NOTE BOOK N EWS IN BR I E F
Family office growth rockets but succession planning lags in India
Bart Becht, chairman and one of the three
partners at JAB Holding Company, who spearheaded a $50 billion spree of
acquisitions over the last five
years for Germany’s Reimann family, has announced his retirement. He will be
succeeded by executives who expanded the portfolios of
the families behind Mars and Anheuser-Busch InBev.
London’s last family F
amily offices are being embraced by India’s wealthiest $2 trillion families, but few families
have a robust succession plan in place to secure their fortunes. The world’s first study on India’s
nascent private wealth market place, released by Campden Research, found more than half (58%) of Indian families surveyed were interested in setting up, or joining, a family office to manage, preserve and grow their wealth. Half (50%) said they were in the process of establishing their own family office. India has the sixth largest economy
globally and is expected to be the second largest economy by 2050. Almost 80 ultra-high net worth (UHNW)
families with an average net worth of $645 million and $318 million assets under management were studied by Campden Research for its new report The Family Wealth Report 2018: A Roadmap for the Indian Family Office. Amit Patni, director of Campden Family
Connect, said India had witnessed the generation of vast sums of personal
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wealth, thanks to the sales of assets, exits from family businesses and the economic growth of the country. “Consequently, family offices
are becoming increasingly popular in India,” Patni said. “However, the fact that there are only
about 45 formal family office structures in existence demonstrates a dearth of understanding on the purpose and services offered by family offices.” Anshu Kapoor, head of private wealth
management at Edelweiss, said India had about 150,000 high net worth (HNW) families with a cumulative net worth of $2 trillion. This number was expected to rise to 400,000 HNW families with a net worth of $5 trillion by 2025. “We are witnessing openness
from these families to the concept of a family office beyond traditional wealth management. Collaborating with partners like Campden to conduct such research activities is in sync with our core philosophy of listening to our clients/potential clients and constantly evolving ourselves to cater to their needs.”
brewer Fuller, Smith and Turner, has agreed to sell its entire beer business
to Japanese firm Asahi Group Holdings for $328 million to
focus on its pubs and hotels. Fourth-generation Michael Turner said the decision to sell had been “emotional,
but the logic for doing it was compelling.”
Trussardi, the 108-year-
old family-owned fashion house is the latest Italian heritage brand to accept a buy-out following a €50 million ($55.6 million) deal with QuattroR, an asset
management firm that targets struggling businesses. Third- generation chief executive Tomaso Trussardi said the injection from QuattroR
would underwrite its five-year international development plan.
PHOTOGRAPHY: ISTOCK, PRESS ASSOCIATION, TRUSSARDI ISSUE 75 | 2019
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