who is quarter, we host an exclusive
gathering for single family
in something for the short-term, and nobody will take you more seriously than you
offices and affluent families to
take yourself - that is why in the family office space you have to always be playing a meet, share experiences, and
long game. build relationships.
I see this topic as something not discussed nearly enough at most investment
events including our own, thank you for following our work.
We have many opportunities to work with family offices and learn how they build
long-term relationships through our upcoming conferences, such as September's
Family Office Energy Summit. Hope to see you there.
I hope you enjoyed hearing about the strategy I discussed in this video. I'm
always looking to learn new techniques and lessons from those who have had
a lot of success in their careers.
Richard C. Wilson
CEO & Founder
Qualified Family Office Professional (QFOP)
Family Office Club
(305) 503-9077
328 Crandon Blvd. Suite #223
Key Biscayne, Florida 33149 United States
http://FamilyOffices.com
Before I share some of the article, I wanted to hit on a few advantages to working at a family office.
First, you don't have the same level of stress that is typical of a hedge fund or investment banking
job. It's not an easy gig, but working at a family office is typically more relaxed and you generally
serve just a small cadre of clients (if not just one) and most executives decided to join the family
office because they liked the family or families that they serve.
Second, there isn't much selling involved. A big pressure and stress in finance is raising capital or
selling investments. Whether you're a broker selling stock or a CIO of a private equity fund, you're
always trying to find new investors. Family office executives usually have little pressure to raise
outside capital and that's a big stress off your back not having to do capital calls every quarter.
Finally, the last advantage I'll point out is that as a family office executive you can typically climb the
ladder quickly. At a big bureaucracy like a wire house or large private equity firm, you could spend
your whole career trying to reach the C-suite. At a family office, your work will be more easily
recognized and you might even see those efforts rewarded by the family or your immediate
superiors in a way that a larger firm would barely notice.
Its not M&A. Its not private equity. Nor is it hedge funds, nor systematic trading divisions in banks. If youre
looking for the most interesting, endlessly variable, exciting and glamorous job in finance, you probably want to work
for a family office.
So say those in the know. While family offices used to be turgid places busy with the preservation of ancient wealth or
strange places under the purlieu of Russian-style oligarchs, theyre now increasingly fun. With 10,000 single family
offices globally according to EY, there are still plenty managing old money, but there are also many managing the
money of young tech mega-millionaires. The most recent Cap Gemini World Wealth Report predicts that technology
firms (and finance) will be the biggest generators of high net worth individuals between now and 2025...
One former Goldman Sachs managing director who now works in the family office sector says it offers an unparalleled
breadth of opportunities: You can do public markets or private markets. You can hedge funds and real estate. You
can even do venture capital. Basically, anything.
Source: http://news.efinancialcareers.com/uk-en/292197/working-for-a-family-office
Their hubris was one of the reasons that I was unable to buy the
deal. Using arcane methodology and relying on traditional rehab
models, this banker could not have understood the current state
of the property. He did not appreciate what it would take to
rehab the property, which was borderline condemned. He
looked at me, not as someone who would save the property
(which I could), but as an ignorant underwriter.
Well yes, if all I was doing was putting lipstick on a pig, I, too,
would only invest $4,000 per unit into a property. What does
$4,000 get you? Some carpet? Some paint? Maybe some
cabinets countertops? That's about it, and it looks a lot like
lipstick to me.
The team at the Family Office Club has put together a powerful
combination of resources for professionals looking to raise capital from
institutional and family office investors. The Institutional Capital
Raising and Conference Package includes all of our investor databases,
as well as access to our quarterly family office networking summits,
educational webinars, and 5 professional designation programs offered
by the Finance Training Society.
BONUS: Two 12-Month VIP Passes to all our Family Office Summits (More information at http://Wilson-
Conferences.com) - $5,500 Bonus Value
BONUS: Masters Certificate in Finance & Investments Training Package (More information at http://Finan-
ceTraining.com/Masters) - $1,985 Bonus Value
Why do we do this? We WANT to be the highest priced property in every market. So many people in real
estate have a preference to be low-priced. Same with banks. They want to be the value priced property.
Well, do you want to pay for quality or not pay for quality? Renters want better, and they are willing to pay
for it. So we give them the better quality! Would you rather be 90% full with rents that are 20% above your
competitor, or would you rather be 98% full and have the same rents as your competitor? Its a no brainer!
The next time someone tells you they are value-add investors, ask them what level of value add they do. This
will reveal their true value add philosophy. Decide if their explanation of value add sounds like a clich
statement, as it has become.
We are proud of what we do as property rehabbers and turnaround specialists. We aim to ameliorate the
damage done by the so-called value-add investors who cut corners by simply putting lipstick on a pig and
try to classify themselves in the same category. It all works out in the long run, of course, because logical
thinkers recognize the difference between a $4,000 budget and a $15,000 budget, and they ultimately
recognize the gains.
Paul Gabrail is the CEO & Principal of Select Investment Group ("SIG"), the investment arm of the Gabrail Family Office.
His areas of expertise include real estate acquisition, rehabilitation, and property management. Paul oversees an investment
strategy of acquiring undervalued properties in sub-markets and rehabbing these properties, resulting in increased rents and asset
value appreciation. He founded the family office in 2005.Paul currently resides in Richfield, Ohio with his 3 dogs and enjoys
playing chess, tennis, and basketball. For more information visit: www.selectinvestmentgroup.com
Family business owners are often faced with the dilemma of how to raise capital for growth without relinquishing control of their
company. They dont readily consider private equity because PE firms are known to demand a majority position in exchange for
their investment. That situation is changing as more family offices invest in PE funds. The phrase family office is shorthand
for financial advisers who manage ultra-wealthy peoples money.
Family offices are highly motivated to consider family business opportunities because those companies often meet PE investment
criteria, including:
- A tenured, proven CEO.
- An industry that preserves wealth, such as discrete manufacturing, distribution and logistics, and health care.
- A predictable revenue stream and a history of sustained financial performance.
- A growth plan that would benefit from specific capital investments and the value-added advice and services the PE firm can bring.
Before engaging with a PE firm, ask yourself why you want the investment and for how long. From the PE firms perspective,
there are good and bad reasons for seeking capital. Good reasons include shoring up the balance sheet, diversifying personal wealth
or looking for a vested partner that will help take your company to the next level. Bad reasons are anything related to financing
personal family expenses.
Its important to work with a PE firm that has the right hold period for your company. Its in the DNA of family office-backed
PE firms to take a longer view, and they will seriously consider a five to seven year horizon, far longer than the three years typical
PE firms will invest.
Be sure to subscribe to the Family Office Podcast for more lessons on working with family offices:
http://FamilyOfficePodcast.com
E-Mail: Clients@FamilyOffice .com (305) 503-9077
Of course if you run a single or multi-family office and you would like to access our talent pool of over 100,000
family office professionals that are in our database globally you can contact me regarding that as well - we are a fast
moving team and we would be happy to discuss how to work together.
Thank you for keeping us in mind here and please check http://FamilyOfficeJobs.com in the future for new
positions being posted.
Terry
Terry Penn
(407) 369-9130
President
Family Office Executive Search
Terry@FamilyOfficeJobs.com
328 Crandon Blvd. Suite #223
Key Biscayne, Florida 33149
http://FamilyOfficeJobs.com
An unexpected event -- a misstep from a major central bank or conflict on the Korean peninsula -- could
spark a global rout almost instantly, thanks to the increased prevalence of algorithmic trading, said Diggle,
the chief executive officer of Singapore-based family office Vulpes Investment Management. He is avoiding
going long or short on volatility, after reaping profits on U.K. biotechnology companies, an avocado orchard in
New Zealand and German real estate.
Weve reached a level of low volatility, and with complacency about this regime persisting, almost anything
could cause a spike in volatility, Diggle said in an interview. Its mathematically inevitable that volatility
will spike higher at some point, but I dont think the odds of a super spike like 2008 are that good.
Stimulus by central banks from Europe to Japan has damped price swings. Even though those forces are at
an inflection point, with the Federal Reserve flagging it will start to reduce its balance sheet, volatility in the
Treasuries market dropped this month to a record low, according to the Merrill Lynch MOVE Index. A
JPMorgan Chase & Co. gauge of expected swings in global currencies has risen since June, but this years
average of 8.8 is still the lowest since 2013.
The CBOE Volatility Index, also known as the VIX or fear gauge for U.S. equities, surged 62 percent in
the three days through Aug. 10, after President Donald Trump warned North Korea it faced fire and
fury. Still, it hasnt traded above its long-term average of 20 since the U.S. election in November. The
VIX reached a record high of 80.86 in November 2008.
While an increase in volatility is inevitable, Vulpes isnt betting on it because the timing is completely
opaque, Diggle said.
As options decay with time, owning options needs excellent timing, so we are not long volatility today, nor
would we advocate aggressively buying volatility today, Diggle said. But, at these levels, being short
volatility seems pretty reckless given how elevated valuations are.
The number of short positions on VIX futures hit a fresh peak this month.