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☆ Family offices are about to surpass hedge funds, with $5.4 trillion in assets by 2030
▼ + stars: | 2024-09-05 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Family offices are expected to add more than $2 trillion in assets by 2030, as an increase in wealth concentration and a revolution in wealth management drive rapid growth in new family offices. In total, the wealth of families with family offices is expected to top $9.5 trillion in 2030, according to the report — more than doubling over the decade. "It's really the past decade that has seen an acceleration in growth in family offices." The rise of family offices is remaking the wealth management industry and creating a powerful new force in the financial landscape. Family offices are seen as offering more privacy, more customization and more tailored programs for the next generation of the family.

Persons: Robert Frank, Rebecca Gooch, It's, Gooch, incentivized, Eric Johnson Organizations: Deloitte Private, Deloitte, Henley & Partners, Forbes Locations: centimillionaires, North America, Asia, Pacific, North

“Without Nepal, Japan would not function.”The yellow flowers of the paperbush shrub seen in Dolakha, Nepal, in December 2023. Its bark has long, strong fibers that are perfect for making thin yet durable paper, according to the Kantou website. But as the shortage of Japanese paperbush became evident in the following years, Kanpou and the Nepali farmers ramped up production until they became the main source of the yen bill. It’s a protracted process, said Matsubara: farmers plant seedlings in early summer, harvest their branches in the fall, then spend several months processing the bark through steaming, peeling, washing and drying. The profits from the paperbush sales have provided a new revenue stream to Nepali communities, said Matsubara.

Persons: “, ”, Tadashi Matsubara, Matsubara, Tadashi Matsubara Kanpou, It’s, it’s, Eiichi Shibusawa, –, Kanpou Organizations: Tokyo CNN — Banks, Kanpou, “, National Printing Bureau, Kyodo, Bank of Japan, Observatory, Ministry of Economy, Trade, Industry, government’s Japan International Cooperation Agency, CNN Locations: Japan, Nepal, China, Dolakha, Everest, Tokyo, Farmers, Kathmandu, Indian, Kolkata, Yokohama, Odawara, Ilam, Nepal’s Ilam

☆ Gen X stands to gain the most wealth from the $84 trillion wealth transfer
▼ + stars: | 2024-06-18 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Generation X may be the biggest beneficiaries from the $84 trillion Great Wealth Transfer in the next 10 years, according to a new study. The findings cast a spotlight on the large wealth potential for Generation X, which has been largely overlooked in the discussion of young inheritors. The Wealth-X report suggests that wealth management firms, luxury companies and real estate firms targeting the next-generation of wealthy clients should also start considering Generation X. In the next 10 years, 1.2 million individuals worth $5 million or more will pass down a total of over $31 trillion in wealth, according to the report. Billionaires will pass down about $5 trillion, according to the report.

Persons: Gen, millennials, Gen Xers, Robert Frank, Inheritors Organizations: Wealth, Alliant Credit Union, The Locations: North America

☆ Beatrice Advisors launches to serve millennial and Gen Z investors from diverse backgrounds
▼ + stars: | 2024-06-13 | by ( Robert Frank | ) www.cnbc.com time to read: +6 min

Christina Lewis, founder of Beatrice Advisors, at her home office with a portrait of her father, Reginald Lewis. Her experience and success in forming her own family office and running two foundations has led her to her new venture: a multifamily office aimed at the next generation, targeting people like herself. Lewis’ company, called Beatrice Advisors, aims to change the traditional business of managing the fortunes of the wealthy and inheritors. Beatrice Advisors aims to make education and accessibility paramount since many young inheritors will be new to managing wealth, Lewis said. A growing number of ultra-wealthy families are turning to multifamily offices for generational wealth transitions, given their expertise in family wealth dynamics and governance.

Persons: Christina Lewis, Beatrice, Reginald Lewis, ”, that’s, Lewis, Christina, “, ” Lewis, ” Christina Lewis, Robert Frank, inheritors, Lewis ’, ” “, Meredith Bowen, ” Bowen, Bowen, Reginald F Organizations: Beatrice Advisors, International, Advisors, Cerulli Associates, Disney, Seven Bridges Advisors, Lewis Foundation Locations: American

“There aren’t that many Russian Orthodox followers (anymore), but it’s part of our heritage and we do want to see it preserved." The Russian Orthodox church was established in Alaska on Kodiak Island in 1794 and missionaries spread the faith, baptizing an estimated 18,000 Alaska Natives. Experts estimate about 80 historic Orthodox churches exist across Alaska, but weather and time are taking a toll, making restoration efforts even more critical. Deacon Thomas Rivas, the episcopal secretary to the Alaska Orthodox bishop. “However, its primary function is sacred and that’s important to all of us, even those of us that are not Russian Orthodox.”

Persons: Romanov, Nicholas Church, ”, Charlene Shaginaw, “, Aaron Leggett, Peter the Great, Vitus Bering, Bering, baptizing, Richard Nixon, Deacon Thomas Rivas, Leggett, Gina Ondola, Rivas, Romanov czars, Jobe Bernier Organizations: Alaska Natives, National Park Service, Church, National Register of Historic Places, Mission Society Locations: EKLUTNA, Alaska, Alaska's, Anchorage, Eklutna, Eklutna’s, Russian, Danish, Russia, Unalaska, United States, U.S, Kodiak, Kenai, Sitka, ”, Cook, St, Siberia

☆ How Retirement Plans Should Protect Employees From Themselves
▼ + stars: | 2023-08-06 | by ( Ian Ayres | Quinn Curtis | ) www.wsj.com time to read: 1 min

Journal Reports: Investing MonthlyWhat Inheritors of IRAs Need to Know About Required WithdrawalsBy Leonard SloaneA lot of taxpayers were confused, and missed taking RMDs when they should have. Fortunately for them, penalties have been waived.

Persons: Leonard Sloane

☆ What Inheritors of IRAs Need to Know About Required Withdrawals
▼ + stars: | 2023-08-06 | by ( Leonard Sloane | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/inherit-ira-retirement-plans-taxes-5ccc554e

Persons: Dow Jones

☆ Read Your Way Through Salvador
▼ + stars: | 2023-07-19 | by ( Itamar Vieira Junior | Translated Johnny Lorenz | ) www.nytimes.com time to read: +2 min

Read Your Way Around the World is a series exploring the globe through books. I was born in Salvador, in the Brazilian state of Bahia, and lived in the general vicinity until I reached the age of 15. I already knew something of Amado, not from reading him but because he was an omnipresent figure in the cultural life of Salvador. Salvador was the first capital of Brazil, founded in 1549 as part of the Portuguese colonial project in the Americas. In the Salvador of yesteryear, one would find Europeans, mostly Portuguese and Dutch, as well as Indigenous peoples, especially the Tupinambá.

Persons: Jorge Amado, Amado, Salvador, Rufino, João José Reis, Flávio dos Santos Gomes, Marcus J.M, de Carvalho, Rufino ” Locations: Salvador, Brazilian, Bahia, Brazil, Portuguese, Americas, Salvador of yesteryear, Africa, Nigeria, Benin, Dahomey, Togo, Republic of Congo, Angola, Oyo

☆ Billionaire Lukas Walton’s family office accelerates impact-investing push
▼ + stars: | 2022-09-19 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Builders Vision, the investing and philanthropy platform of billionaire Lukas Walton, has shifted its $1 billion endowment into what it calls "impact investments," leading a broader shift in family offices to connect their investing and giving. Chicago-based Builders Vision will announce today that its Builders Initiative Foundation has moved 90% of its endowment into "mission-related" investments -- investments in keeping with Builder's broader goals of sustainability and equity. Most foundations have 20% or less of their endowments in ESG or impact investments, so the 90% level sets a new benchmark for family offices and foundations. Walton, 36, is at the forefront of a rapid generational shift in family offices, as inheritors and entrepreneurs in their 30s and 40s use their fortunes to drive social change. For decades, family offices split their philanthropy and investing — making money on one side and giving it away on the other.

☆ Inside the $4 billion family office of Walmart Heir Lukas Walton
▼ + stars: | 2022-09-19 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Lukas Walton, the billionaire grandson of Walmart founder Sam Walton, is reinventing the family office — building a multi-billion-dollar funding machine that powers charities, tech start-ups, public companies and activists seeking global change. Walton, 36, last year launched Builders Vision, a one-stop-shop of impact investing based in Chicago with more than $4 billion in assets. While most family offices separate philanthropy and investing, Walton has stitched them together into an impact-investing superstore – funding social and environmental causes through start-ups, public companies or charities. The Builders Vision venture capital fund, called S2G, is in the top quartile of venture capital funds by returns, according to Cambridge Associates benchmarks. Climate change, the food supply and ocean health are, after all, also investment risks, he said.

☆ Family offices invested a record $120 billion in startups last year, fueling a new wave of entrepreneurs
▼ + stars: | 2022-08-09 | by ( Robert Frank | ) www.cnbc.com time to read: +7 min

Family offices more than doubled their direct investments in startups last year to more than $120 billion, remaking the venture-capital landscape and launching a new wave of family-office funded entrepreneurs. Single family offices invested $123 billion in direct venture capital deals last year, up from $55 billion in 2020, according to a report from SVB Capital. There are now more than 10,000 family offices worldwide — most created over the past decade — with over $6 trillion in assets under management. In-house deal teams "Family offices are leaning in to the venture asset class," said Shailesh Sachdeva, managing director of SVB Capital's Family Office practice. As they balloon in size and sophistication, family offices are becoming deal powerhouses in their own right.

Persons: Shailesh Sachdeva, SVB, Sachdeva, Younger, Joe Stadler, Stadler, Mark Ang, Michael Hyatt, Hyatt barraged Ang, Ang, Hyatt Organizations: SVB, UBS, UBS Global Wealth Management, University of Toronto, Hyatt Family, Hyatt Locations: Canadian

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