I S S U E 7 2 | 2 0 1 7 SU P P LE M E N T


Editor Nicholas Moody


Deputy Editor James Beech Senior Writer


Alexandra Newlove Art Editor


Elisa Barbata Contributor


Alexander Ferguson


CampdenFB.com Follow us on


Twitter @CampdenFB


Linkedin Campden Family Business & Family Office Facebook Campden FB Instagram @CampdenFB YouTube Vimeo


Executive Director Kevin Grant


T: +44 (0)20 3763 2804 Sales Team


Pierre Aghabala Owen Hart


Chief Executive


Dominic Samuelson Published by


Campden Wealth Ltd 30 Cannon Street


London EC4M 6XH, UK T: +44 (0)20 3763 2800 F: +44 (0)20 3763 2801 E: fb@campdenwealth.com


For subscriptions please call +44 (0)20 3763 2800 or go to


campdenFB.com ISSN: 2040-8900


Printed in the UK by Alban House Print Services


Copyright © Campden Wealth Ltd 2017


The contents of this publication are protected by copyright. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without prior written permission of Campden Wealth Limited. The views expressed in this publication are not necessarily those of the Publisher or any of its employees or agents. While the aforementioned parties have taken every care with regard to the accuracy of all editorial and advertisement material, they cannot be held responsible for any errors or omissions contained therein.


FROM THE EDI TOR BRIGHT LIGHTS T


he stage is set as the curtain rises for the fourth Global Family Office Report 2017 (GFOR)—our annual spotlight on the key trends for the global family office community. We open with our regional overview which illustrates where in the


world we surveyed the trends and attitudes of a record number of 262 family office leaders. Delve into our 10-page series of features by Alexandra Newlove (from page 6 onwards) that boasts analysis and comments on the aspects of the GFOR which will mean the most to you. Yields are up a remarkable 7% year-on-year and deal flow ambitions are high but I was especially interested to read the insights from principals about the daunting execution challenges they face. Highly-skilled C-suite principals and their salaries and bonuses take centre stage when we focus on human capital. Versatile chiefs are getting rewarded but not enough women are working at the top level. Making sure the next generation are ready when family principals shuffle off the stage is the greatest test for families and their fortunes. I was heartened to read in the GFOR that nearly half of families surveyed say they have some form of succession plan in place. But that also means there is a lot of room for improvement. We review the risks and rewards for families, such as attracting and retaining female talent, co-investing opportunities, and the role of impact investing. We know from the GFOR surveys how much growing interest there is in impact investing, particularly among next gens and millennials, so they will find Alexandra’s feature, containing interviews with experienced investors and experts, as compelling as I did, from page 14. Alexander Ferguson presents the world’s top 25 independent multi family offices and he also takes a hard look at the health of the sector. I was fascinated to read, from page 18 onwards, how the total wealth of billionaires increased by 16% in 2016 to $6 trillion and what this means for the commercial family office industry. Alexander gathered some great comments from principals about their investment aspirations to share with us. Rounding out this special supplement on pages 24-28, Nicholas Moody asks a series of experts how family offices can improve their investment forecasting, with a particular focus on behavioural finance. Find out how these factors can improve your multi-year investment decision-making. This feature underlines our aim with The Global Family Office Report—to educate and support, as well as inform and benchmark. Enjoy the show.


James Beech Deputy Editor jamesbeech@campdenwealth.com


ISSUE 72 SUPPLEMENT | 2017


CONTENTS 04


02


GLOBAL FAMILY OFFICE REPORT 2017


REGIONAL BREAKDOWN INFOGRAPHIC


Discover the average family office portfolio by region and the big changes experienced in our snapshot


GLOBAL FAMILY OFFICE REPORT 2017


KEY FINDINGS


What you need to know from the GFOR on investment activity, human capital management and succession planning


14 18


WHAT IS IMPACT INVESTING?


Where did it come from? What does it mean to you?


TOP 25 GLOBAL MULTI FAMILY OFFICES


Independence versus merge and acquire: where do family offices stand


24


BUSINESS FORECASTING


How do the GFOR findings compare year- on-year, and what next?


CAMPDENFB.COM 1


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32