Wealth: The Most Exclusive Private Banks and Financial Institutions
Wealth: The Most Exclusive
Private Banks and Financial Institutions
acknowledgements With special thanks to Ivan Kaufmann, Bernhard Lampert, Zachary Pressin, Nicholas Cotton, Michael Maslinski, Giovanni Pennetta and Nick Dogilewski for their invaluable help â€“ and to all the private bankers, wealth and asset managers who agreed to be interviewed for this book.
contents 6 Preface by Zachary Pressin 16 Introduction by Mike Maslinski
private banks 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66
Ansbacher Barclays Wealth Barings BNP Paribas Bordier & Cie Butterfield Private Bank Coutts & Co Credit Suisse Deutsche Bank Goldman Sachs C Hoare & Co HSBC Private Bank JPMorgan Julius Baer LGT Lloyds Lombard Odier Darier Hentsch Pictet & Cie Rothschild Bank Sarasin & Co. Ltd Schroders Private Bank SG Hambros Singer & Friedlander Union Bancaire Privee UBS
wealth/asset management 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100
Introduction Allied Finance Cazenove Capital Management Cheviot Asset Management Dalton Strategic Partnership Guggenheim Investment Advisors Hampton & Cie Jupiter Asset Management Marcuard Heritage Naiman Group Odey Asset Management The Omerta Group Rathbones Sand Aire Stenham Group Stonehage Thurleigh Investment Management
features 102 Introduction 106 107 110 114
Yachts, Cars, Jets YachtPlus Shelby Supercar (SSC) Chief Executive Air
116 117 120 122 124 126 128 130
Destinations Beau-Rivage La Vialla Italian Luxury Travel Banyan Tree Coenraad Vermaak Safaris Nomads of the Seas Fernando Saiz
132 133 134 136 140 142
Bespoke Tailored Moves Swaine Adeney Brigg Tavola Rasa Cercle Deluxe Red Spot
WE LIVE IN AN AGE OF COMPLEXITY. BACK IN PLEASANTVILLE, THERE WERE THREE BANKS IN TOWN—THE ONE YOUR FATHER USED, THE ONE HE DIDN’T USE, AND THE ONE FOR OTHER PEOPLE (WHOM YOUR FATHER EITHER DIDN’T LIKE OR DIDN’T KNOW—OR BOTH). The world was fairly stable, fairly static, and fairly slow. Choices were limited, so making
big decisions (about large amounts of wealth) were more about timing and the comfortable drift of Inevitability than anything else. Wealth Management today is high-velocity full-spectrum Technicolor; it has more genres than music, more styles than New York Fashion Week. They’re harder to tell apart, where one ends and another begins is unclear, and you might find yourself thinking all choices seem… so similarly opaque. You could be forgiven for this assessment: managing wealth has never been more specialized or more difficult, and it takes more skill and a greater balance of strengths than ever before to do successfully. It might seem impenetrable even to the very Zachary Pessin
clients who need it most. There are more ways to get rich, be rich, and remain rich today than there were in the past—but just the same, even more ways to unexpectedly and inevitably lose everything. Managing Wealth is increasingly about managing risk. With wealth, as with few other things, choosing incorrectly (and indeed not choosing at all) has consequences that are often impossible to reverse. The first choice—who to choose to help you make your choices about your wealth—could very well be the fork in the road that you wish you had spent more time considering. If you’ve picked up this book it can only be because you’re at the top, you plan on making it to the top, or you’re worried you might not be able to stay on top. The team of people who assembled this reference—and indeed each of the participating Private Banks and Asset Management companies profiled here in their own words—know a certain paralysis exists, and they see it as their mission to help you navigate through it. It is their mission to make sure the unbounded spectrum of disconcerting flash in the world today becomes a disciplined, managed and controlled halogen glow that makes your Inevitability a warm and comfortable journey towards wealth, rather than a stark and terrifying one to uncertainty. Wealth is not Money, is not Finance, is not Banking; nor is it Economics, Assets or Arbitrage, but the successfully navigated synthesis of them all. Wealth is the crown jewel you spend most of your waking hours pursuing (whether you define it in asset-value terms or lifestyle-comfort terms—almost all of us seek it in our own definitions). Private Banking is the service that helps you enhance it and, more importantly, preserve it so you never lose it. Every client therefore is a king or queen, and the posterity of your personal kingdom (again, however you define it) is at stake; managing wealth is the sustaining fuel that keeps your home and hearth fire burning, for now and future generations. Do you cloister the crown or tout it about? Do you use it to frighten or to help? To acquire or underwrite? Or are you not using your wealth at all, except simply to be rich? Regardless, there’s a Private Bank for you. The distribution of capital, and the arch titans who do the distributing, have the power to deflect
<< When I was young I thought money was the most important thing in life;now that I’m old I know it is. >> OSCAR WILDE
Globalization itself. Would you not leverage your wealth to use this power to good ends (while also perhaps accomplishing your other goals of staying wealthy or increasing assets)? A wealthy voice is more than just a voice; do you use yours? Did you realize you could? Private Banks are all about enabling your vision and focusing your assets with clarity to support your vision—their calling is to make your plans come alive. They are a service platform, so to get the most of your wealth it helps to know what kind of service you want. Does service for you mean padding your ego or padding your treasury, perhaps both…or perhaps neither? Getting help to fulfill your philanthropic motivations is entirely different than managing to preserve or increase assets, and Wealth Management is the crux of connected efficacy. You can therefore often get the best of both: service to preserve or increase your wealth, and service to share your wealth. It depends on your choice of institution. What legacy will your wealth create, and for whom? To make the best choice for your particular situation requires a serious effort, and serious questions, and this book gets you started down the right path so your first choice is a well considered one.
Capital Choices, Capital Distribution To choose a Private Bank and personal asset manager successfully requires a framework for analysis. Wealth Management is too complex for a simple list of questions: professionals in the field are well-practiced in answering anything a potential client may ask, and with convincing, authoritative airs that you may not know how to interpret. Their devious counterfeits are even more skilled in this discourse, so you need a way to see through it all, to get undistorted factual information necessary to make sound decisions. A framework for analysis will enable you to achieve a consistent exploration of the scope and depth of all answers you receive, determine where natural biases exist, and identify the comparative advantages and disadvantages that any particular institution or individual may offer you and your situation. With most large-ticket decisions you make in life, what you see is what you get. Most major purchases are tangible, or have easily accessible historical records you can read and use to make a decision. With Private Banking almost none of this is available, and it is more the case that what you get is what you can’t see, and couldn’t at the time you made your choice. Therein lies your risk. Private Banking is a service, in particular the provision of intangibles that boil down to things like intelligence, timing, safety, culture, coordination, coverage, experience, and a few other similarly indefinable and subjective elements that are difficult to evaluate, even in comparison. All of these, for every institution profiled here, always add up to Success. This may be a disconcerting realization if you’re trying to choose one of them to manage your affairs—but the institutions profiled here are indeed all ‘successful’ or they wouldn’t have survived to be in this book. The important thing to recognize from this conclusion is that their versions of ‘success’ may not be the P R E FA C E
same as your version. Distinguish the most comfortable overlap between your version and one offered by an
institution in the pages that follow, and you’ll have identified the best institution for you. To do that effectively you first have to know what you want, and then you have to figure out how much overlap there is between the future you envision and the future each institution is selling. You may think historical results are a good place to start your analysis. This would be true if you had unfiltered and unrestricted access to that history; but alas, both because of industry practice and by regulatory requirement other peoples’ complete experience with any one of the institutions here is unlikely to be accessible for review—and if even part of it is, you have to wonder why and whether you’re seeing it unmodified. Private Banking successes, and certainly any failures, are likely to be hidden or whitewashed, or to a degree, both—and everyone you speak to will likely be telling you they’re the best. Personnel at the institutions themselves are trying to win your business, and the clients they introduce you to are inevitably and unavoidably biased, just as the sales people are: they need to justify that they made the right choice themselves. Decisions that are good or comfortable for other people may not be good and comfortable for you. In 2005, the Higher Education Research Institute found that only about a third of college faculty in the United States felt their incoming freshman students were qualified. A separate scientific survey in 2004 found that 70 percent of graduating high school students considered themselves to be exceptional (i.e. in the top 10 percent of all students graduating). Clearly the numbers don’t add up, and because of that we have a revealing insight into service institutions everywhere. Everyone working at Private Banks went to school somewhere and it is human nature to have pride in what you do. Few private bankers will advise you that you are better served elsewhere—even though this might be the case. In short, people will do the best they can, but remember, second-tier institutions rarely succeed in hiring first-tier people. In addition, as the numbers show, lots of second-tier people will try and convince you they’re first-tier. So in a situation where you don’t have open access to unbiased and unfiltered information across the full spectrum of facts about each institution and the people they hire, how do you construct your own assessment, free of the biases evident in almost all interactions and in almost all published material on the subject? Start by asking each institution to discuss its own limitations. No institution anywhere has unlimited resources—they all have limitations. If the institution is small it may not have global reach; if the institution is large you might be too small to get the attention you deserve. If the institution is global, your affairs may be so common it has mastered everything you might need or want, and you might see standard options and services that expand your horizons; if the institution is local, your affairs might be familiar rather than patterned, and your needs anticipated and serviced with regular and valued attentiveness. No institution offers everything, and as you can see just from the foregoing simple examples, Limitations are relative: You must determine the real extent of an institution’s Limitations against your own context, and you can’t find this analysis in anything any institution publishes.
<< A man ought to have five hundred million dollars in cash for a rainy day. >> HENRY FORD
When you meet with these institutions, do they speak about their Limitations against the context of other institutions, or against the context of you? Are they really listening to your inquiry or are they reciting a scripted response? Asking institutions to discuss their Limitations will reveal where in the spectrum of patterned whitewashing vs. open plain-speak you’re going to settle if you ultimately elect to become a client. How a Wealth Manager speaks to you is just as important as what he or she says. All of this may not be transparent after discussion with just one institution, but once you speak to a few it will start to become obvious which ones resonate with your values. Once you get more than one of these institutions to discuss their limitations you can compare to see which and how those limitations matter to your particular situation, and which institutions you feel are speaking to you the way you need your wealth manager to speak. Next, you need to ask about Mistakes & Failures. You’re looking for stories; you’re interested to see how they accept or assign fault, and how they’ve decided to respond to whatever vulnerabilities the telltale events revealed. All institutions make mistakes, and every one of them has a secret little list of failures. How they deal with this question (and again, you will want to compare across institutions) will help you identify the management and interaction style that works best for you. What is the largest net-worth client they’ve ever lost? And why did that client move on? What is the worst loss a client ever suffered due to employee error? When was the last time they fired an employee for internal fraud? Is there a policy that requires clients be informed when their private information is stolen or revealed unintentionally to parties who don’t need it (even if internal)? What kind of reserves does the institution set aside to rectify mistakes? How many times was the institution sued in the last five years, for what and how much? This is the ‘Broken Windows’ theory of examination: a neighborhood might have shiny new houses on one block that the realtor is anxious to show and tell you all about, but if there are broken windows the next street over, the whole neighborhood probably has serious crime, lacks adequate security, and suffers from other scarier and uncontrolled vulnerabilities that aren’t visible and that the realtor probably won’t discuss if you don’t ask. New shiny houses don’t remain shiny houses if the windows around the corner are broken. So as you make the rounds to decide which institution you are going to trust your future to, notice whether small things are amiss, and ask questions like these above to determine whether they are—these may give you the visible indicators that tell you it’s likely that big things will eventually be amiss as well, if they aren’t already. Once you’ve explored the first commitment any institution should offer (honesty), and you have a feel for the foundation of trust you need to build your relationship on, you can start to explore the service offerings that draw you to Private Banking. Analysis most easily breaks down into Financial Services, and Non-financial Services. Within Financial Services you can explore most easily by inquiring in two directions: 1) How do institutions organize to lose less and retain more of your wealth? P R E FA C E
2) How do institutions organize to capture new opportunities and build more wealth?
In Non-Financial Services, there are also two directions to investigate: What assistance do institutions provide that enables you to serve yourself and your family? What assistance do institutions provide that enables you to serve your community and the world? Distributed Capital Group estimates, synthesizing a variety IMF, World Bank, and other sources of data, that between 2007 and 2015 there will be a worldwide incremental accumulation of capital—after consumption—of around $100 trillion, much of it looking for longer-term investible assets. On the other hand, the IMF reported in April, 2007 that the global total of assets under institutional management in mature markets (i.e. anywhere that well-established Private Banks would be) is just $53 trillion in value. So not only will Private Banks be seeing an enormous opportunity to increase assets under management in the next decade, but the stage is set for a major structural shift because of this liquidity, that among other things will affect the balance of focus and skill requirements at asset managers of all types. Wealth Management is only going to get harder, in all four of the arenas mentioned just above. There will be an explosion of glittering opportunities, but with it will come new levels of complexity and hidden risks, demanding more specialist resources and capabilities to know what’s worth looking at, and even more importantly, what’s real. The world has gone distributed, high speed, and high risk, and the only certain thing in today’s world of wealth management is that it can’t be done successfully without a team and a disciplined framework. There are just too many variables, too many complexities that each require deep experience to manage.
Preserving wealth: Losing less, retaining more Risk Management is how firms strategically plan to lose less of your wealth. Perhaps an interesting way to broach the topic of Wealth Preservation, but being frank about Risk is the only way to do it: what are you willing to lose? More formally, what is your “loss appetite”? The whole notion of limits is only useful if you set some. It is the job of the Private Bank to help you define your loss appetite and then to deliver to that requirement precisely—that’s what you pay them for. Investing is about defining an upside goal; Wealth Preservation is about defining a downside limit. Risk Management is the expertise that enables its fulfillment. Risk Management is present in everything a well-managed financial firm considers, whether investment allocations, People, number of locations, types of services, asset classes or markets engaged in, transaction protocols, reporting—everything. Capital flows. And Risk Management accommodates those flows by creating safer destinations for it to reside. Recognize in this that, contrary to common understanding, Risk Management is about creating capital attraction, not about fending off Risk. Capital gravitates to firms that get this right, precisely because these firms are more capital attractive than others. It is well known that the human condition is not suited to managing degrees within Risk, so to
accommodate this Achilles’ heel the world of Finance has devised structural methods (portfolio theory among them) that keep us from falling into the trap of thinking that we can actually manage Risk. You can manage exposure to Risk but you can’t manage Risk itself. Risk is lightning: It happens, and its timing, power and locale are all unpredictable. It is meaningless to try and ‘manage’ its existence or refute its occurrence. And just like lightning, Risk is awesome to observe but only so long as it happens to someone else—and just far enough away that your own assets remain unscathed. So… riding the capital river Inevitability, the question is: Does your private ship inadvertently set itself up to be struck? The answer to this question lies in People. Almost everything about Finance is intangible until results are converted to cash. All of this intangibility is trusted to People—to devise strategies, to execute strategies, and to exit strategies. There is no getting around the human element in Risk Management. It is no surprise then that the greatest vulnerability Private Banks have is Human Capital Risk—because it can’t be quantified easily and therefore it can’t be managed easily. It can’t be measured easily; it’s hard to even define. And it touches every single thing the institution does. Human Capital is the crux of this entire business; get the People variable correct and you build a compounding strength that covers every other risk. Everything depends on people. Do you want your everything riding on second-tier people? Remember, 70% of everyone will tell you they’re in the top 10%. Only one in seven is right. What does turnover look like? Is it a 6-month revolving door for lower-level positions? Are all of the assistants part-time staffers? How many years of experience does the average asset manager have? How many members of the firm’s executive committee have worked for a global institution? In more than one country? And how many of them have been in their jobs through a complete credit cycle? Is there a formal investment review committee? Has anyone on the executive team been through a 3- or 4-sigma event with active investments in play? Has anyone been through losing a billion dollars in a day? Does the firm conduct real and anonymous exit interviews with younger employees who leave? Senior employees will stick around through much more tenuous environments because they often have wealth-effect strings that tie them to the business. Younger people have nothing to lose, so their movements are more indicative. Does the firm have someone who has a grasp of holistic risk, the vulnerabilities of the firm’s end to end processes, the core conduits that create and deliver value for clients? Who looks after the reputation of the firm through operating decisions, hiring decisions, and client selection, retention, and rejection? Most firms underestimate Human Capital Risk. People either reduce Risk exposure and its corresponding impacts, or increase them. It is one or the other—there is no in-between because lack of vigilance is negligence. Opportunity cost is continuous and Risk doesn’t distinguish: any leak at any level will continue to weaken the whole ship until Inevitability comes calling, invoking the storm that suddenly delivers a blistering hit that cracks your ship, making a small weakness fatal. P R E FA C E
Tax Strategies are how firms use structural and legislative realities to retain more of your wealth. While
Risk Management defines the integrity of the ship and keeps Inevitability from swallowing the crown, Tax Strategies enhance, streamline, and make it more efficient in its given operating environments. The Medici Bank, started by the Italian family of the same name in the 14th century, was effectively the first family-office of global scale that used geographic distribution of wealth to obfuscate its true sizeâ€”specifically to reduce the tax burden. They pioneered tax strategies first for themselves, and then for their clients. Standing on these shoulders Private Banks have 700 years of experience mastering the craft; but because Tax Strategies are only as effective as the ship in which they live, one way to determine the caliber of Private Bank Risk Management is to assess the scope and capabilities of its Tax Strategies group: no serious tax expert would ever build a sophisticated practice designed to retain existing wealth, in a ship that consistently leaks it via Risk Management weakness. The lack of a Tax Strategies group is not an indicator of lax Risk Management, but the presence of a solid Tax Strategies group is likely an indicator of very strong Risk Management.
Building wealth: Accessing and capturing opportunity Building wealth is more than simply making returns or profits. Building wealth lacks the interim anxiety that making returns and profits sometimes entail. Successful Wealth Management then, is having the discipline and know-how to put an engineered framework in place that guarantees peace of mind while still beating opportunity cost. There are really only three avenues to building new wealth. They are: building via Scale; building via Awareness; and building via Creation. Put another way these are: how big you are; how connected you are; and how smart you are. Successful financial firms will always have at least two of these. Mutual funds were the first broadly accessible modern innovation that gave individuals the benefits of scale investment. With mutual funds individuals can and will forever be able to overcome the sheer cost and capital scale necessary to achieve basic diversification. Beyond the basics however, Scale offers many more lucrative opportunities, and by definition always and only to a limited few around the world. Scale access to wealth opportunity is structural and persistent, meaning that it does not diminish over time. So it is a permanent strategic option for those who can attain it and maintain it; some private banks can do this. The ones that can are usually divisions of multinational moneycenter institutions, the UBSs, the JPMorgans, HSBCs, and Citis of the world. There are others, but attached investment-, commercial-, or retail banking operations, often global in nature, mean these institutions operate at a scale that few other institutions can match. Their decisions create entire economies and their clients benefit because of it. Accessing opportunity via early Awareness is viable and as old as wealth itself, but in the era of electronic networks advantage by â€˜being connectedâ€™ is increasingly ephemeral: the market catches up, margins compress, and opportunities evaporate almost as swiftly as they appear. Increasingly, Awareness is not successful if pursued without one of the other two elixirs. All Private Banking institutions leverage
Awareness to build wealth for their clients, but first-tier firms rarely remain first-tier with just this element, and even more rarely do institutions become first-tier with just this element. Connectivity mixed with scale, smarts, or both, however, can make a golden combination. Most wealth opportunity is created today, not found. In a world abounding with liquidity and an increasingly crowded field always in pursuit of returns, the days of simply finding greener fields, full of richer yields, are over. Awareness networks are too fast. Transactional friction reduces returns, and pricing may be driven more by liquidity than any real measure of risk. Global considerations call for more expansive synthesis capabilities that many firms are not organized to enable or support. Because of all of these things, creating yield opportunities is tantamount to discovering new worlds, and it takes a new kind of team, with new kinds of vision, to sail beyond convention and come back with riches. Engineers are pivotal because creating yield opportunity and capturing it requires building new kinds of ships. It requires extreme specialization and expertise, and in a collaborative framework that leverages more brains and not just more computers. Only the best people in the world are at this level, and this explains the rise of the alternative investment manager. In the last 15 years the connected-smarts combination changed the race so dramatically that the older boats saw something that scared them. The size and connectivity they themselves once leveraged to create and own the Old World no longer guarantee opportunity capture. Ironically, these venerable institutions most capable of paying the smartest people often lose them, because scale brings increased regulatory constraint that limits innovation, and size also means a firmâ€™s population more and more resembles the average of the community it hires fromâ€”so brilliant people have fewer real peers to work with. They eventually feel underchallenged, and undercompensated relative to their average (overpaid) colleagues. They want to work with real peers, and these people are found in greater density at hedge funds and other similar firms that tend to be more meritocratic and without the politics that older institutions have. The end result is that some of the new alternative firms have sailed their connectedsmarts combinations straight into scale capital, completing the triple crown that delivers peak financial value for themselves and their clients.
Leveraging wealth to serve: Self and family, community and world Private Banks have an expansive portfolio of offerings designed to assist individuals and their families, and with all of the specific legal, financial, strategic and other considerations today there is a need to explore and investigate the various options to determine what works best for your own situation. This arena of Private Bank activity is ages old, and fairly straightforward. Value offered here is usually familiar to clients, and therefore more easily assessed. The human needs these offerings address are already apparent and visceral, so clients P R E FA C E
typically understand them intuitively. At least three are central to serving clients. Private Banks have unique
<< Anybody has the right to evade taxes if he can get away with it.No citizen has a moral obligation to assist in maintaining the government.If Congress insists on making stupid mistakes and passing foolish tax laws,millionaires should not be condemned if they take advantage of them >> J.P. MORGAN
experience that enables them to support wealthy individuals and families in ways that other service providers cannot; this is especially true with regard to Physical & Financial Safety, Spending & Pricing Strategy, and Intergenerational Transfer. While the financial services a Private Bank offers are critical to the business, it is these three non-financial services which literally take care of clients and secure the relationship. Serving community, whether local or global, has taken on new dimensions in the last decade and continues to evolve. For 700 years the furthest extent and outer limits of Private Banking has been to help clients gain and retain more wealthâ€”after which various assistance would aid clients in the ancillary philanthropic decision-making, and consequent distribution, of certain decided allocations. This plodding serial processâ€”first earn wealth, then distribute it, has been the patterned algebra of enlightened privilege in society since numbers were made to keep records of it. Sir Thomas would grin a knowing grin to now see Society moving to follow his sage advice: there is an emerging shift of the mind that is making for a shift in the math, of how to compute More. Private Banks today, urged by clients figuring a calculus that results in a doublebottom line, want more from their wealth. The sextant arc that connects privilege to service to responsibility is getting shorter. Rich people pursue swift passage to more powerful results by investing more than money, and expecting more than money. And they also expect their bankers not only to understand this expanded approach but to use all the kingâ€™s science to deliver on the new mission: help me invest myself and my assets in creating a better, more equitable world. Does your Private Bank enable you to engage in this way? Does it deliver innovative structures and tactical risk transfer devices that turn your blue sky to your blueprint to the shimmering ship that raises all boats? The best Private Banks are devising participation strategies that meet the measure of old (i.e. make me rich and keep me rich) while simultaneously also helping their clients create the more capable fleet that meets the full definition of Wealth Management: distribute capital better. The new conspiracy of the rich is to break the ancient circuit of wealth wide open, and let everyone eat cake today. It is privilege to serve. Teach everyone to fish, and then let them fish! This is the most profound shift in the distribution of capital since the Enlightenment marked the end of Feudalism and at last gave tenant-farmers a real piece of estate. Is your Private Bank delivering commercial mechanisms that align your ship with this new Inevitability that releases capital stock so all citizens everywhere can fish a fair catch? Bon Voyage. Be well, and be Wealthy.
Zachary Pessin is President and CEO of Distributed Capital Group Based in New York, Distributed Capital is a private firm focused on engineering capital flow and risk transfer solutions. These solutions are unique in that they deliver scalable risk-adjusted returns and at the same time facilitate economic growth and more equitable participation in Globalization for the three billion citizens who havenâ€™t yet experienced its positive embrace. Financial flows are central to the occupation of at least three distinct sets of stakeholders: Private Sector actors, who care about financial risk, yield, correlations, and the time-value of money; Development Sector actors who care about economic progress, the provision and sustainability of basic human services like health care, education, food and clean water (among other things), and broadly doing what it takes to create the capital stock necessary to support a positive long-term trajectory; and Government Sector actors who care about national security, transparency, and accountability, as well as monetary stability, inflation, and job creation. To date, few structured financial products or systems have ever been designed to serve all of these stakeholders at the same time, even though there is a growing need for such solutions. Distributed Capital makes Globalization work better for everyone by focusing on creating products and services that meet this need. Through innovative risk engineering we align incentives so that all stakeholdersâ€™ efforts and financial investments become mutually supportive and geometrically productive, to create broad successes that resonate across all sectors and ultimately serve millions of people on both sides of the wealth divide. Our clients include institutional investors, private banks & foundations, multinational corporations, governments and multilateral organizations. For more information please visit our website at www.distributedcapital.com
P R E FA C E
THE PRIVATE AFFAIRS OF THE RICH AND FAMOUS HAVE BEEN THE SUBJECT OF ENDLESS FASCINATION SINCE TIME IMMEMORIAL. THE ANNUAL ‘RICH LISTS’ HAVE BECOME COMPULSIVE READING IN A SOCIETY INCREASINGLY OBSESSED BY WEALTH.Yet, for the most part, private finances remain relatively private, with detailed information quite hard to come by, as the assets of the rich are generally held through a complex set of trusts and companies, making up a jigsaw puzzle which is far too complex for the outside observer. Behind the doors of the world’s private banks lie many family secrets far stranger than fiction, which newspaper editors would die for but which will remain secret for generations – probably for ever. It is perhaps the fact that they hold the keys to so many fascinating mysteries that has given the private banks themselves an aura of mystique. They are known to look after the finances of the rich and famous, but few observers have any real insight into what this actually entails. They are generally seen as shrewd
operators in bastions of privilege, who keep themselves in the background whilst manipulating vast fortunes across the world. Yet private banking has been somewhat ‘demystified’ over the last two decades, as sustained worldwide economic growth has brought forth unprecedented numbers of globally rich individuals. There are now more than a thousand billionaires in the world, and literally millions of mere millionaires. The market in managing the affairs of the rich has never been more attractive and more profitable. Hundreds of new entrants to this privileged and traditional market have dared to challenge the established private banks, offering new ideas and new techniques which give them an edge over their more conservative competitors. The idea of marketing has invaded the sector and even the most traditional private banks are actively looking for new clients. Those who have made new money tend to have different attitudes to the management of their wealth than previous generations of private banking clients. The rich lists now show a dramatic turnaround – even in established economies like the UK, three quarters of the richest individuals and families have made their own fortune through enterprise rather than inherited it from their ancestors. Even the so-called ‘old money’ is changing rapidly as new generations are more commercial, more financially aware and hence more demanding of their advisors. Private banks are therefore under great pressure to adapt, both to meet the changing requirements of clients and to combat the threat of more innovative competitors. Some are doing so highly successfully, combining modern techniques and expertise with traditional management of client relationships. Many newcomers are gaining substantial market share, whilst others with good products and excellent performance have failed to understand the special requirements of attracting and serving wealthy individuals and families. To the horror of traditional bankers, some private banks are even cultivating the so-called ‘mass affluent’
sector, targeting individuals with less than $1 million, apparently bringing the concept of private banking to a much wider, less exclusive audience, who cannot afford the type of very individual service which has in the past been the hallmark of private banking. There has, indeed, been a great deal of debate over the true meaning of the term ‘private bank’. For purists, it means the bank is still privately owned, like Hoare & Co in London or Pictet in Geneva. For others, it means a highly personalised banking service, such as that offered by Coutts for generations past. There is also an historic distinction between so-called ‘onshore’ private banks, which serve your needs within your country of residence, and ‘offshore’ private banks such as the Swiss, who hold your assets outside your country of residence. Many of the latter have historic origins, such as several of the Swiss private banks which were founded around the time of the French Revolution to provide a safe haven for the assets of wealthy aristocrats. Many of those who managed to export their assets literally lost their heads before they were able to escape the country. These distinctions between private banks are being eroded as they all recognise the need to provide some combination of banking and wealth management services to meet the requirements of clients both onshore and, where appropriate, offshore. The offshore sector has in recent years been under increasing scrutiny from the authorities seeking to clamp down on use of offshore centres for money laundering and tax evasion, but the increasing prevalence of genuinely international families means that there is still growing demand for offshore services which are entirely legitimate. There are now literally hundreds of private banks, new and old, onshore and offshore, some part of large global financial institutions such as Goldman Sachs or UBS, others small boutiques, often focused on a narrow market niche. This book endeavours to capture the diversity of the modern private banking sector by profiling a range of 40 or so private banks and wealth/asset management offices representing all types and sizes. It is a fascinating work, and an excellent document of record, most attractively presented for the casual reader, as well as the industry expert. I hope you enjoy it!
MICHAEL MASLINSKI JULY 2007
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ADMINISTRATION. ANSBACHER HAS THE FREEDOM AND FLEXIBILITY TO WORK INDEPENDENTLY TO
DELIVER BESPOKE FINANCIAL SOLUTIONS.
History Ansbacher was founded as a merchant bank in London in 1894. The company quickly grew and was, by 1930, one of the country’s largest stockbrokers. Over the next 60 years, operations expanded to include offshore banking and fiduciary interests; in 1989 they acquired interests in the Bahamas and Cayman Islands, later expanding into Europe and the Channel Islands. The Ansbacher Group was bought by South Africa’s First National Bank in 1993, which merged with Rand Merchant Bank in 1998 to form FirstRand. Over the last few years Ansbacher has sold off its non-core operations, such as its property development finance division, in order to concentrate exclusively on private banking and wealth management business, as well as looking to expand further into the Middle East. In 2004 the firm was purchased by the Qatar National Bank.
Ansbacher Founded 1894
Structure The Ansbacher Group has been a wholly owned subsidiary of Qatar National Bank (QNB) since 2004. Established in 1964 as the first Qatari -owned commercial bank, QNB is listed on the Qatari Stock Exchange with 50% ownership by the Qatari government and the balance held by public shareholders. It is the largest bank in Qatar with total assets of some $10 billion, controlling around 50% of the assets in the country’s banking system. QNB is rated in the top 150 banks in the world in terms of capital strength and has a long-term credit rating of A+. Ansbacher has offices in the UK, Guernsey, Jersey, Switzerland, The Bahamas, Qatar and the United Arab Emirates. The Group’s Chief Executive Officer is Hugh Titcomb, previously Managing Director of Retail Funds at the Bank of New York. The Chief Investment Officer is Mike Hollings.
Ethos ‘We believe that solutions should be tailored to the needs of the client and, consequently, spend time establishing what those needs are before recommending anything’ Ansbacher’s expertise, innovation, passion, flexibility, responsiveness and personalisation are key elements of its client -centric approach. Ansbacher typically caters for clients with a spread of assets. Many of its customers are
entrepreneurs. The bank is selective in the clients it accepts, but also strikes a balance with being
Ansbacher & Co Limited Two London Bridge
The Attraction ‘Ansbacher’s award-winning investment philosophy focuses on a risk-controlled style of
London SE1 9RA
investing orientated towards capital preservation and absolute returns.’
Ansbacher are an international firm with the backing of QNB, one of the Middle East’s largest
Phone: +44 (0) 20 7089 4700
banks and one with an excellent credit rating. On behalf of its clients they invest across all major
currencies and asset classes.
+44 (0) 20 7089 4850
Email: firstname.lastname@example.org URL:
Ansbacher is a long-standing provider of specialist loans for luxury yachts. Internationally renowned, the group specialises in the super yacht sector, structuring each loan to meet the client’s specific requirements. The Guernsey-based Sarnia Yachts, a company with over 35 years of experience in marine fiduciary services, is a subsidiary of Ansbacher.
<< Synonymous with specialist banking since 1894 >> 18
Summary â€˜The client is at the centre of everything we doâ€™ > Private Banking and Investment Management arm of Qatar National Bank > Minimum $3 million liquid assets > Specialist lending (from EUR 3 million) and administration services for super yachts
B A R C L AYS W E A LT H
WEALTH DRAWS ON THE STRONGEST ELEMENTS FROM THE BARCLAYS GROUP, BARCLAYS CAPITAL AND
BARCLAYS GLOBAL INVESTORS, TO CREATE A DISTINCTIVE NEW FORCE IN WEALTH MANAGEMENT. With
£93bn of assets under management as of 31 December 2006, the company is the UK’s largest wealth
manager. By combining a global reach with local knowledge and personal service, it’s ideally placed to meet
the increasingly complex needs of high net worth clients.
So what sets Barclays Wealth apart from other wealth managers? Crucially, the ways in which the company works with clients is different. Complete flexibility is key: some clients want integrated services with close personal relationships; others prefer to manage their own investments and banking online. Furthermore, Barclays Wealth has access to the entire resources of the global Barclays Group. By working closely with Barclays Global Investors, the world’s largest fund manager, and Barclays Capital, the Group’s investment banking division, the company is able to offer innovative, quality products not available to other private bank clients. And as independent wealth managers, there’s also the freedom to source the best products from the rest of the marketplace.
History The Barclays Group banking heritage stretches back to the turn of the 18th century, when John
Barclays Wealth Founded 1685 Location London
Freame and Thomas Gould started trading as goldsmith bankers under the sign of the Black Spread Eagle in Lombard Street. Over three centuries, the company has grown into a global presence, employing 123,000 people worldwide in over 50 countries. It’s particularly proud of its history of innovation and inspiration, and has a number of firsts to its name, including the first credit card, Barclaycard, and the world’s first cash machine. In 2006, Barclays launched a new division: Barclays Wealth. Employing over 7,800 staff globally, it brings together different areas of expertise within the Barclays Group under one umbrella: private banking, investment services, financial planning and brokerage. While many companies offer some of these services, few offer them all.
Products and services Investment management is a key area, and Barclays Wealth offers advisory and discretionary services. Links with Barclays Capital and Barclays Global Investors mean that as well as advising on and dealing in quoted shares, collective investments and alternative assets such as hedge funds and commercial property, highly innovative products can also be offered, including structured products that offer downside protection in volatile markets. The company works to construct the best and most appropriate investment portfolios for clients and then give them unparalleled insight into how they
Ensuring that clients’ wealth is working for them now and structured to be flexible for the future is
1 Churchill Place
also a priority. By using existing assets as security for borrowing, clients can unlock the value of their
wealth. Specialised lending is also available, including overseas mortgages, as well as marine and aviation
Phone: +44 (0) 207 487 8777
Barclays Wealth can also help clients protect their wealth. Inflation and poor portfolio planning can
+44 (0) 207 487 2040
leave wealth vulnerable; to help spread investment risk, asset diversification techniques are employed.
Where appropriate, the company can introduce clients to experts in tax planning, financial planning, pensions, estates and trusts. Transferring wealth across generations is a priority for many clients and the company can ensure its smooth transition. From making a will, to planning complex trusts, specialists or advisers can make sure wealth is passed on in the most effective way. For the self-directed investor, Barclays Stockbrokers (the UK’s largest execution only stockbroker) offers an award-winning service, combining direct investment tools and top research facilities, which are accessible online or via a personalised phone service.
<< Wise in the ways of wealth >> 20
People Barclays Wealth private bankers are more than just bankers. They are qualified experts with backgrounds in key professions such as law, accountancy, M&A or equity analysis. Many have international experience, or have themselves been entrepreneurs. Within Barclays Wealth, experts work collaboratively. Financial planners work together to devise and innovate. Execution teams supply second-to-none intelligence, while offshore and international banking help those who need to bank across borders. The company prides itself on a high degree of personal service, and takes great care to match clients with bankers with the relevant background and qualifications. While wealth is at the heart of what Barclays Wealth do, the company always looks at the broader picture and seeks to understand all the clientsâ€™ aspirations, motivations and needs, and respond accordingly.
B A R C L AY S W E A LT H
BARING ASSET MANAGEMENT PROVIDE ASSET
MANAGEMENT SERVICES IN DEVELOPED AND EMERGING EQUITY AND BOND MARKETS ON BEHALF OF
INSTITUTIONAL, RETAIL AND PRIVATE CLIENTS WORLDWIDE. SINCE THE FOUNDATION OF BARINGS BANK
IN 1762, THE COMMON THREAD LINKING THEIR PAST TO THEIR PRESENT HAS BEEN AN ABILITY TO HELP
CLIENTS BENEFIT FROM CHANGES IN THE MARKETS. THIS TRADITION CONTINUES TODAY AS THEY
INVEST CLIENT ASSETS ACROSS GLOBAL MARKETS USING THE PROPRIETARY INSIGHTS GENERATED BY
A TEAM OF OVER 100 INVESTMENT PROFESSIONALS.
History Barings was founded in 1762 in London as a firm of merchants and merchant bankers. In the years that followed the bank became a market leader in merchant banking and asset management in London – so much so that the Duc de Richelieu famously called Barings one of the ‘six great powers in Europe’, alongside Britain, France, Russia, Prussia and Austria. One of Barings’ key transactions was the financing of the Louisiana Purchase in 1803-4, which doubled the size of the United States. In the early 19th century private banking was established for clients already associated with the firm. Barings remained a leading London firm throughout the 20th century. In 2005, Baring Asset Management was
Barings Founded 1762
acquired by Massachusetts Mutual Life Insurance Company (MassMutual).
Structure Barings’ headquarters are in Bishopsgate, London. The firm has further offices around the world, including Europe, the US and Asia. Around two-thirds of clients are UK resident and domiciled. Barings’ CEO is David Brennan. The Chief Investment Officer is Marino Valensise. Baring Asset Management is part of the MassMutual Financial Group, the fleet name for Massachusetts Mutual Life Insurance Company and its affiliates, with more than $450 billion in assets under management at year end 2006.
Ethos ‘Everybody has a different understanding of risk. Our job is to understand the client’s concept of risk.’ Barings are keen that their clients fully understand the nature of their investments, including the level of acceptable risk and their timescale. Where necessary, they seek to educate their clients on any relevant matters, only then judging together possible ways of proceeding.
Location London Contact
The Attraction ‘We’re not a casino. Don’t come to us if
you want to double your money in a year’
Baring Asset Management Limited
Solid and secure, Barings is built on performance and
products. Their optimal investment time is three to five
London EC2M 3XY
years. Growth is slow and steady, typically 3-5% ahead
Phone: +44 (0)207 628 6000.
of the interest rate. The firm looks for safe, consistent
+44 (0)207 638 7928
gains and avoids investing in high-risk, high-return
companies. Barings have a high reputation for compliance and will turn clients away when necessary.
Summary ‘Dependable name and performance’ > Well-established, solid and highly respected firm > Concern for steady, consistent growth of assets with minimum risk > Target market: clients with £1-5 million
The Louisiana Purchase of 1803-04, which was financed by Barings, effectively doubled the size of the US.
<< Strong reputation,steady growth >>
B N P PA R I B A S
BNP PARIBAS IS ONE OF THE LARGEST
BANKING NETWORKS IN THE WORLD. BASED IN FRANCE, THE BANK ALSO HAS A STRONG PRESENCE IN
ASIA AND THE US. High net worth clients – many of whom come from the Middle East, the eastern
Mediterranean, Africa and the Indian sub-continent – are offered the wide range of products and services
PA R I S · L O N D O N
available from such a global organisation.BNP Paribas Private Bank manages assets totalling more than EUR
101 billion. Standard & Poor’s recently raised the bank’s credit rating to AA+/ stable outlook, reflecting
excellent strength and stability.
History The bank was created in 2000 when Banque Nationale de Paris merged with Paribas. BNP has its origins in the 1966 merger of Banque Nationale du Commerce et de l’Industrie (BNCI) and Conservatoire National d’Escompte de Paris (CNEP). In 1993 the bank was privatised. The Compagnie Financière de Paribas acquired the Compagnie Bancaire in 1998, after which it simply became known as Paribas. Committed to both internal and external growth, BNP Paribas purchased BNL in 2006, increasing client assets by almost EUR 9 billion.
Structure Judged by total assets, BNP Paribas is the largest bank in the Eurozone. It has 80,000 employees in Europe and another 60,000 in nearly 90 countries worldwide. In France, their retail banking business encompasses 2,200 branches and more than 3,200 ATM machines; BNP Paribas serves more than six million French families and 60,000 corporate customers. BNP Paribas has been active in the UK for over 130 years and has a second headquarters in London. The bank has 6,600 employees in the UK.
Ethos ‘We have an innovative philosophy’
personal relationships they have with their clients, whereas others focus on
Private banks often emphasise one of two approaches. Some major on the
the products and services they can offer. BNP Paribas strike a ‘third way’
Location Paris, London Contact
based on three values: advice, open architecture and confidentiality. They seek to give the best information they can offer from their significant experience. They then determine the solution that best
meets the client’s needs, whether within or outside their own organisation. Confidentiality is paramount
BNP Paribas Banque Privée
33, rue du Quatre Septembre 75078 Paris Cedex 02
The Attraction ‘At each stage of your life we can provide you with a global approach to the management
of your assets not only from a financial but also from a tax and legal perspective, with the emphasis on
personalised advice and management.’
BNP Paribas Private Bank
In 2007, Global 2000 Forbes named BNP Paribas ‘Number 6 in the banking industry and number 1
10 Harewood Avenue
of the French companies’. The bank’s well-qualified specialists draw on all the resources of their
London NW1 6AA
organisation and any outside they need to meet the client’s requirements. Along with a broad range of
Phone: +44 (0) 20 7595 2000
advice on simple and complex matters, wealth managers advise on wealth diversification, including
property and land ownership and acquiring works of art.
+44 (0) 20 7595 1602
Email: privatebank.UK@bnpparibas.com URL:
Summary ‘Serving private clients through a global network’ > Global financial network, headquartered in France > Many international private clients > AA+ credit rating reflecting outstanding strength and stability > Minimum $1 million investable assets
<< A major player in the Private Banking field >> 24
B N P PA R I BAS
BORDIER & CIE
WITH ORIGINS AS FINANCIAL
ADVISORS TO WEALTHY EUROPEAN FAMILIES OVER 160 YEARS AGO, BORDIER NOW SERVE A BROAD
MIXTURE OF CLIENTS FROM MANY COUNTRIES AND CULTURES. Since their inception, they have
maintained a clear focus on private clients rather than diversifying into other activities. Although they do
not serve institutional clients, they do employ the modern investment products typically used by these.
Bordier are a private bank in the truest sense, with each partner
having personal, unlimited liability.
History Founded in 1844, Bordier was one of the founding private bankers in Geneva. The bank has been run by the Bordier family and partners ever since. Reputation and business grew chiefly by word-of-mouth recommendation from satisfied and loyal clients. In the following years, Bordier intentionally stayed a small firm in order to maintain the elusive human dimension in their
G E N E VA
business. They value long-term relationships and have managed many clients and their families for generations.
Structure Bordier is one of the smallest private bankers in Geneva and is run by three partners. The bank has affiliates and partnerships in Geneva, Bern, Zurich, Nyon, Monaco, Paris and London.
Ethos ‘Portfolio management is our prime competence, our core business and the cornerstone of our success’ Encompassing the same services as larger global banks, Bordier also have a commitment to longterm relationships and maintain the traditional principles laid down by their ancestors: ‘hard work, mutual trust, respect, responsibility and stability.’
Bordier & Cie Founded 1844 Location Geneva, Switzerland Contact P.-Radan Statkow, Head of Business Development Bordier & Cie Rue de Hollande 16 CH-1204 Geneva, Switzerland Phone: +41 22 317 1212 Fax:
+41 22 317 1277
Email: email@example.com URL:
<< Specialising in understanding, protecting and enhancing the wealth of private individuals and their families >> 26
Continuity is extremely important; clients have access to the partners whenever they wish, and many come to view their portfolio managers almost as a member of the family. The Bordier team benefits from being small, long-standing and close-knit; staff turnover is low and employees tend to make their career with the bank, which also contributes to a sense of belonging. Avoiding a mass of in-house products, staff carefully research the markets to find the best and most efficient providers for clients’ every requirement, whether specialized investment experts, lawyers, trust and estate planning specialists, tax specialists, information technologists, correspondent banks, auditors or consultants.
The Attraction ‘The more efficient the bank, the more relaxed and tranquil the client’ Bordier are rigorously traditional in the application of their core values, but highly modern in their up-to-date approach. The partners pride themselves on providing a haven from the normal tensions of wealth management and actively work to give their clients peace of mind, in the quality of their investment strategies, the tailoring of portfolios and the simplicity and clarity of their reports. Meetings take place in comfortable salons away from the busy office. Wholly owned by the partners, Bordier are entirely independent and have no shareholders to satisfy – their private clients are their highest priority. The managers take time to listen and understand their clients’ ideals and ambitions, and provide simple and transparent accounts of any investment choices. The bank has not developed a multitude of its own in-house funds and is keen that each client is confident and happy with the allocation of their assets. As a Swiss bank, Bordier are subject to the stringent regulations of both the Swiss National Bank and the Federal Banking Commission.
Summary ‘Above all, we will prove to you that successful investing need not be a source of agitation, but can be both rewarding and enjoyable’ > Traditional Swiss Bank run by three partners with unlimited personal liability > Complete independence and dedication to private clients > Small and close-knit team, facilitating strong, long-term client relationships > Commitment to transparency, simplicity and peace of mind
<< Alert to every development in the business environment,we have always adapted swiftly to new products,new technologies and our clients’changing needs >>
BORDIER & CIE
B U T T E R F I E L D P R I VAT E BANK ‘WE UNDERSTAND THAT OUR CLIENTS ARE BUSY, FORWARD-THINKING
PEOPLE WHO EXPECT THE BEST AND NOTHING LESS. AT BUTTERFIELD WE PROMISE TO MEET THAT
CHALLENGE BY PROVIDING BANKING AND WEALTH MANAGEMENT SOLUTIONS BASED ON PERSONAL
SERVICE AND ATTENTION TO DETAIL.’
Understanding the pressures of the modern world, Butterfield’s philosophy is to provide its clients with the tailored, personal service of traditional private banking along with the flexibility, speed and value-formoney customers now expect. A growing number of the bank’s clients are professionals living in London. Butterfield offers the full range of banking services, together with investment management capability, tax planning, advice and professional assistance on trusts, access to treasury and foreign exchange services, pension and financial planning services. Butterfield Private Bank is the UK private banking arm of the Butterfield Group, an international group with assets of £5.7 billion (as of 30 Sept 2006).
History Butterfield’s heritage can be traced back to 1858, when a merchant trading firm founded by the
entrepreneurial Nathaniel T. Butterfield became the Bank of N. T. Butterfield & Son Limited – Bermuda’s first private bank. Butterfield came to London in 2001 when it acquired Matheson Bank Limited, the banking arm of the Jardine Matheson Group. The bank rebranded as Butterfield Private Bank. This was followed in April 2004 by the acquisition of Leopold Joseph & Sons Plc, which comprised of a London based bank and a Guernsey subsidiary. Today, Butterfield is based in the Leopold Joseph office at 99 Gresham Street, just yards from the Bank of England in the heart of the City of London.
Structure The Butterfield Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Private banking, wealth management and fiduciary services are provided from the Group’s headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey, the Bahamas, Switzerland and the United Kingdom. In addition, investment and pension fund administration services are provided in Bermuda, the Cayman Islands, Guernsey, the Bahamas and the United Kingdom.
Butterfield Private Bank Founded 1858
Ethos ‘At Butterfield we can give clients one of life’s greatest luxuries – time. Time to enjoy their wealth while the bank does the work for them, safeguarding their interests and constantly seeking ways to make
their wealth grow.’ Butterfield caters to the distinct needs of its customers by providing high levels of personal service
Contact Butterfield Private Bank
and flexibility to individual requirements. The firm organises its business around three core groups, each
99 Gresham Street
created to take account of the complex and demanding requirements of different types of client.
London EC2V 7NG
The Attraction ‘We pride ourselves on being a bank that understands the needs of the most discerning of
020 7776 6700
clients and one that provides a truly bespoke range of services catering for the wealthy private client,
020 7776 6701
their families and their business interests.’
<< Discreet.Loyal.Personal.Committed. Bespoke.Professional >>
Butterfield seeks to understand the unique demands of each type of client and tailor their expertise and service to each. For Ultra-High Net Worth clients and their families, the Butterfield Family Office draws on a team of highly experienced relationship managers and an extensive network of highquality professional advisers to deliver the best products or services for any given financial situation. The Entrepreneur group caters for clients who may require a different style of product or service and are often willing to look at investments from an alternative risk profile to other private banking clients. The third and currently fastest-growing segment in the UK is the Professionals and Executives group. This caters for individuals who are earning large salaries and substantial bonuses and are looking for a bank who understands their particular needs. Many of these clients live in London, the home of many of the UK’s most highly regarded professional firms.
Summary London-based private bank with the backing of the international Butterfield Group. > Full range of services organised around the specific needs of three core client groups. > Family office suitable for clients with liquid assets of £5m and upwards. > Entrepreneurs and Professional & Executive groups aimed at clients with liquid assets of £1m and upwards.
COUTTS & C0
COUTTS IS ONE OF THE BEST-KNOWN
NAMES IN PRIVATE BANKING. HIGHLY RECOGNISED BUT BY NO MEANS ELITIST, THE BANK HOLDS A
SIGNIFICANT CACHET FOR ITS CLIENTS. THESE ARE A COLOURFUL MIXTURE OF PEOPLE FROM A WIDE
RANGE OF BACKGROUNDS – UK RESIDENT AND FOREIGN, DOMICILED AND NON-DOMICILED.Coutts has a
long and venerable heritage, but the bank has not petrified. Instead, they have moved with the times and
adopted a modern approach to complement their impressive history (they were the first British bank to
adopt a fully-computerised accounting system, for example).
History ‘Every bank has to reinvent itself to stay relevant’ The origins of Coutts stretch back to 1692, when John Campbell of Lundie, a young Scottish goldsmith and banker, began his business on London’s Strand. The Coutts name was first associated with the bank in 1755 when Campbell’s granddaughter married James Coutts, a Scottish banker, who became a partner in the business. Coutts remained a London bank until 1961, when a branch was opened in Eton. Further branches in the UK and abroad quickly followed. In more recent years Coutts came to form part of the Natwest Group.
This was acquired by the Royal Bank of Scotland in 2000, making Coutts the private wing of one of the world’s largest banking groups.
Structure Coutts now have six offices in London. Their headquarters is on the Strand, in an impressive glass-fronted building. There are a further 17 offices outside London in the UK and several more overseas, including in Switzerland, Singapore and Hong Kong. The Chairman of the Coutts Group is the Earl of Home, David Douglas-Home. Sarah Deaves is the Coutts Chief Executive; the CEO of Wealth Management for the Royal Bank of Scotland, of which Coutts is a part, is John Baines.
Ethos ‘Our raison d’être is serving the needs of private clients’
Coutts & Co
Coutts describe themselves as both establishment and
while breaking new ground. They take time and energy to
understand their clients, rather than going on first impressions.
iconoclastic, retaining the traditional values of private banking
They always define carefully what they do for customers, giving
a clear idea of how they can work alongside them. In many
Coutts & Co. Head Office
senses Coutts is run like a club for successful people from all
walks of life; it is not the bank’s intention simply to grow wealth
London WC2R 0QS Phone:
+44 (0)20 7957 2424
but to nurture clients in their chosen activities.
The Attraction ‘Coutts is synonymous with money’ In order to serve customers effectively, Coutts trains its bankers to deal with different groups of clients with similar needs – for example, land owners, entrepreneurs and sports and entertainment personalities. The same is true for a range of geographical areas. The intention is to build intellectual capital and understand their clients’ worlds the best they can. The bank’s emphasis is on success, not just wealth. Coutts endeavours to encourage its clients in their chosen enterprises by offering them a range of services and products and allowing them to choose the ones most relevant for their aims. The bank also organises training opportunities to the families of high net worth individuals. One of these consists of the three-day workshop designed for 17 to 23-year-old children. Once again, the type of training is tailored to the client. In addition, Coutts arranges outstanding networking events.
<< The cathedral of private banking >> 30
The image it brings to its clients is of great importance to Coutts, as evidenced by their attention to detail; credit and debit cards, for instance, are designed by Stella McCartney and Ozwald Boateng.
Sponsorship Coutts sponsors a vast range of cultural and sporting events and is the principal sponsor for the Almeida Theatre in North London. They also sponsor a number of other productions for example at the Royal Opera House and Royal Court, as well as Sunseeker and racing at Goodwood. Philanthropy is a tradition almost as old as the bank itself and they are involved in a number of charities, including Unlock, which seeks to achieve equality for ex-offenders, and Global Angels, an umbrella organisation for child welfare. Different client groups often have a relevant associated charity.
Summary ‘We don’t drive forwards by looking in the rear-view mirror’ > Prestigious bank with a long heritage but highly contemporary approach > Emphasis on understanding and nurturing clients in their chosen fields > Clients will typically have investable assets of £500,000 or more > Ultra-high net worth clients require £30 million total assets, including £10 million liquid
COUTTS & CO
CREDIT SUISSE IS A LEADING
GLOBAL BANK HEADQUARTERED IN ZURICH. IT IS ONE OF THE FEW TRULY INTEGRATED GLOBAL BANKS
WITH A BUSINESS MODEL DESIGNED TO MEET THE SOPHISTICATED REQUIREMENTS OF INSTITUTIONAL
LONDON · ZURICH
AND PRIVATE CLIENTS THROUGHOUT THE WORLD WHO DEMAND AN INCREASINGLY BROAD RANGE OF
OFFERINGS, IMPROVED PERFORMANCE, GREATER TRANSPARENCY AND CONTINUOUS ACCESS TO
GLOBAL EXECUTION CAPABILITIES. CREDIT SUISSE’S STRATEGY BUILDS ON THE BANK’S INTEGRATED
STRUCTURE AND ITS TRADITION TO INNOVATE, ENSURING THE DELIVERY OF THE FULL RANGE OF
PRODUCTS AND SERVICES TO CLIENTS FROM ACROSS ITS THREE DIVISIONS,
INVESTMENT BANKING, PRIVATE BANKING AND ASSET MANAGEMENT.
History Credit Suisse has a long tradition in banking and was founded in Zurich by Alfred Escher in 1856. The Bank’s first branch opened in Basle in 1905. 35 years later the first international branch was opened, in New York. In 1988, Credit Suisse acquired a majority stake in the First Boston Corporation, leading to the creation of the Credit Suisse First Boston (CSFB) iInvestment bBanking dDivision. In recent years the Bank has streamlined its operations, relaunching itself as the newly integrated Credit Suisse. Today, the Bank has a truly global reach, with operations in over 50 countries and a team of more than 45’000 employees from approximately 100 different nations.
Structure The Bank serves its diverse range of clients through three divisions, Investment Banking, Private Banking and Asset Management. The Group’s CEO is American-born Brady Dougan who has been with Credit Suisse for 17 years.
Ethos Credit Suisse combines profitability with social responsibility, thus creating added value for shareholders and clients and contributing to the prosperity of the areas in which it operates. The Bank’s
efforts are focused on meeting due diligence requirements, providing a needs-oriented product and
service offering, operating a responsible human resources policy and making efficient use of resources. Training and development haves always been important for the Bank, and in 2004, Credit Suisse
opened its own Business School which today is a global organization with central training locations in London
Switzerland, New York, London, Singapore, and Hong Kong.
Credit Suisse One Cabot Square
The Attraction In Private Banking, Credit Suisse provides comprehensive advice and a broad range of
London E14 4QJ
investment products and services tailored to the complex needs of high-net-worth individuals globally. Its
state-of-the art structured advisory process encompasses both asset
+44 20 7888 8888
and liability management. Its integrated business model offers clients
+44 20 7888 1600
access to comprehensive solutions by combining private banking,
asset management and investment banking skills. Credit Suisse is a leading provider of innovative alternative
Zurich Credit Suisse
investments. Wealth management solutions include pension planning,
life insurance solutions, tax planning, wealth and inheritance advice,
and support in establishing, trusts and foundations. It offers multiple
booking platforms and global execution capabilities.
+41 44 333 11 11
+41 44 332 55 55
<< Integrated banking >> 32
Credit Suisse plans to further expand increase its
global onshore and offshore presence by offering expanding
Best Bank in Switzerland 2007, Euromoney (all businesses)
onshore and offshore its capabilities in all major regions.
Best Private Bank in Switzerland, Gibraltar and Monaco 2007, Euromoney Best Foreign Bank in Middle East 2007, Banker Middle East
Sponsorship Credit Suisse aims to take a leading role in the area of sponsorship. When the Bank enters into a sponsorship agreement, it strives for a long-term collaboration and concentrates on projects and enterprises that are considered among the best in their field. Credit Suisse focuses on selected areas in the fields of sports and culture. As part of its sports commitment, the company concentrates on Formula One, football, golf, and equestrian sports, while in the cultural field, the focus is on classical music, jazz, and the fine arts. The Bank’s current portfolio in this area includes engagements such as the Salzburg Festival, the Bolshoi Theatre, the Lucerne Festival, the Shanghai museum and the New York Philharmonic.
Summary ‘A powerful platform for serving our clients and one with tremendous growth prospects’ > A global bank with strong Swiss roots and an integrated approach > A comprehensive range of innovative products and solutions tailored to extensive client needs; fully open architecture > A clear, simple advisory process > Specialised in UHNWI-specific requirements worldwide > Highly qualified relationship managers
JUDGED BY REVENUES
FRANKFURT · LONDON
AND PROFITS, DEUTSCHE BANK IS ONE OF THE LARGEST INVESTMENT BANKS IN THE WORLD. THEIR
EXPANDING PRIVATE CLIENTS AND ASSET MANAGEMENT DIVISION COMPRISES ASSET AND WEALTH
MANAGEMENT AND SERVICES FOR PRIVATE AND BUSINESS CLIENTS. BY THE END OF 2006, PRIVATE
WEALTH MANAGEMENT HAD GROWN TO A TOTAL OF EUR 189 BILLION IN INVESTED ASSETS. Deutsche
Bank’s corporate identity is reflected by its logo: a slash, representing growth and development, in a square,
standing for a controlled environment and stability. This stability is confirmed by long-term ratings from the
leading agencies: Aa3 (Moody’s) and AA- (Fitch and Standard & Poor’s).
History Deutsche Bank was founded by private banker Adelbery Delbruck and politician Ludwig Bamberger in Germany, 1870. The pair intended to create a specialist firm “to transact banking business of all kinds, in particular to promote and facilitate trade relations between Germany, other European countries and overseas markets”. In its early years, the bank funded the Northern Pacific Railroad and the Baghdad Railway. From the 1970s Deutsche Bank extended operations internationally, throughout Europe, Asia and America. In recent years the bank has acquired large Russian, Swiss and American interests.
Structure Deutche Bank is a global organisation employing over 67,400 people worldwide. Its headquarters are located in Frankfurt, in the Deutsche Bank Twin Towers. The bank’s largest division, Corporate and Investment Banking, is situated in London. The CEO is Dr. Josef Ackermann. Deutsche Bank has three main divisions: Corporate and Investment Banking, Private Clients and Asset Management, and Corporate Investments.
Ethos ‘Constantly challenging the status quo to deliver superior solutions to our demanding clients’ Deutsche Bank have five core values: Performance, Trust, Teamwork, Innovation and Client Focus. They are result oriented and are committed to “challenging conventional wisdom and developing new solutions to meet customer requirements”. There is the ethical value of carrying out business with fairness, honesty and reliability, along with a dedication to diversity. Finally, customers are central to all of
Founded 1870 the bank’s activities. Location Frankfurt, London The Attraction Deutsche Bank’s Private Wealth Management division provides fully-integrated services
for high net worth (EUR 2 million and upwards) clients and families around the world, including portfolio
Frankfurt Deutsche Bank AGTaunusanlage 1260325 Frankfurt am Main (60262 for mail) Phone:
+49 69 910-00
+49 69 910-34225
management, tax advisory, inheritance planning and philanthropic advisory services. Private and Business Clients is geared towards individuals and small businesses and provides products such as current accounts, deposits and loans, investment management products and business banking services.
Summary ‘Leading global investment bank with a strong and profitable private clients franchise’ > International organisation with strong credit rating
> Full range of private wealth management and business services
Deutsche Bank AG1
> Private clients require EUR 2 million liquid assets
Great Winchester Street London EC2N 2DB Phone:
+44 20 754 58000
<< A passion to perform >>
THE GOLDMAN SACHS
GROUP IS ONE OF THE LARGEST INVESTMENT BANKS IN THE WORLD. ONE OF THE MANY STRANDS OF
L O N D O N · N E W YO R K
THEIR BUSINESS IS THE WEALTH MANAGEMENT OF PRIVATE CLIENTS AND THEIR FAMILIES, AN AREA
THEY ARE CURRENTLY WORKING TO EXPAND. THE GLOBAL REACH AND SIZE OF THE GROUP MEANS
THAT THEY ARE ABLE TO DRAW ON PRODUCTS, SERVICES AND
EXPERTISE ACROSS THE SPECTRUM OF WEALTH MANAGEMENT TO
SERVE THEIR PRIVATE CLIENTS.
History Goldman Sachs was founded in 1869 by the German-American entrepreneur Marcus Goldman. The firm joined the New York Stock Exchange in 1896. Shortly afterwards, Goldman’s son-in-law, Samuel Sachs, came to the company. From the 1930s, Goldman Sachs shifted their business away from trading towards investment banking. (Trading has become an emphasis again in the last few years.) From the 1950s, securities trading also became a major focus. The firm expanded in the 1970s, opening an office in London and beginning its Private Wealth division. Their Asset Management division was formed in the 1980s.
Structure Goldman Sachs’ headquarters are in New York City. The firm has Private Wealth Management offices in the US, Asia and Europe. The Group’s CEO is Lloyd Blankfein, who recently made the news as the highest-paid executive on Wall Street, reflecting Goldman Sachs’ wider success. The Group, which employs over 26,000 people worldwide, is divided into three core businesses: Investment Banking, Trading, and Asset Management and Securities Services. The latter includes wealth
management for high net worth clients.
has recently been appointed as Goldman Sachs’ first global head of its
Location London, New York
Peter Scaturro, formerly of US Trust and Citigroup Private Bank,
private wealth management division. Scaturro’s acquisition and excellent reputation appear to signal a change in the Group’s approach and emphasis on its private clients and a focus on exploring the full
potential of its capabilities in this area. London Goldman Sachs International
Ethos ‘Our assets are our people, capital and reputation. If any of these is ever diminished, the last is the
most difficult to restore.’
133 Fleet Street London EC4A 2BB Phone:
+44 (0)20 7774 1000
Goldman Sachs’ stated goal is to provide superior returns for their shareholders through excellence in every area of their business. Wealth managers work closely with private clients to determine their assets, approach to risk and
long-term intentions. A team of specialists then forms the best strategy to achieve this. Clients’ portfolios
Goldman Sachs & Co.
are periodically reviewed in order to keep up with their own needs as well as economic changes and
85 Broad Street
New York, NY 10004 Phone:
The Attraction ‘Especially in today’s challenging environment, wealthy families look to Goldman Sachs
for advice and guidance in developing investment strategies.’ Goldman Sachs adopt a holistic approach to creating investment portfolios, on the grounds that
<< Uncompromising determination to achieve excellence >> 36
the financial markets are interdependent and knowledge of many areas is necessary for success. In tailoring a portfolio to a client’s needs, a team of experts is involved from several disciplines around the firm. The attraction of Goldman Sachs is self-evident in terms of reputation and success. The Group reported earnings of approaching $10 billion for 2006. 43% of those on the Forbes 400 list of wealthiest individuals are Goldman Sachs clients.
Philanthropy Goldman Sachs have a long-standing tradition of philanthropy. Since 1999 they have donated $94 million in grants to promote youth education programmes across the world. They also have a reputation for conducting business with the intention of reversing global climate change.
Summary ‘Our experience shows that if we serve our clients well, our own success will follow’ > Global Group drawing on its full resources and expertise to serve private clients > Min account size $1 million > Reputation for integrity and ethical business conduct
C HOARE & CO
IN A WORLD OF MEGA-
ORGANISATIONS, THE TRULY PERSONAL APPROACH HAS A LOT TO RECOMMEND IT. THE UK’S LONGEST-
ESTABLISHED PRIVATE BANK, C. HOARE & CO. IS ONE OF VERY FEW BUSINESSES OF THIS AGE STILL
PRIVATELY OWNED. WITH AROUND 10,000 CUSTOMERS AND ONLY TWO OFFICES, THE BANK IS A SMALL
BUT HIGHLY-REGARDED ORGANISATION THAT OFFERS OUTSTANDING SERVICE TO ITS VERY EXCLUSIVE
CLIENT LIST. PAST CUSTOMERS INCLUDE JANE AUSTEN, SAMUEL PEPYS AND
LORD BYRON. TODAY, MANY OF ITS CLIENTS ARE 10TH GENERATION
CUSTOMERS. Hoare prize discretion. As the bank has been privately owned for
all of its 335-year history, it has no stock market, no need to be in the public eye
and little need to advertise.
History The bank was founded in 1672 by Richard Hoare, a goldsmith. Over the next three decades, he reduced his gold-trading business and focused on banking. The following 200 years saw the rise and fall of Hoare’s fortunes, common to many private banks. In the years following the First World War, when many private banks were acquired by commercial banks, Hoare instead decided to remain independent. In 1929 the partners reorganised their business so that they became the sole shareholders of a private unlimited liability company – as today’s partners still are. The bank expanded rapidly over the next 80 years and the number of staff increased tenfold to more than 200. Hoare now have £1.3 billion under management. Business has doubled in the last five years and they plan to do the same in the next five.
Structure Hoare are an entirely independent company of unlimited liability, 100% owned by its seven
C Hoare & Co
family partners – all direct descendants of the founder Richard Hoare. The bank has only two branches,
both in London – one in Fleet Street, the other in Knightsbridge.
Location London Ethos ‘In addition to our independence, we pride ourselves on our commitment to the virtues of quality, Contact integrity and accuracy in all our dealings.’ 37 Fleet Street Hoare do not have the sheer size and international presence of many private banks. Quite the London opposite: they have a commitment to keeping the bank small, increasing business by increasing clients’ EC4P 4DQ wealth rather than taking on many new customers. Phone:
020 7353 4522
020 7353 4521
32 Lowndes Street London SW1X 9HZ Phone:
020 7245 6033
020 7823 1975
<< I call it the paradox of capitalism.It churns out at one end vastly rich people and at the other end vast organisations. The rich people don’t want anything to do with these organisations >> ALEXANDER HOARE, CEO OF HOARE & CO.
Their independence and size enables an unusual level of discretion and brings a high level of exclusivity. Wealth itself is no guarantee of acceptance; prospective clients will need not one but two recommendations from existing customers, and will be required to interview with the partners. Those deemed unsuitable are declined. As Alexander Hoare says, ‘If a rich person turns up and we think he looks like trouble, the answer is no. If an academic, not very rich, turns up and we like him, he joins the bank.’
The Attraction ‘C. Hoare & Co combine the best of new and established banking practices, leading the field in terms of technology, while maintaining the traditional values of quality, integrity and personal attention.’ – David Carruthers, CEO Financial Objects. Though small, Hoare are more than capable of competing on what they term the more ‘intangible’ qualities their clients demand. The size of their organisation means they are able to provide a highly personal service, with partners able to make quick decisions about individual clients’ needs. Hoare also have a high ratio of staff to customers. Continuity is exceptional; many of the bank’s workers have been there over 25 years (occasionally, twice as long, sometimes dealing with three generations of the same family). Because they do not manufacture their own products, Hoare do not need to sell them to customers and conflicts of interest are consequently reduced.
Summary ‘Delivering the absolute antithesis of the strategy of the big banks is a winning strategy for them.’ Luqman Arnold, former CEO of UBS. > UK’s longest-established private bank; fully independent > Exceptional service and continuity > Highly exclusive in terms of pedigree, clientèle and ethos > Clients accepted on referral and interview
C HOARE & CO
H S B C P R I VAT E B A N K HSBC PRIVATE BANK OFFERS PRIVATE BANKING, INVESTMENTS AND TRUST AND FIDUCIARY SERVICES
TO HIGH NET WORTH CLIENTS IN 37 COUNTRIES. DRAWING ON THE STRENGTH OF THE HSBC GROUP AND
THE BEST PRODUCTS FROM THE MARKETPLACE, HSBC PRIVATE BANK WORKS WITH ITS CLIENTS TO
HSBC Private Bank Founded 1865
L O N D O N · G E N E VA
DEVELOP INNOVATIVE SOLUTIONS TO MANAGE, PRESERVE AND DEVELOP WEALTH. At the heart of HSBC
Private Bank is old-fashioned private banking where a client can enjoy a personal relationship with a
manager who knows them, their family and their business, and who is empowered to make decisions. The
bank has the specialist skills and experience in dealing with the needs of affluent people, particularly those
who are entrepreneurial and whose financial solutions need a global perspective. The bank considers itself
more as a client’s financial partner in creating and preserving wealth.
History The HSBC Group was founded in Hong Kong in 1865 to finance trade between the China coast and Europe and the United States. Since then, the HSBC Group has expanded through both internal growth and acquisition. HSBC Private Bank (formerly HSBC Republic) was established on 31 December 1999, when HSBC acquired Republic New York Corporation and Safra Republic Holdings, parent companies of Republic National Bank of New York. Since then, HSBC’s private banking business has grown substantially, both organically and through acquisition. The company has entered new markets, launched innovative new products and is building a strong onshore business to complement its historical franchise. The marketing name HSBC Private Bank was adopted on 1 January 2004.
Structure HSBC Private Bank, together with HSBC Guyerzeller and the private banking activities of HSBC Trinkaus & Burkhardt as well as the HSBC Private Banking entities, operates through more than 90 locations in some 37 countries in the Americas, the Asia-Pacific region, Europe and the Middle East. It employs more than 6,500 staff worldwide. At the helm of HSBC Private Bank is its CEO, Chris Meares, who is also a member of the HSBC Group Management Board. Chris leads an experienced executive team, who take regional responsibility for
Geneva HSBC Private Bank (Suisse) SA Quai du Général Guisan, 2 PO Box 3580 CH-1211 Geneva 3 Switzerland Phone:
(+41) 58 705 55 55
(+41) 58 705 51 51
Ethos HSBC Private Bank believes private banking is about much more than deposits and loans. Rather, it believes it is about finding creative solutions to complicated situations to help affluent individuals and their families manage their wealth today, and develop new sources of wealth for future generations. The approach at HSBC Private Bank is to take a complete view of a client’s wealth. The bank’s philosophy is to recognise that every client is different. Therefore, it assumes nothing about a client’s requirements or level of involvement they are seeking, and offers a wide range of personalised services to support the many aspects of wealth management.
London HSBC Private Bank (UK) Limited
The attraction A relationship manager helps the client identify their wealth goals and develop
78 St James’s Street
London SW1A 1JB United Kingdom Phone:
(+44) 20 7860 5000
(+44) 20 7860 5001
Manage their wealth: HSBC Private Bank begins by understanding the client’s individual financial needs, and endeavours to find the best solutions to fit their inevitably unique situations. Develop and protect their wealth for the future: With one of the largest trust businesses and a global network of investment services spanning six continents and all major markets, HSBC Private Bank
For full contact details of all HSBC Private Bank offices around the world, please visit www.hsbcprivatebank.com.
<< Our mission is to be the world’s leading international private bank, known for excellent client experience >>
can draw on its strengths to plan a secure financial future for the client and their family, and find new sources of wealth most appropriate to their needs and interests. Manage the impacts of wealth: Wealth can present unique lifestyle situations. Whether a client is buying new homes, investing in art or relocating overseas, a relationship with HSBC Private Bank opens up a range of specialist services. The bank’s specialists offer expertise in areas including philanthropy, property investment, tax advisory, media and immigration services.
Sponsorship Design Miami/ and Design Miami/Basel For the second year, HSBC Private Bank is the principal sponsor of Design Miami/ and Design Miami/Basel, the global forums for collecting, exhibiting, discussing and creating design.
Global Forum The HSBC Global Forum is a regular event hosted in the US that provides clients in the Americas with the opportunity to take part in discussions on current economic and financial trends with experts from HSBC Private Bank.
Menuhin Festival in Gstaad HSBC Private Bank (Suisse) SA has been the principal sponsor of the
Menuhin Festival in Gstaad since 2003.
Summary > A global private bank with the specialist skills to offer creative solutions to complex wealth structures > Can draw on the international network of HSBC Group, one of the largest banking and financial services organisations in the world > Minimum investment of $2 million USD
Awards Named “Best global provider of trust services” and “Best global provider of inheritance and succession planning” in the Euromoney Private Banking Survey, January 2007.
H S B C P R I VAT E B A N K
JPMORGAN PRIVATE BANK CLIENTS ENJOY THE
BEST OF TWO WORLDS: THE INTIMATE, CUSTOMISED NATURE OF A PRIVATE CLIENT RELATIONSHIP
L O N D O N · N E W YO R K
AND THE POWER OF A GLOBAL FINANCIAL LEADER. With over 160 years of experience and
JPMorgan Founded 1799 Location New York, London
more than $400 billion in total client assets,* JPMorgan’s success is based on providing
tailored solutions that meet the unique needs of each individual client. JPMorgan
Private Bank offers the full spectrum of wealth management capabilities – spanning
investments, wealth structuring, trust and estate planning, credit, banking and risk
management.Each client has a dedicated team focused on accessing the right capabilities
that meet his or her needs. Client solutions can range from providing access to leading
proprietary and third party alternative investments to handling the complex issues involved in wealth
transfer for a multi-national family. Often, JPMorgan works hand in hand with its client’s advisors.
History The origins of JPMorgan Chase stretch back to 1799, when Aaron Burr founded the Bank of The Manhattan Company. It quickly became one of the most important banking firms in the country. In 1955, the Bank of The Manhattan Company merged with Chase National Bank. Drexel, Morgan & Co was founded in New York in 1871 to serve Europeans investing in the US. This partnership also grew quickly and established itself as an important private domestic and foreign bank. Currently, JPMorgan Chase melds the storied histories of both of these organizations.
Structure JPMorgan Private Bank is headquartered in New York City, and is led by Mary Callahan Erdoes. In 2005, Forbes magazine ranked Ms. Erdoes as one of the 100 most powerful women in business. JPMorgan Private Bank is part of JPMorgan Asset Management, one of the world’s leading assets managers with over $1.5 trillion in assets.* In May 2006, Absolute Return magazine ranked JPMorgan Asset Management as the largest hedge fund manager in the world. The larger JPMorgan organisation also includes investment banking, custody, treasury services, and consumer banking capabilities.
Contact Ethos ‘At all times, the idea of doing only first-class business, and that in a first-class way has been before New York our minds’ -J.P. Morgan, Jr. JPMorgan Private Bank JPMorgan Private Bank clients are served by an integrated team of professionals. A banker 345 Park Ave. handles the overall relationships while specialists in investing, credit, wealth transfer planning, and New York fiduciary services meet specific needs of each client. All of these individuals are relentlessly focused on NY 10154 helping the client meet his or her goals. A compensation structure that rejects product commissions Phone:
212-464-0496 demonstrates the importance JPMorgan places on objectivity.
London JPMorgan Private Bank 125 London Wall London EC2Y 5AJ Phone:
020 7742 7737
<< Offering expertise across the disciplines of wealth management >> 42
The Attraction With relationships with over 40% of the names found on the Forbes Billionaires List, JPMorgan Private Bank has a leading franchise as the private bank of choice for the ultra-wealthy. The firm is a leading investment house – with a global team of economists who make portfolio allocation recommendations, relationships with top alternative asset managers, and access to the capabilities of JPMorgan Asset Management – one of the leading investment managers in the world. At the same time, JPMorgan gives clients the fiduciary, estate planning, tax, and even next generation education tools necessary to help them preserve their wealth across generations. All of these capabilities are delivered through seasoned professionals who bring a 160 year heritage of helping each client achieve his or her goals.
Summary ‘Whatever issue we are addressing, we begin by focusing on you’ > Leading global financial services firm > All resources and capabilities leveraged for private clients
* As of June 30, 2007
<< When a man accosted him in the street and asked,“What’s the market going to do?” J.P.Morgan replied,“It will fluctuate”. >>
Z U R I C H · WO R L DW I D E
Julius Baer Founded 1890 Location Zurich (HO) and worldwide
THE JULIUS BAER GROUP IS THE
LEADING DEDICATED WEALTH MANAGER IN SWITZERLAND. EVER SINCE THE BEGINNINGS OF OUR GROUP,
WE HAVE BEEN FOCUSING SOLELY BUT PASSIONATELY ON WHAT WE CAN DO BEST. THAT IS WHY OUR
PROFESSIONAL ATTITUDE AND THE ACTIVITIES WE EXCEL IN
ARE SO PERFECTLY ALIGNED: We want our clients’ high
expectations to be met with unrivalled excellence in private
banking and asset management. In our daily work, we are serious
yet uncomplicated. We bank on a vast pool of resources and a
global network of expert knowledge to add value for our clients.
Bank Julius Baer & Co. Ltd., head office, Bahnhofstrasse 36, Zurich
By concentrating on personalised counselling and putting the utmost care on delivering highest quality
solutions to generations of clients from all around the world, we have actually never found time for making
promises but have instead developed a passion for over-delivering.
History ‘If contact between people is based on trust and absolute integrity, then it is of benefit for both sides.’ Julius Baer, 1857 – 1922, founder and namesake of the Group
From the beginning of the family-owned company in the nineteenth century, its development has been driven by an entrepreneurial spirit, cultural openness and an intimate understanding of its clients’ needs. The Group emerged in its current form at the end of 2005 as a result of the merger of four private banks and the specialist asset manager GAM within the framework of Julius Baer Holding Ltd.
Structure Our singular focus on wealth management for sophisticated private and institutional investors as well as intermediaries is combined with a very straightforward organisational model. With more than 3800 employees worldwide, the Group managed assets in excess of CHF 400 billion at the end of June 2007. The Julius Baer Group’s global presence comprises more than 30 locations in Europe, North
America, Latin America, Middle East and Asia.
Bank Julius Baer & Co. Ltd. Bahnhofstrasse 36 P.O. Box
Ethos ‘We are ready to meet the challenge to be measured against our achievements.’ Raymond J. Baer, Chairman
CH-8010 Zurich Switzerland Phone:
+ 41 58 888 1111
+ 41 58 888 1122
GAM Holding Ltd.
Offering one-stop solutions requires both professionals capable of imagining the unconventional as well as team players skilfully leveraging their individual strengths. That is why we embrace cultural diversity driven by strong personalities who are united in this special kind of single-mindedness we call clientcentric. The resulting commitment is evident from the very first handshake to all people in any positions you ever get in contact with, either personally or from behind the scenes.
Klausstrasse 10 CH-8008 Zurich Switzerland
+ 41 44 388 3030
+ 41 44 388 3031
<< Committed to Excellence >>
The Attraction ‘We want to become the world’s most respected dedicated wealth manager.’ Johannes A. de Gier, President and Group CEO
By concentrating activities on only two business areas, Private Banking and Asset Management, we achieve an exceptional level of client focus: Julius Baer Private Banking is one of the world’s leading private banks. Our client relationships are built on partnership, continuity and mutual trust. Comprehensive advice and experienced relationship managers come together to deliver individual solutions to our sophisticated clientele. Our experts in various locations all over the world ensure proximity to our multinational clients. To make certain that contact with our clients is based on optimal linguistic and cultural localisation, the division is organised according to geographic markets. These teams are supported by the universally accessible specialist unit Wealth Management Services as well as by the trading and product structuring unit Markets. The Asset Management division comprises the asset management specialists GAM and Julius Baer Asset Management in the USA and Europe. Together they offer our international, very diverse private, intermediary and institutional clients a broad range of leading investment products and solutions, ranging from traditional investment funds distributed under the Julius Baer brand in all major categories, to alternative, absolute return-oriented investments and highly specialised structured products or portable alpha-oriented products of GAM.
Other Over and above its immediate business activities, the Julius Baer Group identifies closely with society and actively participates in its development. Our corporate culture is that of a socially responsible company, and Julius Baer is engaged in projects both on its own and with partners. The company has always attached great importance to cultural patronage, supporting both the fine arts and other forms of artistic expression.
Group Executive Board (left to right): Dieter A. Enkelmann, Group CFO, Alex W. Widmer, CEO Private Banking, David M. Solo, CEO Asset Management, Johannes A. de Gier, President and Group CEO
Summary > Julius Baer is the leading dedicated wealth manager in Switzerland. > Our clients’ aspirations are our concern and the motivation behind everything we do. > We provide best-in-class investment solutions – we craft them skilfully, carefully and beyond compromise from the very beginning.
Client reception area at the head office in Zurich with a selection of the Bank’s art collection on display
LGT IS EUROPE’S LARGEST PRIVATELY OWNED WEALTH & ASSET MANAGEMENT GROUP
RUN AS A FAMILY BUSINESS. IT HAS BEEN CONTROLLED BY THE PRINCELY HOUSE OF LIECHTENSTEIN
FOR OVER 70 YEARS. AS THE FAMILY OFFICE OF THE PRINCELY HOUSE, LGT HAS WIDE-RANGING
Prince Max of Liechtenstein
LGT Founded 1920 Contact LGT Group Herrengasse 12 FL-9490 Vaduz Phone:
+423 235 11 22
+423 235 16 77
VA D U Z · Z U R I C H
EXPERIENCE IN STRUCTURING AND MANAGING FAMILY ASSETS. CLIENTS CAN USE THE SAME SERVICES
AS THE PRINCELY HOUSE AND PUT FUNDS INTO THE SAME INVESTMENT INSTRUMENTS, FULLY ALIGNING
THE AIMS OF CLIENTS, EMPLOYEES AND OWNERS.
Structure LGT combines wealth management, with traditional and alternative asset management into an integrated offer for private and institutional clients. Today, LGT is firmly established at 29 locations in Europe, Asia, the Middle East and America. As of 30 June 2007, LGT administered assets of CHF 99 billion.
History LGT was founded in 1920 in Liechtenstein and is one of the few family-owned, private banks to receive an official rating. Today, LGT is represented throughout the world and can provide clients with a princely service right on their doorstep. In Germany, LGT Bank in Liechtenstein & Co. OHG has been established since 2003, and since 2004, LGT Bank (Switzerland) Ltd. has been operating in Switzerland. At the start of 2006, LGT began business in the growth market of central and eastern Europe. LGT Bank (Austria) Ltd. started operations in 2007. In Asia, LGT is a well-established foreign bank with business bases in Hong Kong, Tokyo and Singapore.
The Attraction High ratings and awards: In external studies, LGT is the only asset manager in Liechtenstein, Switzerland and Germany to have been awarded the prime rating of summa cum laude. Clients are also reassured by the high official ratings awarded to LGT Bank in Liechtenstein Ltd. (S&P AA- / Moody’s Aa3) since 1996.
Wealth management: For LGT, wealth
management is an integrated approach combining both LGT Bank (Switzerland) Ltd. investment advice and the structuring and management Glärnischstrasse 36 of assets. The outset for every solution is always a CH-8022 Zürich comprehensive analysis of the client’s personal circumstances and needs. Then the client advisor develops Phone:
+41 44 250 81 81
+41 44 250 81 82
an individual proposal combining banking and fiduciary services. Thanks to regular reviews of aims and solutions, clients know they have made the right decisions. LGT’s advisory approach is based on a firstname.lastname@example.org term outlook. www.lgt-bank.ch Asset management: Here, LGT concentrates on finding and developing new investment opportunities for institutional and private clients. From the range of investment approaches and managers, the firm’s specialists filter out the most promising and combine them to create innovative products, ranging from traditional asset classes such as stocks and bonds to alternative investments in hedge funds and private equity. LGT uses innovative methodologies and instruments, as well as the latest academic findings. Princely Portfolio: LGT also administers the portfolio of the Princely House, the Princely Portfolio, which makes broadly diversified investments in traditional vehicles such as equities, bonds and real estate as well as in alternative investments. The aim is to generate equity-like returns at low levels of risk. The Princely Portfolio has shown benefits can be gained from upturns on the markets, while maintaining high value and stability in difficult phases. From 31 December 1998 until 30 June 2007, it posted a gross performance of over 113 percent, beating all relevant indices.
<< Investing like the prince >> 46
L L OY D S
ONE OF THE OLDEST AND LARGEST BANKS IN THE COUNTRY,
LLOYDS BEGAN PRIVATE BANKING OPERATIONS IN 2005. DESCRIBED BY THE BANK AS ‘HIGHLY
COMPETITIVE’, THEIR SERVICES ARE OFFERED TO A RANGE OF INDIVIDUALS, FROM MASS AFFLUENT
UPWARDS. PRIVATE CLIENTS HAVE THE CHOICE OF BEING GIVEN ADVICE ON COMMISSION OR PAYING AN
HOURLY RATE. One of the ‘Big Four’ UK banks, private clients have access to the services and expertise of
the entire Lloyds TSB group.
History Lloyds’ history goes back to 1765, when Samson Lloyd and John Taylor began their private banking business in Birmingham. Two of the partners’ sons went on to found the bank that would become a part of the Lloyds Banking Company. Lloyds made a string of takeovers early in the 20th century, and later acquisitions and mergers brought it to prominence as one of the UK’s foremost banks. In 1995 the Lloyds Bank Group merged with TSB Group to form Lloyds TSB – at the time, the largest bank in Europe.
Structure The CEO of Lloyds TSB is Eric Daniels. The bank has almost 70,000 employees and an annual revenue approaching £20 billion.
The CEO of the private banking division is Mark Cheshire. Lloyds have 28 private banking offices
throughout the UK.
Ethos ‘The financial needs of wealthy clients are unique and getting the best possible advice about what to do with their money is a must for them’ Lloyds aim to provide value-for-money services to private clients, who can pay a flat fee of £195 per hour for expert financial advice or have the option of paying by commission. The initial discussion is free and charges only apply when clients require more detailed information. The bank also offers a ‘no purchase, no fee’ policy, meaning that clients are not charged unless they act on the advice offered. This approach is intended to reassure clients that they are receiving unbiased expertise.
The Attraction ‘A commitment to fast and efficient service’ Lloyds private banking services begin with their asset management service for those with £100,000 and upwards to invest. Their personal ‘Mayfair’ banking service is offered to clients with £1 million investable
assets or an annual salary of £250,000 and upwards. Fees for this start at £480 per annum. A range of benefits and services are included, from text alerts on clients’ accounts to insurance and breakdown cover.
Lloyds private banking also offer family wealth transfer services, including will writing services,
Lloyds TSB Private Banking
inheritance tax planning, trust management services, and estate administration.
Grosvenor Street Mayfair
Summary ‘Competitively priced private banking’
> Private banking division of one of the largest UK banks
> Financial advice given on flat fee or commission basis
+44 (0)20 7493-7722
> Asset management service and private banking account for individuals with £100,000 and upwards > Personal Mayfair private banking service for clients with £1 million investable assets or £250,000 annual salary
<< We offer a service centred on you >> 48
LOMBARD ODIER DARIER HENTSCH
FOUNDED IN 1796,
LOMBARD ODIER DARIER HENTSCH IS AMONGST THE OLDEST FIRMS OF PRIVATE BANKERS IN EUROPE. A
PIONEER IN MANY FIELDS (FINANCE, INDUSTRY, SOCIAL CONCERNS) IT HAS PROVEN OVER 210 YEARS OF
HISTORY ITS CAPACITY TO REMAIN A LEADER IN PRIVATE BANKING AT INTERNATIONAL LEVEL. An
independent family business for seven generations, the Firm is run by nine partners, who are as much
involved in strategy and management as in client service. Lombard
Odier Darier Hentsch shares the values that guide all family
entrepreneurs wishing to pass their company on to future generations:
Responsibility, Long-term Commitment, and Pursuit of Excellence.
G E N E VA
Structure Today the Group is present and recognised in all major financial centres, with a network of 22 offices in seventeen countries. It employs 1800 staff and has CHF203 billion under management and custody. Its international presence gives the Firm an extensive network and contributes to enhance proximity with its clients.
Ethos By listening attentively to each client’s needs, Lombard Odier Darier Hentsch managers establish with them a relationship based on trust, respect and discretion. They are able to take a global view of their financial situation and provide tailor-made solutions of the highest quality, competence and ethical standards. Lombard Odier Darier Hentsch follows its own investment policy (asset allocation), in line with the convictions of its strategy team. The Firm’s investment strategy team is constantly generating
Lombard Odier Hentsch & Co
macroeconomic forecasts and investment scenarios to assist both clients and managers in their decisions.
out by the financial research team to provide recommendations by geographical region.
These forecasts and scenarios combine company studies with quantitative and technical analyses carried
The research team carries out analysis of the main asset classes in the major financial markets.
Contact Head Office
The funds specialists, on the basis of the input provided by strategy and research team, manage
Lombard Odier Darier
investment funds, whether traditional or alternative (hedge funds, private equity) or select third party
Hentsch & Cie
funds. The open architecture concept used by Lombard Odier Darier Hentsch provides its clients with
Rue de la Corraterie 11
access to the best products developed both in-house and externally.
CH- 1204 Geneva Phone:
+41 (0)22 709 21 11
Recognising the growing influence of intangible assets on companies’ stock market results, the Firm has also developed an innovative and specific socially responsible investment approach by including economic, social, and environmental factors in its company analyses.
UK office Lombard Odier Darier The Attraction The situation of each client is unique, as are the solutions devised with them. Depending Hentsch Ltd (UK) on their needs, the Firm selects the best internal and external products, in order to build a coherent and 3 Waterhouse Square well-performing portfolio over the long term. 142 Holborn > Family Business Expertise. As business owners and independent private bankers for seven generations, London Lombard Odier Darier Hentsch is a natural partner for family businesses. EC1N 2NT > At any stage of a company’s development, the Firm offers personalised solutions for wealth Phone:
+44 (0)20 7832 2428
management, legal and tax optimization as well as governance with the aim of preserving capital over several generations. > Estate Planning. Because lasting personal wealth requires long-term planning, Lombard Odier Darier Hentsch provides advice and solutions tailored to the client’s specific requirements considering its overall financial situation: real estate, business, art assets, etc.
<< Private bankers since 1796 >> 50
> Customised structures can be set up to ensure that the used asset management instruments are appropriate to the clientâ€™s short-, medium- or long-term objectives. The Firm also assists in optimizing tax situations and retirement provisions preparing for a change of residence or for retirement planning to pass on the clientâ€™s estate. > Socially Responsible Investment. Lombard Odier Darier Hentsch recognises the importance of Socially Responsible Investing (SRI). The Firm bears the conviction that responsible companies with a healthy corporate governance structure offer more attractive, long-term prospects thanks to their quality management, more stable sales trends, and better cost control. Similarly, in view of consumer awareness, the impact of a companyâ€™s reputation on its business, and the growing pressure from environmental legislation, sustainable development and the related risks are believed to be an increasingly important issue for investors. As an organization, the Firm strives to incorporate these principles in its relations with stakeholders. Having developed an in-depth expertise in SRI, Lombard Odier Darier Hentsch created a dedicated team in 1998 to manage the products and services incorporating these criteria. The team forms an integral part of the equity research capability. > Social Responsibility. Recognizing the importance of social responsibility, Lombard Odier Darier Hentsch has long supported projects related to sustainable development, solidarity, education, and culture. By prioritizing these areas, the Firm promotes initiatives that focus on enhancing and passing on a common heritage to future generations.
Summary > One of the oldest private banking firms in Europe > Independent, family business > Clients offered both in-house and external products > Socially responsible investment options
LOMBARD ODIER DARIER HENTSCH
PICTET & CIE
PICTET & CIE IS ONE OF THE LARGEST
PRIVATE BANKS IN SWITZERLAND AND A LEADING INDEPENDENT ASSET MANAGER IN EUROPE, WITH
MORE THAN CHF 390 BILLION UNDER MANAGEMENT AND CUSTODY. A TRUE PRIVATE BANK, PICTET IS
OWNED AND MANAGED BY EIGHT GENERAL PARTNERS WITH UNLIMITED LIABILITY FOR THEIR CLIENTS’
History The ‘Banque De Candolle Mallet & Cie’ was founded on 23 July 1805. The partnership soon abandoned its early aim of trading, instead focusing on assisting clients in their commercial activities and advising them on wealth management. The name Pictet & Cie was adopted 120 years later in 1925. The Bank underwent rapid growth after the Second World War and particularly in the closing years of the 20th century. Today, Pictet & Cie is one of Switzerland’s largest private banks and one of the foremost independent asset management specialists in Europe.
Structure The Pictet Group, headquartered in Geneva, employs more than 2,400 staff. The Group has offices in cities around the world: Florence, Frankfurt, Hong Kong, Lausanne, London, Luxembourg, Madrid, Milan, Montreal, Nassau, Paris, Rome, Singapore, Tokyo, Turin and Zurich. Pictet Funds (PF) is the investment-fund company of the Pictet Group and responsible for the
G E N E VA
development, administration and distribution of Pictet’s investment funds. PF employs more than 170 people at its head office in Geneva and at other offices in Frankfurt, Hong Kong, London, Luxembourg, Madrid, Milan, Paris, Singapore and Zurich. Pictet Asset Management (PAM) is the institutional division of Pictet & Cie. PAM includes all the operating subsidies and divisions of the Group that carry out institutional asset management. It comprises PAM Switzerland (including Pictet Asset Management S.A., a Swiss corporation registered with the Swiss Federal Banking Commission); Pictet Asset Management Limited, an English company, authorised and regulated by the Financial Services Authority; and Pictet Asset Management (Japan) Limited, a Japanese company regulated by the Financial Services Agency of Japan. At 31 March 2007, assets managed by PAM amounted to more than CHF 130 bn, sourced worldwide and invested throughout the world’s equity and fixed-income markets.
Ethos ‘Independence and continuity are our
Pictet & CIE Founded 1805
strongest assets’ > Pictet places high value on its history, tradition and strong corporate culture. As a private banker, client
service is paramount. The bank seeks to listen and
Pictet & Cie
learn first, then advise its clients on managing their
Route des Acacias 60
wealth as a long-term partner. A very low personnel
1211 Geneva 73
turnover (4% per annum) means excellent continuity
> Pictet are committed to sustainability, balancing
+ 41 58 323 33 33
Pictet Asset Management Limited
investment with long-term societal and
Moor House, Level 11
environmental aims. Launched in 2000, their Water
120 London Wall
Fund is the largest of its kind in the world, with assets
London, EC2Y 5ET
of over EUR 4 billion. They have recently launched a
+44 207 847 5000
Clean Energy Fund and have other sustainable
projects under development.
<< A Swiss bank with a personal approach >> 52
The Attraction ‘Maximising the profit-to-sleep ratio’ Pictet is a Swiss private bank with global offices and a tradition of personal service. In terms of managing wealth, Pictet employ what they call the ‘profit-to-sleep’ ratio, weighing potential returns against concern, tailoring investments to the client’s individual expectation to maximise return without taking risks that might cause a sleepless night. This does not always mean playing it safe, however, as some clients may be more worried by undue caution. ‘The key to our success lies in knowing what gives you peace of mind, and doing everything we can to make this happen.’
Summary > Truly private Swiss bank managed by eight general partners > Investments tailored to clients’ expectations, including sustainability > Private clients require a minimum of CHF 1 million > Family Office designed for families with wealth of EUR 100 million and upwards
‘Short term F1+: excellent rating. Long term AA-: very good rating. Individual A/B: irreproachable financial situation.’ – Fitch Ratings
Award: ‘Best private bank for high net worth clients (USD 10-30 million), Switzerland’ Euromoney, 2006.
PICTET & CIE
ROTHSCHILD IS A FAMILY-OWNED FIRM
WITH A TRADITION OF EXCELLENCE. THE ROTHSCHILD NAME IS A BYWORD FOR STABILITY AND TRUST,
QUITE LITERALLY SYNONYMOUS WITH WEALTH (FOR EXAMPLE, THE OXFORD ENGLISH DICTIONARY
ZURICH · LONDON
LISTS A ROTHSCHILD AS ‘AN EXTREMELY WEALTHY PERSON; A
MILLIONAIRE’). Rothschild are committed to providing excellent
advice rather than selling products. Their emphasis is on offering
guidance to clients, helping them meet their goals over the long
term. They are genuinely flexible and do not believe in standardised
solutions. Many of their clients are entrepreneurs and business
leaders of different nationalities who have complex interconnections Rothschild wine label Château Lafite.
between their personal and corporate finances. The firm offers access to experts from across the Rothschild
group – including investment specialists, international trust and tax lawyers, investment bankers and
corporate financiers. Their overriding aim is to provide clients with the highest level of advice.
History ‘Without doubt the Rothschilds’ most important contribution to economic history was the creation of a truly international bond market.’ – Niall Ferguson. In the early 19th century, five Rothschild brothers founded banking houses across Europe. Their name quickly became a standard in quality and innovation – in wine, science, fine art and architecture, as well as in finance. Today, Rothschild houses, gardens and art collections continue to contribute to the
richness of Europe’s heritage.
Founded c. 1800
Structure Rothschild’s Private Banking and Trust business has more than 400 staff in 15 jurisdictions,
with principal offices in London, Zurich and Guernsey. They are owned and managed by the Rothschild
family and backed by the wider resources of the Rothschild group.
Zollikerstrasse 181 8034 Zurich
Ethos The family’s spirit of innovation is evident in its wine-making, from the grands crus of Château
Lafite to ground-breaking ventures in the USA, South America and South Africa. In finance, Rothschild has
+ 41 44 384 7111
been at the centre of the world’s markets for over 200 years. Having successfully managed their own
+ 41 44 384 7222
family wealth, Rothschild have been providing expert investment advice to wealthy individuals and families for nine generations.
Rothschild 1 King William Street London
The Attraction ‘Our aim is to provide clients with truly independent advice across all our businesses. We believe that those who value a discreet and independent approach understand and share our principles.’ –
EC4N 7AR Phone:
+ 44 207 280 5000
+ 44 207 280 5560
Baron David de Rothschild Rothschild offer independent investment advice to wealthy individuals, families, trusts and charities from around the world. Typically, clients come to the firm for three main reasons. 1) Expert advice on wealth structuring. Wealth structuring can help protect assets from many potential threats and is an essential part of effective tax and estate planning. Among professional advisers and
<< Synonymous with wealth >> 54
consultants, Rothschild’s international trust and tax lawyers are highly regarded for their expertise in protecting, structuring and managing personal wealth. They are able to protect both financial and nonfinancial assets, including family businesses, yachts, art and property.
2) Strategic investment advice. Providing objective guidance is at the heart of Rothschild’s business. This covers all aspects of personal wealth, with services ranging from long-term asset allocation to the evaluation and monitoring of individual fund managers. Rothschild’s independence is central: their investment specialists are not under pressure to promote ‘preferred solutions’, but instead look at all potential options from their clients’ perspective.
3) High-conviction investment management. Rothschild’s investment management goal is simple: to generate the strongest possible risk-adjusted returns for every client, in the most cost-effective way. They are unbiased when constructing portfolios, consider investments in all asset classes and use a blend of investment vehicles, including passive funds, active funds, direct holdings, structured products and derivatives.
Each of these services can be provided in isolation, or in conjunction with others.
Other Rothschild have a long tradition of philanthropic work – in the Arts, archaeology, and heritage buildings in the UK and Israel. Rothschild also offer training to their clients’ children to provide a background of financial literacy and prepare the next generation to manage the family’s wealth.
Summary > Well-established family firm with a tradition of quality and trust > Committed to providing fully independent advice, not selling products > Clients generally have at least £3million in investable assets
<< Without doubt the Rothschilds’most important contribution to economic history was the creation of a truly international bond market >>
BANK SARASIN & CO. LT D
FOUNDED IN 1841, BANK SARASIN IS NOW ONE OF SWITZERLAND’S BEST-KNOWN
PRIVATE BANKS WITH OFFICES IN EUROPE, THE MIDDLE EAST AND ASIA. ITS SUSTAINABLE SUCCESS IS
BASED ON THE VALUES OF TRUST,CONFIDENTIALITY, EXPERTISE AND DEDICATION. SARASIN IS A
BOUTIQUE BANK WHOSE COREACTIVITIES INCLUDE INVESTMENT ADVISORY AND ASSET MANAGEMENT
SERVICES FOR PRIVATE AND INSTITUTIONAL CLIENTS. ITS COMPLEMENTARYSERVICES EXTEND TO
CORPORATE FINANCE AND FINANCIAL ANALYSIS.
History In 1841 Johannes Riggenbach-Huber founded a ‘mercantile business’ in Basel, which included banking services. Towards the end of the 19th century, management of the company passed to Alfred Sarasin-Iselin. Over the next 90 years, the bank grew to become Bank Sarasin & Co. Ltd, one of Switzerland’s foremost and best respected private banks. In 1987 Sarasin expanded in Switzerland and throughout Europe, changing its structure to a limited commercial partnership. Fifteen years later a turning point came with its conversion to a public limited company, paving the way for a new partnership and further, international expansion. In 2002, the AAA-rated Dutch
co-operative banking group Rabobank bought 28% of Sarasin. Measured by its core capital, Rabobank is one of the world’s top twenty financial institutions. This move brought with it the possibility of new offices in Singapore, Hong Kong, and later Dubai. Finally, in 2007, Rabobank increased its stake in Sarasin again and is now the majority shareholder in the bank.
Structure With assets under management of CHF 84.4 (eighty four) billion – CHF 100 billion projected by 2010 – the Sarasin Group employs over 1,100 staff. Its headquarters are in Basel and the Bank also has offices in Zurich,
Bank Sarasin & Co. Ltd
Geneva and Lugano in
Group has offices in Dubai, Guernsey,
Hong Kong, London, Munich, Paris and
Bank Sarasin & Co. Ltd
Singapore. Sarasin’s Chairman of the
Board of Directors is Georg F. Krayer,
and its CEO is Joachim H. Straehle.
Bank Sarasin is a limited company. Its
+41 (0)61 277 77 77
shares are listed on the Swiss
+41 (0)61 272 02 05
Switzerland.Internationally, the Sarasin
Ethos Sarasin’s motto, ‘Responsibly yours’ – is applied across every area. The bank is client-focused in all its activities and embraces the values of tradition, reliability and quality symbolised by the Oak logo. The Bank is committed to transparency throughout the investment process. In addition, Sarasin is a market-leader and trendsetter in socially responsible Investing (SRI). As early as 1989,the bank understood the
<< Responsibly yours >> 56
importance of the environmental and social dimension of asset management – as well as it recognised the growing importance of these themes to investors. In 1994 Bank Sarasin launched the world’s first investment fund based on the concept of eco-efficiency. Today, Sarasin is one of Continental Europe’s leaders in sustainable investments, with assets under management of around CHF 6.6 billion ( EUR 4.1 billion) which are looked after by a dedicated business unit. Sarasin’s Sustainable Investment department is an international team of 20 professionals from different disciplines, with an average of 13 years’ career experience. Research in this area is underpinned by a highly experienced team of nine analysts. This dedicated view on sustainability enables Sarasin to identify and exploit the interplay between environmental, social and financial factors – making for both high-quality products and excellent client advisory services.
TheAttraction ‘Solution providers’ Sarasin’s solid capital base and the triple-A backing of Rabobank ensure stability and low-risk investment, as well as the promise of continued expansion. With Swiss roots, the Bank has a strong tradition of clientfocused services, now combined with a global approach to banking. Quality of service is key to Sarasin’s image, as is responsibility – towards clients, employees and shareholders, as well as in environmental and social concerns. Sarasin offer complete financial planning for clients and their families, gaining a comprehensive overview of the customer’s situation and requirements before providing a structure to cover all life stages. Services include business financing, investing assets, dealing with savings, VIP pension schemes and inheritance. Many of Sarasin’s clients are entrepreneurs. The bank is ‘evolving to adapt to a younger customer generation’, and particularly to the demands of new wealth coming from many different regions of the world.
Summary > Private Banking (individual portfolio management): clients with assets of at least CHF1000,000 (EUR 600,000) > Personal Banking (choice of a wide variety of Managed Fund Portfolios): clients with assets of at least CHF 100,000 (EUR 60,000) > AAA-rated Rabobank’s share majority brings stability and low risk investment > Core values of tradition, trust and responsibility. Sustainability is a key concern.
BANK SARASIN & CO. LTD
S C H R O D E R S P R I VAT E BANK
SCHRODERS PRIVATE BANK IS THE WEALTH MANAGEMENT DIVISION OF
SCHRODERS PLC, AN ASSET MANAGEMENT COMPANY OF GLOBAL RENOWN. THE GROUP HAS
MAINTAINED A STERLING REPUTATION FOR OVER 200 YEARS, LOOKING AFTER SOME OF THE
WEALTHIEST FAMILIES IN THE WORLD. THE CLIENT BASE CONSISTS PRINCIPALLY OF UK AND EUROPEAN
CLIENTS ALTHOUGH PORTFOLIOS ARE ALSO MANAGED FOR A
NUMBER OF CLIENTS IN THE MIDDLE EAST, ASIA PACIFIC AND
THE CARIBBEAN. THE SUCCESS OF THE BANK IS GROUNDED IN A
COMPELLING INVESTMENT PROPOSITION, A TEAM OF HIGHLY
EXPERIENCED INVESTMENT PROFESSIONALS AND AN
IMPRESSIVE CLIENT REPORTING SYSTEM. THE COMBINATION OF
Paul White, Head of Private Banking, UK
ALL THREE OF THESE ENSURES SCHRODERS’ EXCELLENT
REPUTATION IN THE HIGHLY COMPETITIVE WEALTH MANAGEMENT MARKETPLACE.
History Schroders was founded in 1804 as a merchant bank based in London and commenced investment
Rupert Robinson, Head of Private Banking, London
management in 1922 with the launch of its first investment trust. The company has been in the private client business for many years, establishing the Private Bank in Switzerland in 1967. Today there are three main hubs: Switzerland, the Channel Islands and the UK. Schroders Private Bank prides itself on being at the forefront of innovation in the fast-evolving private client marketplace. They were the first in their peer group to bring strategic asset allocation to private client portfolio construction. Furthermore, they were early incorporators of alternative investments into private client portfolios and pioneers of the sophisticated risk management techniques which were then widely adopted across the industry.
Structure With offices in the UK, Europe, Asia and America and £137.6 billion under management (as at 30th June 2007), Schroders plc is one of the largest 100 companies listed on the London Stock Exchange. Although publicly traded, it remains a family-controlled business; the Schroder family and related trusts hold almost half of the voting equity. Schroders Private Bank is wholly owned by Schroders plc. This
Schroders Private Bank
ensures both stability and independence of ownership, something which translates directly into security
for their clients. This independence has allowed the company to take a distinctive team-based and entrepreneurial approach to business strategy.
Contact Schroders Private Bank 100 Wood Street London EC2V 7ER Phone:
+44 (0) 20 7658 2377
Ethos Schroders Private Bank manages investment portfolios for a relatively small group of individuals. This means that clients of the bank are individuals with distinct personalities, not just numbers – they each have a clear identity within the organisation and a dedicated team of three professionals looking after their interests. Making sure that this team is the right team for a particular client is a key priority for the business.
Schroder & Co. Limited is authorised and regulated by the Financial Services Authority. For your security, communications may be taped or monitored.
<< A 200-year reputation of honesty and integrity >>
The Attraction The private bankers at Schroders make no assumptions about their clients. Starting with a blank canvas, they set out to gain a detailed understanding of their needs in order to provide the right financial solutions. The client base is broad-ranging, from established “old” wealth to entrepreneurs who have more recently come into their money. The service offering is broad and flexible enough to answer the needs of this broad client base. Entrepreneurs across Europe are increasingly attracted by the more innovative products and services on offer. Schroders recognises that the needs of private clients change according to life stage and that the emphasis often shifts from growth to wealth preservation. These requirements are carefully measured against risk and mapped out into a personalised approach for each client.
Summary Global business, family approach > Excellent reputation; well-established and highly exclusive brand > Traditional but also innovative and forward-looking > Minimum investment, £1 million investible assets; the average client in London has around £5 million > Careful alignment of bank’s interests with those of clients
SCHRODERS PRIVATE BANK
SG HAMBROS IS PART OF SG PRIVATE
BANKING, THE PRIVATE BANKING ARM OF THE SOCIÉTÉ GÉNÉRALE GROUP. THE ORGANISATION’S
EXPERIENCED PRIVATE BANKERS PROVIDE EXTENSIVE WEALTH MANAGEMENT, TRUST, INVESTMENT AND
FINANCIAL PLANNING SERVICES FOR HIGH-NET WORTH INDIVIDUALS. The SG Hambros Group employs
more than 470 people and has over £7.3 billion of assets under
management from its offices in the UK, Jersey, Guernsey, Gibraltar and
History In 1839 the Hambros family established an independent bank in London called CJ Hambro & Son, which became known as Hambros Bank Ltd following the merger with the British Bank of Northern Commerce in 1921. Private banking operations were expanded in 1967, with new offshore offices opened in Guernsey and Jersey, followed by a further office in Gibraltar in 1981.
In 1998 Hambros Bank Limited was acquired by the Société Générale Group and its core private banking activities were renamed SG Hambros Bank & Trust Limited. SG Hambros Group also expanded its operations into the Bahamas at this time.
Structure SG Private Banking has offices in over 23 countries and is fully supported by the Société Générale network, which is present in 76 countries and employs over 120,000 people worldwide. Around half of the bank’s private clients are from the UK. The rest are a mix of Russian, Middle Eastern, European and other nationalities. These include a significant proportion of new entrepreneurial money.
Ethos ‘Clients expect and receive quality service from experienced private bankers.’ SG Hambros focus on trust and building long-term relationships with private clients. They are renowned for their attention to detail and excellent administration, as well as the ‘second-to-none’ quality of the
products they offer.
the bank by referral, either by existing clients or by lawyers and accountants.
Bankers make themselves available to their private clients 24 hours a day. Many clients come to
Contact SG Hambros Bank Limited
The Attraction ‘While we offer a comprehensive range of services, we acknowledge the fact that every
SG House, 41 Tower Hill
individual requires unique solutions.’
London EC3N 4SG
SG Hambros has the advantage of being a small bank – with the flexibility this brings – whilst having the
backing of a big institution. The bank’s private clients benefit from the combination of Société Générale’s
+44 20 7597 3000
worldwide expertise and resources, along with the high level of personal and customised service,
+44 20 7597 3056
investment capabilities and access to a broad range of services and products.
After gaining a good understanding of the client’s overall situation, private bankers provide complete financial engineering and structuring according to each individual’s requirements.
Events SG Hambros sponsor motor racing and other sporting events. Société Générale is an exclusive partner for the 2007 Rugby World Cup, with which they have now been involved for 20 years. The bank can sometimes offer hard-to-find tickets to these sporting events to its private clients.
Summary ‘We provide the expertise necessary to understand the choices available and the risks involved whether you want to grow your wealth for your future or protect it for younger generations.’ > The flexibility of a small bank with the security of a big organisation > Private clients start at min. £1 million > Focus on trust and long-term relationships > SG Hambros Bank Limited is authorised and regulated by the Financial Services Authority
Photographs provided by Vincent Tagliabue www.vincent-tagliabue.ch
<< Creating focused solutions >>
SINGER & FRIEDLANDER
SINGER & FRIEDLANDER INVESTMENT
MANAGEMENT LIMITED (SFIM) IS ONE OF THE UK’S LONGEST-ESTABLISHED INVESTMENT MANAGERS.
THE FIRM MANAGES FUNDS FOR PRIVATE CLIENTS AND CHARITIES, BOTH IN THE UK AND
INTERNATIONALLY. As at 30 June 2007, SFIM managed total assets of £3.3 billion.
History The company’s history dates back to 1907, when Julius Singer founded a stockbroking firm in London. He was joined five years later by Ernst Friedlander, who hailed from a family of Berlin bankers. Friedlander was also the founder of South Africa’s first merchant bank. In 1957 Singer & Friedlander was listed on the London Stock Exchange. Over the next 30 years it was part of a series of acquisitions, regaining independence in 1987. They were finally acquired by Kaupthing Holdings UK, a subsidiary of the Icelandic Kaupthing Investment Bank, in 2005.
Structure SFIM is a wholly owned subsidiary of Kaupthing Singer & Friedlander Group plc, which offers corporate and investment banking services. The group currently has over 700 employees in the UK and on the Isle of Man. The CEO is Armann Thorvaldsson.
Ethos ‘The dedicated services of your investment manager ensures that your needs and requirements are
Singer & Friedlander Founded 1907
fully met, and that any changes in your circumstances are swiftly reflected in your portfolio’ Diversification of risk is fundamental to SFIM and portfolios are created in such a way as to protect them against the fluctuations associated with any one region, industry or corporation. The firm works closely with clients and takes a long-term approach which utilises different investment styles at different times, depending on what is most appropriate for that stage in the market cycle; at any given point portfolios will have a mixture of components. This pragmatic approach is summed up as ‘Growth at the right price’.
The Attraction ‘Our conservative and disciplined investment philosophy, coupled with flexibility and an unusual degree of personal involvement means that we can continue to meet the investment needs of our clients as they change over time’ SFIM offer a discretionary service for clients who prefer to allow an investment manager to handle the day-to-day decisions of portfolio management. This entails complete responsibility and administration for clients’ assets. Clients can follow the value of their portfolios over the internet. In addition to portfolio management services, SFIM have a range of investment funds, which offer
clients the benefit of spreading their assets over a broad range of companies and markets.
Singer & Friedlander Investment Management
Summary ‘Conservative, flexible, personal’
One Hanover Street
> Discretionary service, working closely with the client
London W1S 1AX
> Conservative attitude to risk
020 3205 5900
> Additional range of investment funds
020 3205 5905
<< Growth at the right price >>
SINGER & FRIEDLANDER
UNION BANCAIRE PRIVEE
UNION BANCAIRE PRIVÉE (UBP) IS BASED IN GENEVA AND IS ONE OF
SWITZERLAND’S LEADING AND MOST STRONGLY CAPITALISED PRIVATE BANKS. NOW, AS EVER, THE
Guy de Picciotto
G E N E VA · L O N D O N
BANK CONCENTRATES ON JUST ONE PROFESSION: ASSET MANAGEMENT FOR PRIVATE AND
INSTITUTIONAL CLIENTS. THIS ACTIVITY SPANS THREE BUSINESS DIVISIONS: PRIVATE BANKING,
INSTITUTIONAL ASSET MANAGEMENT AND ALTERNATIVE ASSET MANAGEMENT. UBP is built on a strong
foundation of entrepreneurial vision and innovative drive. It draws on the top financial talents to bring its
clients capital protection combined with returns. A pioneer of alternative asset management over thirty
years ago and an acknowledged world leader in this sector today, it offers advanced expertise in building
and assembling absolute-return portfolios.
These strengths, combined with highly personalised service, have made Union Bancaire Privée one of the world’s top-ranking privately-owned asset management banks, based on client assets.
History In 1969, Edgar de Picciotto founded Compagnie de Banque et d’Investissement (CBI) in Geneva. At the end of the 1970s, in characteristically entrepreneurial style, he innovated by advocating the use of hedge funds in the clients’ portfolios. Before long, CBI had chalked up a number of successes, owing to its skill in asset management, its ability to bring together the most talented managers and its strategy of external growth. Its most important acquisition was that of TDB-American Express Bank in 1990, which led to the creation of the Bank as we know it today: Union Bancaire Privée (UBP). In the space of less than forty years, the Bank has become a member of the exclusive circle of Switzerland’s leading private institutions.
Union Bancaire Privée
Structure UBP has established a strong international presence through a network of branches,
subsidiaries and representative offices in twenty-one locations: Geneva, Lugano, Zurich, Barcelona, Jersey,
London, Luxembourg, Paris, Beirut, Dubai, Doha, Istanbul, Tel Aviv, New York, Bahamas, Bermuda, Buenos
Union Bancaire Privée
Aires, Mexico, Tokyo, Singapore and Hong Kong. It employs more than 1,300 people and assets under management amounted to CHF 133 billion
96-98, rue du Rhône CH-1204 Geneva Phone:
at the end of June 2007. UBP’s Chairman of the Board of Directors is Edgar de Picciotto, and the Bank’s CEO is Guy de
+ 4122 819 21 11
Picciotto. UBP is a limited company. Union Bancaire Privée 26 St James’s Square Ethos UBP was founded, and has been managed ever since, by a family of true entrepreneurs. From its London SW1Y 4JH earliest days, it has cultivated the values of daring, creativity and passion, which it shares with its clients. Phone:
+ 4420 7369 1350 These values, combined with a highly independent spirit and a constant drive to innovate, are reflected in the Bank’s corporate vision, focused entirely on capital protection and long-term value creation.
<< The art of creating value >>
The Attraction Asset management forms the core of the Bank’s services and expertise. Every since it began operations, the Bank has concentrated on producing the highest possible returns for its clients. It does so by working with the world’s best money managers in all asset classes, based on an open investment architecture. It selects from both internal and external investment products, ranging from traditional to alternative and structured vehicles and assembles them on an exclusive basis.
The Bank offers a diversified approach, based on three product ranges. > Alternative funds of funds: Union Bancaire Privée has specialised know-how and over thirty years’ experience in the field of hedge funds. The funds of funds provide strategies covering most investment styles. The longterm objective is to deliver a risk-adjusted return well above the average. > Traditional funds: Union Bancaire Privée’s range of traditional investment funds spans a wide choice of asset classes, investment themes and geographical regions. The products offered comprise thirty compartments invested in equities, bonds and the money market. > Structured products: these investment vehicles reply to an objective of absolute or relative returns. They are designed to capture the optimum upside potential whilst offering a very precisely targeted approach to risk management, tailored to the clients’ needs. UBP’s private banking and wealth management services are highly personalised. The relationship is based on trust, discretion, understanding and dialogue, together with the advantage of the Bank’s expertise in asset management solutions. In addition to its asset management services, the Bank supplies advice on wealth and estate planning. Whether the subject is family wealth, a personal estate or a succession, the Bank will provide a solution that protects the assets by means of optimal tax planning.
Endowment The de Picciotto Chair in alternative investments was created in 2003 at the world-renowned INSEAD business school and is making a significant contribution to education and research in the field of hedge funds.
Summary > One of Switzerland’s leading and most strongly capitalised private banks > The dynamism and independent spirit of a bank founded, managed and owned by a family of entrepreneurs. > A pioneer and leader in the field of hedge funds > Advanced know-how in building and assembling absolute-return portfolios
Award “Best provider of hedge fund investment in Switzerland” - Euromoney Private Banking Poll, 2007.
UNION BANCAIRE PRIVEE
UBS IS THE LEADING GLOBAL WEALTH MANAGER, A TOP TIER INVESTMENT BANK
AND ASSET MANAGER. IT IS ALSO THE MARKET LEADER IN SWISS RETAIL AND COMMERCIAL BANKING.
UBS Founded 1862 Contact UBS Bahnhofstrasse 45 CH-8001 Zürich Phone:
+41 44 234 11 11
UBS Aeschenvorstadt 1
ZURICH · BASEL · LONDON
UBS IS A TRULY INTERNATIONAL FIRM WHOSE CUSTOMERS CAN BE CONFIDENT IN THE SECURITY AND
SKILLS THAT DERIVE FROM THEIR SIZE AND OVER 140 YEARS OF EXPERIENCE. DESPITE THEIR
WORLDWIDE REACH (OVER 50 OFFICES, CHIEFLY IN THE US AND EUROPE BUT ALSO SOUTH AMERICA
AND ASIA PACIFIC), UBS HAVE BROUGHT THEIR SWISS HERITAGE
AND PHILOSOPHY TO THEIR GLOBAL STRATEGY AND FOCUS
STRONGLY ON LONG-TERM INVESTMENT WITH THE PRIVATE
CLIENTS WHO FORM ITS CORE BUSINESS.
History Dating back to the second half of the 19th century, UBS has roots in three large financial institutions: the Union Bank of Switzerland, founded in 1862, the Swiss Banking Corporation, and Paine Webber stock brokerage firm. The bank’s emblem of three keys was introduced by SBC in 1937, symbolising the confidence, security and discretion that are still a primary concern. In its present form, UBS was the result of a merger with SBC in 1998 (at the time, two of the so-called Swiss ‘Big Three’ banks), swiftly followed by the acquisition of the American Paine Webber in 2000. All of the conglomerate’s groups were subsequently renamed under the ‘UBS’ brand. Since then, UBS have pursued a strategy of expanding their operations by purchasing smaller firms in fast-growing markets. 2004 saw a move into the Russian arena with the acquisition of Brunswick and this was followed in 2005 by a 20% stake in Beijing Securities, making them the first foreign company to invest in a Chinese mainland brokerage. The $2.5 billion surprise takeover of Brazil’s last independent investment bank, Banco Pactual, in 2006, provided a strong stepping-stone for UBS to expand its business into Latin America.
Structure UBS consists of four business groups: Global Wealth Management and Business Banking, Investment Bank, Global Asset Management, and Corporate Center. The UBS Group’s CEO is Peter Wuffli. Marcel Ospel is the Chairman of the Board of Directors.
Ethos Modelling themselves as ‘a global financial firm with the heart and soul of a two-person
organization,’ UBS are committed to maintaining a close personal approach with each and every customer.
+41 61 288 20 20
100 Liverpool Street London
The Attraction ‘In wealth management, UBS’s services are designed for high net worth and affluent
individuals around the world, whether investing internationally or in their home country. We provide them
with tailored, unbiased advice and investment services – ranging from asset management to estate
planning and from corporate finance to art banking.’
<< The world’s most powerful two-person financial firm >> 66
With a team of almost 80,000 staff, UBS are now the world’s largest firm for private wealth Fitch Ratings
Moody’s Standard and Poor’s
management. It is the recognition and security that comes from their global presence that draws many AA+
private banking clients to choose UBS, whose AA+ credit rating is one of the highest in the industry. Key Clients (50 million CHF and upwards) are handled by a dedicated team providing tailored, comprehensive wealth management services. The worldwide UBS brand means that clients can expect the same experience wherever they are based. ‘The ratings on Swiss-incorporated UBS AG reflect its strong and diverse franchise, which supports good profitability, solid capitalization and Sponsorship UBS sponsor a diverse range of cultural and sporting events. Amongst these is Swiss sailing sound liquidity. UBS holds leading positions in its chosen markets.’ – team Alinghi, winners of the 2003 America’s Cup yachting regatta. Since 1982, UBS have sponsored Standard and Poor’s, 2006. Athletissima, the international track and field competition in Lausanne and one of the most important meetings of the sporting year. This now includes a training event for young athletes. Award For the fourth consecutive year, Euromoney has named UBS UBS are also well-known and highly-regarded sponsors of the arts. Every year four exhibitions “Best Global Private Bank” in its annual survey of the global private featuring new works are exhibited in the UBS Art Gallery, situated in the lobby of their offices at 1285 banking industry in January 2007. Avenue of the Americas, New York. In the interests of bringing art to wider audiences, UBS were Founding Corporate Partner for the Tate Modern in 2000, going on to sponsor a number of important exhibitions (including ones by Andy Warhol and Lucien Freud). They have recently entered a three-year partnership with Tate to display works from The UBS Art Collection, one of the most significant collections of corporate contemporary art in the world.
Summary > Private clients: 2 million CHF and upwards > Key Clients: 50 million CHF and upwards
FOR WEALTHY INDIVIDUALS LOOKING FOR PROFESSIONAL HELP TO MANAGE THEIR ASSETS, THERE IS
A PROLIFERATION OF POTENTIALLY WELL-QUALIFIED PROFESSIONALS READY TO PROVIDE
How to choose a private asset manager
ASSISTANCE: PRIVATE BANKS; FUND MANAGERS; STOCKBROKERS; INVESTMENT MANAGERS; HEDGE
FUNDS, INDEPENDENT FINANCIAL ADVISERS; LAWYERS; ACCOUNTANTS; THE LIST IS SEEMINGLY
ENDLESS AND ALL THESE DIFFERENT PROFESSIONAL GROUPS PURPORT TO BE ABLE LOOK AFTER THE
FINANCIAL INTERESTS OF THE RICH. In complete contrast to this, research over the past decade
continues to indicate that a significant number of wealthy people are frustrated by the apparent lack of James Anderson
competent, impartial financial advice available to them. Perhaps this is due to the fact that, over time,
many private asset managers and advisers have regularly failed to deliver satisfactory investment returns
against accepted benchmarks – and typically charge an annual fee for their services, irrespective of the
level of performance delivered. Before you even consider appointing a firm, you need to establish what kind of service you actually need, whether management or advice or both, as well as what your financial goals and expectations are. Only when you have considered these issues can you establish what type of firm you need to appoint. Finding a suitable firm to manage your assets can be problematic, even for well-qualified professionals. However, there are some distinctions that you can make from the outset, in order to determine the genre of firm you might wish to appoint. Private banks – where this is not merely a marketing label – together with independent financial advisers, should be able to take a much broader view of an individual’s financial affairs, taking into account what is required over a client’s lifetime, rather than merely the short- to mid-term. This should encapsulate long-term financial planning, tax planning, insurance and pensions, as well as the ability to invest across a broad range of asset classes, which might include equities, bonds, cash, commodities, property, private equity, hedge funds and collectibles. Fund managers that look after private clients will typically offer a service based mainly on the investment philosophy and process adopted by their institutional asset management businesses. These businesses tend to have a centralized investment approach, where the combined intellectual capital of the firm is leveraged to produce more consistent returns. Larger portfolios will sometimes be managed on a segregated basis, rather than being invested in a range of pooled funds, and this will often depend on the tax status of the investor, though some fund managers will deal solely in pooled investment vehicles. Stockbrokers, as the name suggests, typically invest your money directly into equities, bonds and cash. Client portfolios tend to be individually constructed by individual brokers, more often than not with little or no centralised investment policy, or control. You need to be absolutely confident of the ability of the individual broker you appoint, as this can vary widely – as can investment returns. Equally, you need to make sure you understand the often complex schedules of fees, commissions and charges, as these tend to add up to significant amounts. Independent investment managers are typically owner-managed and almost all specialise purely in investment. Most adopt a ‘house style’ of investment, which is adopted across the business, though individual portfolio managers may have varying degrees of latitude to invest as they see fit. Just as there is a myriad of asset classes, so there are many different kinds of investment manager. You need to ensure that you understand the specialist skills of the manager concerned – and the dynamics of the different types of asset your money will be invested in. Choosing hedge fund managers is the subject of an article in itself. Broadly speaking, hedge funds will typically follow a very narrow investment strategy in a specific asset class. They are really only for suitable for the sophisticated investor who understands the complexities of the investment process – and the associated risk management process. Funds of hedge funds are more likely to be the vehicle used, though the relatively high layered costs of investing via these vehicles may put many investors off. Lawyers and accountants, though a few of them have their own asset management businesses, are typically much better used as advisers in relation to structuring of the ownership of the assets, maximising tax efficiency – and administration of the assets, rather than the process of portfolio management itself. There are a relatively small number of specialist investment consultants, who can act as advisers on the selection and ongoing performance monitoring of asset managers. You need to be prepared to pay
another layer of fees to make use of such firms, though often these will be offset by more consistent and higher returns. There are also independent sources, such as PAMonline (www.pamonline.com), which provides free information on private asset managers, where you can input various criteria and then obtain a list of those firms that match your stated requirements. Once you think you have found the right kind of firm to manage your assets, asking the right questions at the outset will help confirm that your instinct is right – and will give you a head start in managing the relationship and your expectations. First, you must establish if the manager has a distinctive investment process and, if so, what it is. If there is more than one house style of investment, find out if investment managers operate in teams, or as singletons. Determine what the firm’s investment policies are and the extent to which these are enforced, for example are there restrictions on what the firm invests in, what they buy and sell - and when? Confirm roughly how many holdings there are likely to be in a typical portfolio. If you are investing cash, establish how long it will take to invest – and that the firm will offer you a competitive rate of interest on any cash held in the portfolio. Make sure you agree on performance benchmarks at the outset and check that investment performance track records are available. It may sound basic, but don’t forget to check that your investments are suitably protected from fraud or company default. If the firm relies on external research, ascertain how they obtain the information required to make investment decisions and how they pay for this information – verify that there are no conflicts of interest. Check if the firm uses or sells Group products, if they accept third party commissions – and the extent to which these are rebated to you. If the firm is investing in equities and bonds, establish what international exposure you are likely to have in the portfolio and what turnover of holdings is expected in an average year, to establish that there is no temptation for the manager to ‘churn’ the portfolio. Understand the firm’s remuneration policy and check that investment managers do not have revenue targets. Establishing the total number of clients and the average client portfolio size will ensure that your portfolio is neither too big nor too small. Find out much money/how many clients each manager looks after – and establish if it is a client relationship manager, an investment manager, or a team that will look after you. Check out current levels of staff turnover – and what happens to your portfolio if someone is away. Ultimately, you need to know whom you are dealing with. So, make sure that there will be no material change that might affect you in the way the company is structured, the manager’s own particular circumstances – or the way you will be charged in the foreseeable future. Finally, you need to know what you should expect in terms of ongoing contact, so establish how frequently the firm will meet with you and how regularly they will send client reports – and if they charge for any ad hoc reports you might require. Ensure that reports show investment return comparisons against agreed benchmarks in your base currency – and that they include month end valuations as well as the valuation at the report date. Once you are happy that the prospective firm can deliver both the performance and the service that will meet – or preferably exceed – your expectations, appoint them. But make sure that, throughout the relationship, you keep asking questions and re-evaluating the quality and consistency of the service you are paying for.
By James Anderson, email@example.com
James Anderson is Chairman of Tru-Est (www.tru-est.com), a specialist media business that provides market-leading news, analysis and data to the global wealth management industry. He is a regular commentator at specialist wealth management industry events and has written for a broad range of national, international and specialist financial media. Tru-Est owns a range of specialist publications, websites and events focused on the wealth management sector and acts as publisher to the Alternative Investment Management Association (www.aima.org), the global, not-for-profit trade association for hedge funds, managed futures and managed currency funds.
Bernhard Lampert Chairman and Founder
Allied Finance Founded 1997 Contact Zurich Bahnhofstrasse 14 8001 Zurich Switzerland Phone:
+41 (0) 43 888 62 88
+41 (0) 43 888 62 89
Vaduz Kirchstrasse 12 9490 Vaduz Principality of Liechtenstein Phone:
+423 237 40 10
+423 237 40 14
Basel Luftgaesslein 1 CH-4051 Basel Switzerland Phone:
+41 (0) 61 272 06 16
+41 (0) 61 272 06 17
Hong Kong 28th Floor, Tesbury Centre 28 Queen’s Road East Wanchai Hong Kong Phone:
+852 3188 1143
+852 3188 1147
For other locations and contact details please visit the Allied Finance homepages: www.alliedfinance.com or www.afpglobal.com
Z U R I C H · VA D U Z · B A S E L · H O N G KO N G
ALLIED FINANCE ARE
NICHE PLAYERS IN THE FINANCIAL SERVICES FIELD. AS A SMALL TO MEDIUM-SIZED WEALTH-
MANAGEMENT COMPANY, THEY PRIDE THEMSELVES ON THEIR FLEXIBILITY AND CAPACITY TO ADAPT
QUICKLY TO THEIR CLIENTS’ EVER-CHANGING REQUIREMENTS.
History The Allied Finance Group was established in 1997 in response to the need for an independent corporation capable of providing integrated financial services of the nature sought by family offices, corporations and high net worth individuals.
The Group opened its first offices in Liechtenstein, quickly followed by Zurich, Hong Kong, Basel, Shanghai, Taipei and Samoa. In addition they have established Trust and Service companies in Panama, BVI, Seychelles, London, Dubai and Cyprus.
Structure Allied Finance currently have over 100 employees in financial centres around the world. The Group’s Chairman is Bernhard Lampert (also founder and former chairman of the Board of Directors for KPMG (Liechtenstein) and former partner and executive of PriceWaterhouseCoopers). The Asian Operations are headed by Roderic Sage former Head of KPMG Taxes Hong Kong and Asia. The CEO of the European operations is Thomas Hirsiger (former executive of Credit Suisse). When expanding to a new country, the Group always ensures it has a local expert as well as people with the right network.
Approach Because every client is different, Allied Finance is committed to understanding the unique situation and requirements of each individual. The team of professionals serving the client covers a range of issues with a new client including: > Personal situation: marital status, children, plans for the future and other personal issues > Tax situation, including relocation of client, companies or trusts to the most beneficial jurisdiction for tax, standard of living or other requirements > Estate planning to cater for the changing needs of the family > Asset management: structuring and monitoring of assets and asset managers to meet the client’s overall aims > Asset protection to protect family wealth and minimise risk > Reporting on assets to provide an overall consolidated Financial Status, including property, art etc., if required. Having carried out an initial analysis, Allied Finance provide a tailored solution and action plan for the needs of each client, using their own considerable in-house experience as well as that of a sizeable external network. With regard to tax or legal issues in other jurisdictions this includes membership of the Jeffrey Henrys International Group, an association of tax advisors around the globe. If preferred, they are more than pleased to work with the client’s own advisors.
The Attraction ‘From strong foundations grows sound business’ Allied Finance believe it is vital to have all necessary finance resources in-house in order to provide the required services and competently work to the advantage of each customer’s complex circumstances. To
<< Our aim is to protect and increase our clients’wealth within a relationship based on integrity,security and privacy >>
ensure this they have recruited experts skilled in areas across the financial world – lawyers, accountants, bankers, tax advisers, trust specialists and others. Extensive training ensures understanding between these groups to provide a truly integrated, multi-disciplinary solution. Because it is essential to place and sometimes spread wealth in secure locations with high levels of financial sophistication, Allied Finance have chosen several stable jurisdictions for their offices in order to provide their services wherever it is best for the client. Their comparatively small size means that they are able to make commercial decisions quickly. The Allied Finance Group offer their clients the benefits they can gain from service providers in
<< Money isn’t everything unless you have enough >>
terms of preferential rates and reduced commissions. They are fully transparent in their reporting to MALCOLM FORBES clients, particularly concerning fees and commissions.
Summary ‘Small, adaptable professional advisory firm’ > Provide integrated solutions tailored to the unique situations and needs of high net-worth individuals > Inter-disciplinary experts employed in strategic locations around the world
Jeannette Nigg Head of Wealth Management
C A Z E N OV E C A P I TA L MANAGEMENT
CAZENOVE CAPITAL MANAGEMENT
(CAZENOVE CAPITAL) IS AN INDEPENDENT ASSET MANAGEMENT BUSINESS, WHICH HAS BEEN ADVISING
AND INVESTING ON BEHALF OF PRIVATE CLIENTS SINCE 1945. Wealth management for private clients is
Cazenove Capital’s largest business area and one in which they continue to invest. Clients include
entrepreneurs, corporate executives, professionals, Independent Financial Advisers, families and trusts from
both the UK and Europe.
History Cazenove is one of the most respected and oldest names in the London financial community, tracing its origins back to 1823. It has two business areas, Investment Banking and Asset Management, which now operate independently of each other. In November 2004, Cazenove Group Limited agreed to combine its investment banking business with that of JPMorgan in the UK, but the asset management business remained independent. Subsequently, Cazenove Capital Management was fully demerged on 31 December 2005. The demerger emphasised the importance placed on providing clients with impartial advice, while
allowing Cazenove Capital’s key employees to become more significant shareholders in the business.
Structure Headquartered in London, Cazenove Capital also has offices in Jersey, Chester, Oxford and Salisbury. The Chief Executive is Andrew Ross. Cazenove Capital’s business focuses on three main areas. Aside from wealth management, the firm manages a range of investment funds (both long-only and hedge) and is also a UK market leader in managing charity assets. Total assets under management are around £11.5 billion, approximately half of which is managed on behalf of private clients.
Ethos ‘Our strength is founded on the lasting relationships that we build with our clients’ Over the last five years, Cazenove Capital has radically altered the services it provides for its private clients. There are three key aspects to their approach to private wealth. First, they provide clients with a complete financial advisory service as well as portfolio
Cazenove Capital Management
management. Secondly, they recognise that no single house can truly claim to be an expert in all areas so
where necessary they leverage expertise from other organisations to ensure that clients receive the very
best advice and performance. Finally, they believe that the quality of their people is paramount in delivering this service. The
Contact Cazenove Capital Management Limited 12 Moorgate
Private Client Directors have an average of 19 years experience and are well used to navigating clients through the complexities of modern financial markets.
London EC2R 6DA Phone:
+44 (0)20 7155 5600
The Attraction ‘Our philosophy is to act as our clients’ trusted adviser and we ensure that they have access to the world’s most talented managers’ Cazenove Capital recognises that private investors face increasing challenges as they strive to protect and grow the value of their assets, in a tax efficient manner. Their approach enables them to bring their clients cutting edge financial planning advice from all the leading firms of solicitors and accountants. They can also select the best instruments for clients in structured products and hedge funds to complement more traditional investments in equities and bonds. In order to provide this combination of high-quality financial advice with a personally developed investment strategy, each client is served by a team of at least two people, usually including a financial planner and a portfolio manager. These are specialists rather than generalists, ensuring high quality advice in each area.
<< One of the oldest and most respected names in the financial community >> 72
Summary ‘Independent, discreet, distinguished’ > Highly-regarded independent asset managers > Complete financial advisory service > Average client relationship in excess of £1 million
C A Z E N OV E C A P I TA L M A N A G E M E N T
CHEVIOT ASSET MANAGEMENT
IS AMONGST THE UK’S LARGEST
INDEPENDENTLY OWNED DISCRETIONARY INVESTMENT FIRMS. WE FOCUS EXCLUSIVELY ON
STRUCTURING AND MANAGING BESPOKE INVESTMENT PORTFOLIOS FOR PRIVATE CLIENTS, TRUSTS,
CHARITIES AND PENSION FUNDS. Our team of fifty experienced portfolio managers have built their
reputations on providing clients with exemplary personal service and investment expertise. At Cheviot, we
give them the freedom to apply their skills and develop client relationships in a dynamic, collegiate way.
Cheviot was founded in 1983 as Cheviot Capital Ltd. In 2006, Michael Kerr-Dineen was appointed Chief Executive and Sir George Mathewson, Chairman when the company was renamed Cheviot Asset Management. Within a year the firm had recruited 90 senior professionals bringing a further £2.5 billion under management.
Structure Cheviot has over 120 staff working in London’s Covent Garden. It is wholly owned by its
Sir George Mathewson
CHEVIOT ASSET MANAGEMENT
directors and staff, so our clients deal with the firm’s owners and decision makers.
Ethos Cheviot has a simple philosophy: each client has unique requirements and deserves a genuinely personal service. As a client, you are given your own personal portfolio manager who is ultimately responsible for decisions taken on your portfolio and can be contacted at all times. Cheviot is structured as an independent partnership. This gives us compete freedom to build portfolios tailored to the individual needs of each client. We are able to chose from among the best and most suitable investments from anywhere in the world to meet a client’s objectives, whether their priority is growth or capital preservation. The Chair of our Investment Committee, William Eason, is joined by Alan McIntosh and a team of senior colleagues who deploy first class investment instruments and take advantage of investment opportunities to ensure our clients benefit from expert investment knowledge.
Awards Most Effective New Market Entrant - Spear’s Wealth Management high Net-Worth Awards 2007
Founded 1983 Location London Executives Sir George Mathewson, Michael Kerr-Dineen Status Independent Partnership Clientele Private Clients, Trusts, Charities, Pension Funds Contact 2nd Floor 90 Long Acre London WC2E 9RA
+44 (0)20 7845 6150
+44 (0)20 7845 6155
<< Cheviot is a thoroughly modern investment manager,but one that does not lose sight of the fact that client service comes first >>
<< We feel there is a real need in the market for a Cheviot. Too often modern investment management groups,even for high net worth individuals,treat their clients like numbers rather than people >> SIR GEORGE MATHEWSON CHAIRMAN
CHEVIOT ASSET MANAGEMENT
D A LT O N S T R AT E G I C PA R T N E R S H I P
DALTON STRATEGIC PARTNERSHIP LLP
Dalton Strategic Partnership
IS A GLOBAL INDEPENDENT INVESTMENT MANAGEMENT FIRM DEDICATED TO PROVIDING ABSOLUTE
Founded 2002 Contact
INVESTMENT RETURNS AND THE HIGHEST LEVEL OF PERSONAL SERVICE TO ITS CLIENTS. STARTING
Magnus Spence, Partner Dalton Strategic Partnership Princes Court
WITH $100 MILLION OF CLIENT MONEY IN 2002, DSP HAS GROWN AND NOW MANAGES $3.4 BILLION ON
London ECC2R 8AQ Phone:
+ 44 207 367 5400
+ 44 207 367 5401
Dalton Capital (Guernsey) Ltd Third Floor, Natwest House Le Truchot St Peter Port Guernsey GY1 1WD Phone:
+44 (0) 1481 716 850
+44 (0) 1481 716 426
Dalton Capital (Hong Kong) Ltd 33rd Floor Gloucester Tower 15 Queen’s Road Central Hong Kong Phone:
+852 3650 3800
+852 3650 3900
Dalton Capital Advisors (India) Pvt Ltd 95 Free Press House 215 Nariman Point Mumbai, 400 021 India Phone:
+91 22 663 25616
+91 22 663 25617
Dalton Capital (North America) LP 110 East 59th Street Suite 3203 New York NY 10022 USA Phone:
+1 212 616 8440
+1 212 616 8447
FuNNeX Asset Management Hibiya Kokusai Bldg, 18F 2-2-3 Uchisaiwai-cho Chiyoda-ku Tokyo 100-0011 Japan
+81 3 3595 3091
+81 3 3595 3090
L O N D O N · G U E R N S E Y · H O N G KO N G M U M B A I · N E W YO R K · T O K YO
7 Princes Street BEHALF OF PRIVATE CLIENTS, FAMILY OFFICES AND INSTITUTIONS.
History Dalton Strategic Partnership was established in April 2002 as a Limited Liability Partnership in the UK. It was founded by Andrew Dalton, and Magnus Spence. Like the founders many of their staff used to work for Merrill Lynch and Mercury Asset Management plc. In 2003 DSP formed a strategic alliance with FuNNeX Asset Management, an independent specialist fund management company based in Tokyo and headed by Ken Nishizawa, who previously worked with several of their partners.
Structure There are twenty one partners in the firm and over 60 members of staff in total. Dalton Strategic Partnership has offices in London, Hong Kong, Mumbai and New York and has affiliated offices in Tokyo and Canada. At the core of the firm is an experienced team which focuses on achieving outstanding investment returns for clients. The firm provides a range of high conviction funds under the Melchior brand. These fall into four areas: the Melchior hedge funds, the Melchior specialist equity long-only portfolios, the Melchior global asset allocation service and Melchior Pooled Pension Funds.
Ethos The firm is investment-led. Investments are managed by experienced managers empowered with investment freedom, enabling them to construct high conviction, concentrated portfolios of their best stock picking ideas. Melchior funds target high levels of alpha and absolute returns. The firm’s dynamic and unbureaucratic culture is highly attractive and has enabled the firm to attract some of the most talented fund managers in the world. With this background DSP believes that active investment management by talented stock pickers can consistently outperform market indices. Melchior funds are designed to capture global investment opportunities as they arise. All funds benefit from rigorous investment research, and a disciplined approach to risk management incorporating a proper understanding of risk and adopting a sensitive approach to its application in portfolios. This has been key right from its formation.
The Attraction Melchior funds aim to achieve absolute returns. These portfolios are unconstrained by benchmark considerations and can hold significant cash levels in concentrated portfolios. High conviction drives investment. The firm closes funds once they reach a pre-determined size so as to protect performance for existing investors and has become known more for performance than asset gathering.
Summary ‘Achieving absolute returns for clients within clear risk parameters’ > Exciting investment-led investment management firm > Broad range of investments carried out in a global context > Melchior funds are high conviction funds with predominantly concentrated portfolios of the managers best stock picking ideas > Active management strategy over time significantly out-perform market indices
<< Thriving on breadth of thinking >>
<< Wealth is the product of manâ€™s capacity to think >>
D A LT O N S T R AT E G I C PA R T N E R S H I P
U N I T E D S TAT E S G E N E VA · H O N G KO N G
GUGGENHEIM INVESTMENT A DV I S O R S
GUGGENHEIM INVESTMENT ADVISORS (GIA) IS THE ASSET
ADVISORY AND WEALTH MANAGEMENT DIVISION OF GUGGENHEIM PARTNERS, LLC. GIA PROVIDES AN
UNCONFLICTED SERVICE BY OFFERING AN OPEN ARCHITECTURE GROUNDED ON INDEPENDENT ADVICE
ON ASSET ALLOCATION AND ALSO PROVIDES ACCESS TO SOME OF THE WORLD’S BEST ASSET
MANAGERS TO EFFECTUATE A CUSTOMIZED PORTFOLIO FOR EACH CLIENT. The firm searches worldwide
for the managers it believes to be the most talented and effective and does not allocate to managers in
which Guggenheim Partners has any ownership interest. GIA uses a proprietary approach to understanding
its clients’ risk attributes, focusing on the specific loss tolerance of each individual client. This process,
called Riskometry , makes use of the most recent advances in modern behavioural finance and was
developed by GIA in partnership with psychologist and Nobel Laureate in Economics, Daniel Kahneman.
GIA serves ultra high net worth individuals and families, foundations and endowments globally. The goal of wealth preservation is central to GIA’s approach, which focuses on risk assessment and management, manager selection and direct access, portfolio allocation and reporting on all client assets, wherever custodied. GIA provides allocation to funds and managers in which it has no stake and thus is not a vendor of any products or services offered by it or any of its affiliates. GIA’s only revenue from providing advisory
services is the advisory fee it charges to its clients. GIA performs, as part of its initial client review process, a thorough evaluation of each client’s total wealth. This is done to create portfolios for each client that are reflective of total asset holdings – liquid Founded 1881
and illiquid – and that exploit when appropriate co-variances between the liquid and illiquid investments, with the goal of effecting a higher expected return per unit of risk or lower risk per unit of expected return
or a combination of both.
GIA creates two accounts for each client – a ‘conservative’ or asset preservation account and a ‘bold’ or growth account. Client-specific preferences guide the different expected risk of each account and the allocation between the two accounts. GIA guides its clients through a proprietary process to determine a realistic ‘maximum tolerable loss’ – how much he or she is willing to lose in expectation in order to seek excess return – as well as specific investment objectives and multi-generational goals. The process also takes into account the client’s liquidity and cash flow needs and tax status.
The Attraction ‘Unfettered loyalty to our clients is at the core of our service and our difference’ GIA identifies and monitors managers around the world and provides its clients with direct access to those it identifies as being among the best, creating custom portfolios suited to each customer’s particular
<< We asked ourselves a simple, straightforward question:If we were building a wealth-management business to serve ourselves as clients,what would we want >> 78
needs. GIA operates worldwide, including through registered investment advisory subsidiaries and affiliates in selected jurisdictions. Through GIA’s Private Family Office, one of the oldest and largest multi-family offices, clients work with specialized teams in developing long term solutions to trust and estate, philanthropic and intergenerational planning issues. GIA teams work in close cooperation with each family and its legal or other advisors to meet current needs and anticipate those of future generations. Guggenheim Partners has offices throughout the United States as well as in Geneva, Dublin, London, Dubai and Hong Kong and has more than $125 billion under supervision.
Summary ‘Guggenheim offers a distinct and different approach to risk and asset allocation, focusing on liquid and illiquid wealth and a keen attention to family legacy, governance and outsourced support needs’ > Unfettered loyalty to clients tm
> Riskometry : an innovative understanding of risk/return > Holistic approach to wealth preservation > Minimum $25 million investment for individuals or for families > Private Family Office services
GUGGENHEIM INVESTMENT ADVISORS
HAMPTON & CIE
HAMPTON & CIE IS A FAMILY
OFFICE AND AN INDEPENDENT ASSET MANAGEMENT FIRM PROVIDING BESPOKE SERVICES FOR ULTRA-
HIGH NET WORTH CLIENTS AND FAMILIES WORLDWIDE. THE FIRM IS PART OF THE HAMPTON SECURITIES
GROUP, A CANADIAN INVESTMENT FIRM THAT FOCUSES ON INTERNATIONAL WEALTH MANAGEMENT.
Hampton & Cie begins the investment process by establishing the guiding investment mission and policies to be followed. With this in place, as an independent firm, Hampton & Cie is able to select, objectively, and across a full range of possible options, those investment vehicles best suited to deliver the performance goals established with the client. Asset management is linked to overall family wealth management services. These services meet client needs in diverse fields, such as real estate, insurance, fine art investments, private jet & yacht financing as well as legal and tax services. Hampton & Cie provides management services for the full range of family wealth and inter-generational wealth preservation using trusted intermediaries where necessary. Hampton & Cie is committed to the highest standards of asset management and professional wealth
G E N E VA
advice and uses the leading Swiss and international banks
as the custodian of the investment assets. Clients thus benefit from the security and the absolute confidentiality of the Swiss banking system.
History Hampton was founded in 1997 as an independent investment firm, by an international group of experienced professionals across several disciplines. In the last ten years, they have expanded operations to employ 33 partners and 50 associates worldwide.
Structure Hampton has established offices in Geneva, Toronto, Montreal and Hong Kong. 2007 will see additional offices in London and Dubai to serve the needs of the firm’s ever-growing client base. Whilst abroad, clients can make use of any Hampton office and the local partners and associates would be
Hampton & CIE
pleased to offer advice on securing any necessary local services.
Founded 1997 Ethos ‘We believe that financial relationships are more than financial’.
Contact Hampton & Co, Wealth Management SA. 2 Rue Chausse-Coq
Besides the extensive services offered by Hampton – outsourced to the most appropriate third parties
1204 Genève, Switzerland
when necessary – the firm is absolutely dedicated to its clients, independent and entirely transparent when
Executives: Mr. Peter Deeb
it comes to costs. All partners are always available to offer their education, experience and outstanding
Mr. Olivier Gamrasni Åhlén
personal contacts out of passion and interest for wealth management. Hampton partners also endeavour
+41 22 319 2300
to pass on their collective knowledge by offering the unique opportunity of professional internships to the
+41 22 319 2309
children and heirs of their clients.
Advisory relationships with clients are typically close because they are uniquely integral to so many aspects of the clients’ lives. This personal and multi-faceted approach is as important as the element of trust that underpins Hampton’s philosophy. As a result, new client relationships tend to develop by referrals from existing clients who have come to appreciate the unique Hampton approach. The firm insists on direct contact and full availability, rather than working through an intermediary (such as an agent in the case of celebrities and sports personalities).
<< Trust is the basis of our relationship >> 80
The Attraction ‘A new wave in financial thinking inspired by a time-honoured tradition’ Because Hampton is independent, it is not driven by the acquisition of new clients, or to achieve yearly targets. There are no in-house funds or products and so there is no incentive to recommend one service over another – and no conflict with the client’s best interests. Trust and a close relationship are fundamental to Hampton’s philosophy that both the firm and the client are comfortable with the partnership. Client assets are always held in a major international or regional bank, after careful consideration of the client’s needs. While the assets are managed by the firm, this approach provides tailored convenience and security from financial risk. Banks are also carefully compared to secure the best services. Often, Hampton clients will be using several banks for specific personal reasons and in other cases it may be advantageous to consolidate assets to manage them more effectively. Hampton also offers a concierge service and undertake extensive ongoing research to seek out and recommend the very best lifestyle services, such as luxury rentals, event tickets, yacht charters, and vacation resorts which are compiled in a database.
Summary ‘A high end service for ultra-high net worth clients’ > Family office and independent investment firm > Emphasis on trust, transparency and close relationship > Independent and unbiased > Long and successful experience in finance and alternative investments > Clients are guaranteed the best possible service by outsourcing where necessary
MAMPTON & CIE
JUPITER ASSET MANAGEMENT
JUPITER ASSET MANAGEMENT IS
ONE OF THE UK’S LEADING FUND MANAGEMENT GROUPS. THE FIRM MANAGES INVESTMENTS FOR BOTH
PRIVATE AND INSTITUTIONAL INVESTORS WITH THE SOLE AIM OF GAINING ‘ATTRACTIVE LONG TERM
RETURNS WITHOUT UNDUE RISK.’ TO ACHIEVE THIS JUPITER USES UNIT TRUSTS, TAX-EFFICIENT
PRODUCTS SUCH AS ISAS AND PEPS, AND SELF INVESTED PERSONAL PENSION PLANS AND INVESTMENT
TRUSTS. Jupiter Asset Management is part of the Jupiter Investment Management Group, which has around
£20 billion under management.
Structure The Jupiter group has offices in London, Kent, Jersey and Bermuda. Jupiter’s CEO is Edward Bonham Carter. The group was recently the subject of a £740 million management buyout from Commerzbank, with TA Associates. This means that the firm’s best-known fund managers, including Tony
Nutt, Philip Gibbs and John Chatfeild-Roberts, are now in senior management.
Jupiter Asset Management
Ethos ‘Our culture is based on the premise that talented fund managers will perform best if they invest as they see fit’ Jupiter make a point of hiring the top fund managers in the business and giving them the freedom to invest in the ways they think best. There is no one ‘house style’ and managers are encouraged to seek their own path. However, this approach is supported by a team of analysts and the resources and experience of the company; fund managers work as a team but ultimately have individual responsibility for their own portfolios. Jupiter have been managing Socially Responsible Investment (SRI) funds for almost 20 years, giving them a thorough understanding of corporate environmental, social and governance performance. SRI funds have seen sales increase sharply over the last year – five times faster than the previous year.
The Attraction Jupiter has a strong track-record for outperforming, something supported by over 200 awards. They have achieved this by bringing on board some of the most talented fund managers in the industry. Risk control is a central part of Jupiter’s approach because it is fundamental both to establishing
Founded 1985 a stable business structure and for developing strong, long-term relationship with clients. Contact
Jupiter’s strategy of giving its fund managers the trust and freedom to follow their convictions has
Jupiter Asset Management
been repeatedly vindicated by their record, awards and returns.
1 Grosvenor Place London
Summary ‘Jupiter’s sole business activity is the management of your and other people’s money’
> Performance-focused asset managers
020 7412 0703
> Talent-driven organisation boasting some of the biggest names in the business
020 7412 0705
> Wide range of options for investors
<< On the planet to perform >>
<< Money is of a prolific generating nature.Money can beget money,and its offspring can beget more >> BENJAMIN FRANKLIN
JUPITER ASSET MANAGEMENT
M A R C U A R D H E R I TA G E MARCUARD HERITAGE IS AN INDEPENDENT MULTI-CLIENT FAMILY OFFICE WITH OFFICES IN ZURICH AND
MOSCOW, RUN BY MR. ADRIAN GULDENER, AND SINAN BODMER RESPECTIVELY. AS CLIENTS ARE
INCREASINGLY LOOKING FOR TRULY UNBIASED FINANCIAL ADVICE, INDEPENDENCE IS A KEY ELEMENT
OF THE MARCUARD BUSINESS PHILOSOPHY. Its clients are mostly professionals and entrepreneurs. While
having to focus on their core business at home, they want to be
certain that the wealth they have created is properly managed. What
Marcuard brings to the table is its ability and experience to help them
select the fitting provider, be it global custody services, top investment
managers or independent estate planning specialists. These services
are priced at an institutional level as a result of Marcuard’s volume.
Marcuard Heritage Contact
History ‘Conceived to be the ideal solution for wealthy individuals and families’ Marcuard traces its roots back to the Swiss Finance House, Banque Marcuard. Founded in 1746, this remained one of the most important private banks in Europe for over 200 years until, in the 20th century, it was sold to Credit Suisse. In recent years, Marcuard Heritage was founded in partnership with Hans-Joerg Rudloff, former Chairman and CEO of Credit Suisse First Boston. The firm was created to combine established wealth management skill with detailed knowledge and expertise in the client’s unique domicile and business environment.
Structure Marcuard believes it is critically important to have an asset management structure independent from the banks and fund managers because an inherent conflict of interest arises when all services are bought from the same institution. Marcuard does not take any commissions from banks and funds. This principle ensures that all interests between client and asset manager are properly aligned.
Marcuard Heritage AG Bahnhofstrasse 64 CH-8001 Zurich Switzerland Phone:
+41 43 888 72 72
+41 43 888 72 73
Representative Office Moscow
+7 495 775 37 22
+7 495 775 37 23
Ethos Clients derive many advantages from Marcuard’s business philosophy. On the one hand, by dealing with a highly personalized Family Office, conflicts of interest and lack of both communication and integration are eliminated. Marcuard carefully looks after its clients’ privacy and confidentiality, offering its clients strategic financial planning for the long term. A selective client roster ensures maximum time and attention, with economies of scale gained through pooling of services and assets. Marcuard is an impartial money manger and fund selector, with access to independent global specialists, allowing clients a choice of the most appropriate products in the financial universe.
M A R C U A R D H E R I TA G E
<< Prospective clients donâ€™t come to us to get rich but rather to stay rich >>
NAIMAN GROUP IS A PANAMA-
DOMICILED FAMILY OFFICE THAT DRAWS ON A NETWORK OF BANKERS, LAWYERS, TRUSTEES AND REAL-
ESTATE BROKERS. CENTRAL TO NAIMAN’S APPROACH IS THE PRINCIPLE THAT FIRST-CLASS QUALITY OF
SERVICE CAN ONLY BE ATTAINED WITH A HIGH LEVEL OF SPECIALISATION. FOR THIS REASON, NAIMAN
ONLY PROVIDES ITS SERVICES TO CLIENTS FROM THE FORMER SOVIET UNION – MAINLY RUSSIA AND
KAZAKHSTAN. THIS EXCLUSIVE FOCUS BRINGS THEIR CUSTOMERS THE REASSURANCE AND SAFETY OF
KNOWING THAT THEY ARE WORKING WITH PEOPLE TRAINED AND EXPERIENCED IN CIS-SPECIFIC
LEGISLATION, MENTALITY AND CULTURE.
Structure Naiman Group has its European headquarters in Zurich, with further representation offices in Moscow, St. Petersburg and Almaty, Kazakhstan’s business capital and largest city. They also have offices in Panama.
Approach ‘To us it’s important that the client understands the products
and services we offer. Therefore, before a structure is set up, we normally meet with the client and evaluate his or her needs. One of our strengths is that we are also ready to visit clients in their home countries within 48 hours.’ The success of the banking and asset management industry relies on the support of legal and offshore services. Sophisticated clients might not simply hold a bank account any more; instead, for example, they might own an offshore company that owns the account. Recognising the complexities involved, Naiman Group provide the necessary underpinning and complementary services such as tax optimisation, real estate management, heritage planning and asset protection.
Attraction ‘Bank officers often have no understanding of the way business is carried out in the former Soviet Union. Even if everything is done legally nowadays, banks still have problems with clients from that
Founded 2004 region since tax neutral transactions or transactions without written contracts are quite normal there.’ Location Zurich, Switzerland
Naiman Group are committed to providing a premium service for former Soviet clients, with the
highest levels of professionalism and privacy. The company permanently monitors the law and double
taxation treaties of CIS countries to ensure that any potential challenges are solved before they actually
arise. Lawyers and bankers in Switzerland and in the CIS are on hand to warn clients well ahead of time.
Beside their tax, legal and offshore business, Naiman Group acts as a family office in Switzerland.
Typical issues they address are finding high class real estate, consulting in questions of immigration,
organizing medical treatment, establishing an effective tax structure or helping to establish a business in
Switzerland. In addition, Naiman Group supervises the client’s bank statements and prepares compliance
reports for banks when difficulties appear.
+ 41 44 804 44 00
Phone 2: + 41 79 420 96 13 Fax:
+ 41 44 804 44 01
Summary Provides wealth management and related services to clients in the former Soviet Union
> Extensive knowledge and experience of CIS-specific law and culture
> Min. assets: USD $500 000 > Swift, personal service in the client’s home country
<< Specialising in CIS law,culture and clients >> 86
<< When Baron Sackville-West,who lived on a large estate in Kent,was told that a friend had recently acquired a dog,he replied,“But how can he keep a dog? He hasn’t got a park to walk it in”.>>
ODEY ASSET MANAGEMENT
ESTABLISHED IN 1991, ODEY ASSET
MANAGEMENT IS EUROPE’S OLDEST HEDGE FUND. A BOUTIQUE FIRM, ODEY LOOK TO THE LONG TERM
AND BELIEVE THAT PERFORMANCE IS MORE IMPORTANT THAN ASSET GROWTH – ALTHOUGH ABSOLUTE
RETURN IS STILL AN AIM. AS SUCH, THEIR CLIENT PORTFOLIOS TEND NOT TO REFLECT THE MARKET
INDICES, BUT TYPICALLY DO OUTPERFORM OVER A FULL MARKET CYCLE. THIS LONG-TERM APPROACH
HAS BEEN HIGHLY SUCCESSFUL AND THE GROUP’S ASSETS UNDER MANAGEMENT NOW STAND AT OVER
History Odey was formed in 1991 by Crispin Odey, who left Barings to set up the group. Difficult markets in the group’s early years led to a particularly keen interest in risk management, and since the mid-90s the firm has gone from strength to strength – Odey has learnt how to make money when others are losing it. Crispin Odey is now one of the biggest names in the industry. He and his wife, Nicola Pease (CEO
Odey Asset Management
of JO Hambro Capital Management) have been described as one of the most successful couples of the hedge fund industry. The firm caters to a broad range of clients, including banks and family offices as well as individuals.
Structure Odey’s CEO is David Stewart, formerly President of the European Institutional business at Fidelity International. The Chairman is David Fletcher, previously CEO of Leopold Joseph. Crispin Odey is Chief Investment Officer. The firm’s offices are based in London.
Approach ‘Buy wives and short mistresses. Value may be boring, but growth stocks let you down’ - Crispin Odey. Odey have a highly practical approach to managing money. They do not restrict themselves to one idea or model. Instead, they are flexible, choosing whatever is right under the immediate circumstances; previously successful strategies are dropped if they become unprofitable. A spread of different investments, each balancing risk and reward, maintains security. Crispin Odey is renowned and respected as something of a maverick who takes a different approach to the market than other investors – a
Founded 1991 contrarian who looks to the long term and isn’t afraid to get in early if the trend is slow. Contact
Instead of looking for short-term returns relative to the benchmarks, Odey’s long-term aim avoids
benchmarks and focuses on absolute return. They are not afraid to take risks against the investment
Odey Asset Management
consensus, so long as they are sensible, calculable and explicable.
12 Upper Grosvenor Street London W1K 2ND
Attraction ‘Our long-only strategies are ahead of the market due to our genuine understanding of risk.’
Odey are not for customers who are chasing the market. However, for those looking to preserve their
020 7208 1400
capital through tough times, the group offers a solution with a promising track record. Although they may
020 7208 1401
not be as impressive during the good times as those with a more short-term approach, over a complete
market cycle, Odey European Inc has strongly outperformed the index: 13.87% compound annual growth
rate since the group’s inception in 1992, compared to the index’s 11.01%, or a total of 600.66 against the index’s 378.50. Odey’s own profits are earned chiefly from performance fees.
<< Performance over growth >>
Summary Small, close investment team enabling quick decisions > Focus on performance, not asset growth, though absolute growth is still important > Long-term approach with a record of outperformance over a full market cycle > Min. $100,000 or ÂŁ equivalent requirement to enter hedge funds > Fees are consistent and performance-related
Alex Griffiths and Feras Al-Chalabi
> Top Performer Mixed Asset GBP Aggressive Growth sector, Lipper Fund Awards, 2005. > Europe excluding UK Winner, Moneywise Fund Awards, 2004. > Fund Manager of the Year Awards Europe, Investment Week, 2003
<< Saving is a very fine thing.Especially when your parents have done it for you >> WINSTON CHURCHILL
ODEY ASSET MANAGEMENT
T H E O M E R TA G R O U P
OMERTA GROUP IS A MARKET LEADER IN FINANCIAL SERVICES EXECUTIVE SEARCH. THEY ARE
STRATEGICALLY PARTNERED WITH PRE-EMINENT INVESTMENT BANKS, HEDGE FUNDS, INVESTMENT
MANAGERS, PRIVATE BANKS AND PRIVATE EQUITY FIRMS. Founded in 2002, The Omerta Group brand has
become a by-word for success; their network, reputation, tenacity and commitment delivers the best and
most diverse talent to their client base.
Structure Omerta’s Practice Head for Private Wealth Management is Nick Dogilewski. Nick joined The Omerta Group in 2007 to head up the Wealth Management team from a similar role at another London boutique search firm. Prior to his career in executive search he worked at a leading private client brokerage and derivatives house as part of the firm’s graduate scheme, before moving into the structured equity derivatives team as a broker. Nick is a graduate from the University of Exeter, where he read Archaeology.
Ethos Omertà is the rule of silence, the unwritten code that forbids the divulging of information. It is a Sicilian word, most famously known from its association with the Mafia, who place a high value on loyalty
and punish the betrayal of omertà with death.
The Omerta Group
In other words, discretion is guaranteed.
The Attraction ‘We do not just identify and match talented people to organisations, we close the hire’ Omerta’s Private Wealth Management team delivers bespoke solutions for private wealth managers across Europe, the Middle East, Africa and further afield, covering both onshore and offshore jurisdictions. They have completed searches for the wealth management divisions of global investment banks, boutiques, private client investment managers and family offices. Omerta’s areas of focus are: Relationship Management – country, team and segment heads, mid and senior bankers. Investment – investment counsellors, discretionary portfolio managers. Product Specialists – Alternatives, Structured Products, Credit, FX. Senior Management – CEOs, CIOs, General Managers.
Summary Market leader in financial services executive search
The Omerta Group
Reputation for tenacity and success in identifying talent and closing the hire
CityPoint One Ropemaker Street London EC2Y 9HT Phone:
+44 (0)20 7153 1500
<< Synonymous with innovation and delivery >> 90
<< Lord Nathan Rothschild was scolded by a hansom cab driver for an inadequate tip.“Your lordship’s son usually gives me a much larger sum,” said the driver.“Ah,”replied Lord Rothschild,“that’s because he has a rich father and I haven’t”. >>
T H E O M E R TA G R O U P
R AT H B O N E S
RATHBONE INVESTMENT MANAGEMENT IS
ONE OF THE UK’S LARGEST AND LONGEST-ESTABLISHED PROVIDERS OF DISCRETIONARY INVESTMENT
SERVICES. WITH EIGHT OFFICES NATIONALLY, RATHBONES MANAGES AROUND £11 BILLION OF FUNDS (AS
AT 30 JUNE 2007) FOR INDIVIDUALS AND TRUSTEES. IT IS A TOP 20 CHARITY FUND MANAGER AND A
TOP PERFORMER IN THE UNIT TRUST MARKET. RATHBONES
IS PART OF RATHBONE BROTHERS PLC WHICH REMAINS AN
INDEPENDENT COMPANY WITH A LISTING ON THE LONDON
Where appropriate, Rathbones are also able to provide tax, trust and pension advice for investors through direct access to around 170 professionals within the wider Rathbone group in offices in the UK, Jersey, Switzerland, Singapore and the BVI
offering domestic tax and estate planning advice, family office support and offshore financial planning services.
History Rathbone Brothers was founded as a shipbuilding and timber company in 1742. Subsequent generations of the family expanded the business and added new commodities. By the early 19th century, Rathbone Brothers was one of the most significant forces in the country’s shipping industry. As times changed, the firm shifted focus towards asset management. Rathbones has been managing client funds for over 100 years. The present firm has expanded through key acquisitions of investment management and stockbroking companies and investment management teams from other firms.
Structure Rathbones employs over 800 individuals of whom around 150 are investment managers and their assistants. Current and former directors, staff and their families own over 20% of the company. Rathbones has UK offices in London, Liverpool, Bristol, Cambridge, Chichester, Edinburgh, Kendal and Winchester.
Founded 1742 Contact
Ethos ‘We aim to build long-term relationships with individuals, their families and advisers. This approach
is becoming unusual but we strongly believe it is important for our clients who value having direct access
to the person who is managing their investments.’ – Mark Powell, Chairman
159 New Bond Street
A flat operating structure is in place with executive members of the board continuing to be
London W1S 2UD
involved in the active management of client portfolios. This is designed to ensure that all management
+44 (0) 20 7399 0000
decisions reflect the ongoing requirements of our clients. Rathbones has a strong investment culture and
+44 (0) 20 7399 0011
all of the firm’s investment managers are part of the Rathbone Investment Process, from which they draw
when developing investment solutions for their clients.
www.rathbones.com The Attraction ‘We do not sell products – we offer a service. For us, that is an important distinction.’ Individuals and trustees typically come to Rathbones for a combination of investment skills and detailed,
<< Meeting our clients’needs with imagination, skill and attention to detail >> 92
personal service. Direct access to investment managers means that clients understand how their money is being managed and investment managers can ensure they respond to their clients’ needs. As a result of this direct approach, many of the firm’s relationships are with several members of one family and may have lasted for a number of generations. Most services are fee-based. Rathbones host a number of seminars, workshops and other events across the year for professionals, trustees and private clients.
Summary ‘Building relationships with individuals, their families and advisers that span the generations’ > One of the UK’s oldest and largest investment management firms > Direct, client-centred service > Top performer in the unit trust market > £100,000 minimum investment for discretionary portfolio management
<< In 1939,upon learning that he had been awarded a $1000 Rockefeller grant,a scornful Tennessee Williams wrote:“The very rich have such a touching faith in the efficacy of small sums.” >>
R AT H B O N E S
WEALTH IS MORE THAN MONEY. IT CAN BRING
FREEDOM, OR UNDERMINE PURPOSE. IN FAMILIES IT CAN UNIFY OR DIVIDE. FOR SOME IT LASTS ACROSS
CENTURIES BUT FOR MOST – EVEN THE WEALTHIEST – IT IS A RELATIVELY SHORT-LIVED STATE, GONE
WITHIN ABOUT THREE GENERATIONS AND OFTEN FEWER. Sand Aire was created to build the financial
assets of wealthy families across generations while helping them to
establish an environment in which their descendants can live successfully
with their fortune.
We specialise in strategic wealth management for families, individuals, trusts and charities. Our clients gain access to leading independent advice, investment skills and administration services. Sand Aire believes this independence, the application of proven investment skills and dedication to delivering strategic oversight to a family’s long-term financial assets is the key to growing wealth and facilitating its passing successfully to future generations.
Most Sand Aire clients will have more than $40m in investable funds: significant wealth but not enough to invest alone strategically. Our clients join us primarily because with us they gain from our collective investing knowledge and from the wider expertise and experience we provide on issues of strategy in multi-generational wealth.
Our History “It will be nothing for me, but it will be a good thing for my sons and it will be a splendid thing for my grandchildren.” Sir James Scott 1903. Sand Aire was established in 1996 to manage the assets of the family and trusts that were shareholders of the Provincial Insurance Company plc, which was founded by Sir James Scott Bt in 1903. The shareholders steered Provincial over five generations with a remarkable level of consensus about
their strategy; combining consistency with innovation to achieve an excellent investment record.
Sand Aire was created as the family office that would take care of the majority of the proceeds from the
disposal and continue to build capital for future generations.
In 1994, the shareholders undertook a strategic exit from the insurance industry. Subsequently,
Sand Aire Limited
The Scott family created Sand Aire because there was no service available to them which
101 Wigmore Street
addressed all their needs and provided truly independent investment expertise. Recognising that other
London W1U 1QU
wealthy families would face similar circumstances, in 2002 Sand Aire became a multi-client office, opening
its doors to a select number of compatible families, individuals, trusts and charities seeking unbiased
+ 44 20 7290 5200
expert advice and independence in investment.
+ 44 20 7495 0240
Ethos Sand Aire believes a good family office is the antithesis of the big investment houses. We boast an experienced team of professionals who have joined the company because they want to work for an organisation which is interested in its clients, its people and in managing wealth. We have built a team that is completely in tune with the needs of our discerning client base. We presently serve 13 families from our London office. We will not grow beyond a size which would limit our ability to provide a fully bespoke service to each of our clients. Because we remain focused on the needs of a relatively small number of compatible clients we are able to share ideas, opportunities and best practices among them. Sand Aire believes that if future generations inherit successfully it is because they have established the philosophy, the process and the structure for the management of wealth through the evolution of a family. Sand Aire takes as much care in these matters as they take in the investment decisions involved in building a significant asset base for the future.
<< Empathy,alignment and continuity >> 94
Investment Approach Absolute return is at the heart of the Sand Aire investment philosophy and drives our investment strategy. It is the key measure of wealth management relevant to clients with a multigenerational perspective. Investment modelling is a refined activity available from most wealth management providers, but what sets us apart is the very experienced judgment of our investment team and the processes and organisation which they have developed over many years. Our investment approach is based upon the following principles:
> Multi-asset class portfolios – blending market-driven strategies and specific opportunities is the key to absolute return investing. > Multi-manager – our open architecture approach gives our clients access to a range of superior investment expertise whilst avoiding reliance on any one process or organisation. > Diversification of opportunity – our independence allows us to survey the broad landscape of financial opportunities. > Disciplined risk management – our approach encompasses both portfolio and organisational controls.
A tailored asset allocation strategy is developed for each client and a skilled team selects investment funds and specific opportunities according to our client’s needs. Sand Aire uses some 100 external managers and constantly reviews the alternatives available to our clients: in excess of 350 managers and other investment opportunities are reviewed each year.
Structure and Support Sand Aire is a growing business and presently has a team of 25. The business is owned by both the founding family and management. Our interests as a family wishing to grow and preserve its wealth over generations is precisely aligned with the interests of our clients. In addition to investment services, Sand Aire provides resources designed to support our clients’ complex and busy lives. This experienced administrative resource is fundamental to Sand Aire’s definition of the distinctive style of service that family office clients require. Undertaken well, these services give our clients time – time to focus on their passions and interests rather than the management of family and wealth.
Summary A leading multi-client family office, headquartered in London but with full access to all global markets. > Completely independent, providing unbiased allocation across all asset classes and multiple managers and unaffiliated with any institution. > Provides individually tailored, flexible investment solutions with exceptional personal service. > A distinctive culture focused on families. > Clients generally have at least $40 million in investable assets.
Awards Alex Scott, Chairman – Citywealth Family Office Individual of the year 2007.
STENHAM IS AN
INDEPENDENT WEALTH MANAGEMENT GROUP SPECIALISING IN ASSET MANAGEMENT, PROPERTY, TRUST
AND FIDUCIARY, BUSINESS FINANCE AND PORTFOLIO ADVISORY SERVICE. Focusing exclusively on
alternative wealth products, Stenham’s total discretionary assets under management are around $4.0 billion
(as of June 2007) with a diverse international client base including high net worth clients, institutions and
History ‘A loyal client base of many years’ standing bears testament to the successful realisation of our investment objectives’ Stenham Group has a history as a family office dating back to 1901. Over the past 100 years the firm has evolved from a multi-family office into a wealth management business with offices in the UK, Switzerland, the Netherlands, the Channel Islands, South Africa and Israel. It is privately owned, with
management having a significant stake. The team is fully committed to their investment approach and
Stenham Group Founded 1901
have a significant amount of their own investable funds managed by Stenham.
Ethos ‘We aim to preserve and safeguard our clients’ assets through the provision of bespoke solutions tailored to meet their requirements’ The creation of wealth requires the pursuit of high returns which inevitably brings with it an element of risk-taking. To underestimate this risk may lead to the unexpected erosion of capital. Entrepreneurs are used to taking risks, but once they sell their business and entrust the management of the proceeds to a trustee or investment manager, their appetite for risk changes as their objectives move from the creation to the preservation of wealth. Stenham therefore seeks absolute returns with a minimum of risk.
The Attraction Stenham’s emphasis is on tailoring solutions to the client’s precise requirements rather than simply marketing products ‘off-the-shelf’. The firm’s range of services includes:
Asset Management > A multi-manager absolute return approach since 1988. > Discretionary segregated portfolios and the Stenham range of Fund of Funds. > An investment team whose key members have been together since 1997. > Winner of a number of prestigious Hedge Fund industry awards.
Contact Harry Wulfsohn Stenham Group Kingsway House
Stenham have successfully preserved clients’ capital through periods of exceptional market volatility, whilst achieving stable returns over the years.
Havilland Strret St Peter Port
Property > Promotes specialist syndications of properties located mainly in the UK.
> Advises and manages property funds focusing on commercial property in the UK, Europe and Japan.
GY1 2QE Phone:
+44 (0)1481 716 387
> Achieved a net weighted IRR (after fees) in excess of 25% on all realised investments.
Trust & Fiduciary > Administers trusts and companies from the offices in the Channel Islands and Switzerland. > Provides tax and corporate advisory services.
Business Finance > Specialist business finance for owner-managed companies. > Multi-currency facilities and letters of credit. > Bank guarantees.
<< Creating financial opportunities >> 96
Portfolio Advisory Service > Asset Allocation, portfolio risk analysis. > Consolidated reporting. > Administration.
Stenham have a track record of providing steady returns with low volatility over long periods of time. Portfolios are monitored and regularly reviewed to meet investment criteria, and clients are provided with regular, comprehensive reporting and swift feedback. Stenham investments can also be monitored through web-based reporting.
Summary ‘An outstanding track-record in wealth management’ > Privately owned, independent wealth management group with international offices > Concern for wealth preservation and absolute returns > Larger clients are offered the ‘Pinnacle’ personalised portfolio service ($5 million or more to invest)
THE STONEHAGE GROUP PROVIDES
INTERNATIONAL FAMILIES WITH WEALTH MANAGEMENT AND FIDUCIARY SERVICES. THE GROUP HAS
OVER $24 BILLION OF ASSETS UNDER ADMINISTRATION AND HAS OFFICES IN THE UNITED KINGDOM,
SWITZERLAND, JERSEY AND ISRAEL. STONEHAGE IS OWNED BY MANAGEMENT AND STAFF, IS
INDEPENDENT AND INTENSELY RELATIONSHIP DRIVEN. Client objectives are likely to focus on developing,
maintaining and effectively controlling family wealth across generations. The Stonehage Group ensures that
such governance and legal structures exist as to best meet investment, tax and wealth transfer objectives.
The Group also advises families on philanthropic arrangements.
History Stonehage was established in London in 1976, in order to administer trusts, companies and other structures, designed for client families. Word spread and soon other families, requiring similar services around the world, approached Stonehage. As the business grew they rapidly acquired a reputation as a leading provider of offshore
In 1997, Stonehage was acquired by South Africa’s largest banking group. The Group expanded significantly, developing an extensive range of investment, advisory and business governance skills. In 2005, it was felt that Stonehage would benefit from independent ownership and the Group returned to being wholly management controlled. Today they are prospering, more so than at any time in their history, building on the past, always looking towards the future.
Structure Stonehage has three main operating divisions: > Private Client and Trust Division: The core of the Stonehage business provides ultra high net worth individuals and families with value added advice; including succession planning, governance, trust and administration services. > Advisory Division: The advisory division provides independent advice to ultra high net worth individuals on investment/asset allocation (Stonehage Investment Partners), property investment (Stonehage Property Partners) and legal matters (Legal & Structuring). > TriAlpha: TriAlpha, Stonehage’s asset management company, offers a range of multi manager and
Founded 1976 boutique funds. Assets under management are currently in the region of $2 billion. Contact Robby Hilkowitz,
Ethos ‘Stonehage has developed a unique character, a way of doing business that is secure and
traditional but also highly entrepreneurial. New opportunities are always actively sought, thoroughly
investigated and properly assessed.
56 Conduit Street London
‘Our staff, drawn from both the professional and academic worlds, bring a unique combination of expertise and experience. This valuable intellectual resource gives welcome reassurance to all our clients.
‘We are proud of the fact that people find it rewarding working for Stonehage and that our staff
turnover is extremely low. This provides our clients with a familiar atmosphere and continuity in their
+44 20 7087 0000
dealings with us.
‘Our culture is a caring one, supporting families through the difficult as well as the good times. Whatever the circumstances, we are there to service our clients’ changing needs in a rapidly changing world, always ready to provide solutions.’
<< Always there >>
Sponsorship & Philanthropy The Stonehage Philanthropic Division works to formulate a donorâ€™s gifting strategy, building the reality from the inspiration. Their knowledge and experience of the practical issues make them ideal partners in developing clientsâ€™ wishes. They provide an extensive range of philanthropy related services including advice on the formation of grant-making foundations and trusts, administration of the charitable structure, the preparation of proposals, and the presentation of strategy initiatives. The Stonehage Philanthropic Division works closely with the Stonehage Charitable Trust in recognition of a moral and social responsibility to invest in the fields of education, health and social development where it is most desperately needed. Their capacity to identify suitable charities, carry out due-diligence and negotiate and structure grants is invaluable.
Summary Stonehage takes great pride in the depth and quality of the relationships they have built over the years. Never intrusive, they nonetheless maintain careful watch over the families they look after, always making certain they are best advised and best served. Their vigilance is backed by knowledge, experience and a keen instinct for sound financial judgement. The Stonehage Group is genuinely independent, being wholly owned by management, with a dynamic internal resource serving the interests of their clients. Whilst occasionally they may consult externally with friends and colleagues in specialist fields, they never outsource responsibility.
<< You must spend money if you wish to make money >> PLATUS
THURLEIGH INVESTMENT MANAGEMENT
THURLEIGH INVESTMENT MANAGERS
LLP IS AN INDEPENDENT INVESTMENT MANAGEMENT FIRM FORMED TO PROVIDE A PERSONAL AND
RESPONSIVE SERVICE TO CLIENTS. THURLEIGH’S SIZE MEANS THAT THEY ARE ABLE TO FOCUS ON ONE-
TO-ONE RELATIONSHIPS WITH THEIR CLIENTS, AROUND 80% OF WHOM ARE BRITISH (NON-DOMICILED).
THEY MAINTAIN A LOW-RISK APPROACH TO INVESTMENT THAT MINIMISES SHORT-TERM FLUCTUATIONS,
RESULTING IN ABSOLUTE GAIN RATHER THAN RETURN AGAINST A BENCHMARK. THURLEIGH MANAGE
LIQUID ASSETS AND SPECIALISE IN INVESTMENT ONLY.
History Thurleigh was set up in 2003 by David Rosier and Charles McKinnon, after the two had accumulated almost 50 years’ experience of investment. Today, Thurleigh manages the wealth of 45
families, totalling around £160 million.
Structure Thurleigh is an owner-managed business with two partners. The Chief Investment Officer is Charles McKinnon, previously an Executive Director of Goldman Sachs International between 1985 and 2000. The firm’s business manager is David Rosier, formerly Chairman of the private client and charities division of Mercury Asset Management and later Merrill Lynch Investment Managers. There are also eight highly-skilled researchers working for the organisation. Thurleigh’s offices are in London.
Ethos Many clients appreciate the firm’s small feel and personal touch, valuing the opportunity of face-toface meetings with the partners. Thurleigh offer broad advice across the spectrum of families’ financial needs. Most of their clients being entrepreneurs are not interested in relative returns but rather in making money from their investments. Their investment strategy with its emphasis on diversification and management of risk is aimed at mitigating the effects of the sharp falls in the stock market, allowing their
Thurleigh Investment Management
clients confidence and peace of mind. Thurleigh’s partners have their own assets invested alongside their
Contact The Attraction ‘Capital preservation is the fundamental tenet of Thurleigh’ Thurleigh Investment Managers LLP Thurleigh’s focus is on preserving wealth. Their risk-management and asset allocation strategies mean Queen Anne’s Chambers that, although their long-term return may be slightly lower than in a purely equity portfolio, they are less 28 Broadway exposed to short-term volatility in the stock market. London SW1H 9JX The firm is committed to complete transparency. Their only earnings come from a management Email:
firstname.lastname@example.org fee (1.25% per annum). They have no in-house product and are entirely independent in sourcing funds to
020 7340 9556
020 7340 9557
suit their clients’ unique needs. They return all retrocessions and rebates to their clients and it is therefore in their own interests as well as their clients’ to select the most appropriate investments. As a result of Thurleigh’s speed of decision making Thurleigh is occasionally able to invest their clients’ money in hedge funds that have already been closed.
<< Our sole objective is to make money for our clients and,at Thurleigh,we never forget that without our clients we do not have a business >> 100
Summary ‘There are different ways to manage wealth, and they can all be right’ > Boutique firm with a highly personal approach > Focus on low-risk investment and wealth preservation > Thurleigh only manage liquid assets (average client has £3-5 million) > Flat fee of 1.25% per annum (min. £25,000)
Charles McKinnon and David Rosier
<< Money talks.The more money,the louder it talks >> ARNOLD ROTHSTEIN
THURLEIGH INVESTMENT MANAGEMENT
WEALTH IS A MEASURE OF A PERSON’S EQUITY IN HIS OR HER ASSETS: STOCKS, SHARES, BONDS, PROPERTY (INCLUDING THE INTELLECTUAL KIND), OBJETS D’ART, GEMS, YACHTS, AIRCRAFT... OR SIMPLY CASH. But what does it mean to call a person wealthy? Not so long ago, the man on the street would have thought of a millionaire as wealthy. Today, that same man would doubtless say billionaire.; the hyperbole of language use and popular perception seem to be outstripping real inflation. It might be opportune to recall the comment of J. Paul Getty: ‘a billion dollars isn’t worth what it used to be.’ In the course of researching this book, the editors asked every private banker and asset manager they interviewed to define what it means to be wealthy today. There was a consensus that it means combined assets of several million in any hard currency, a fair proportion of it in liquid funds and available for investment.
Guy Brandon Editor
Time and time again, however, this was qualified by the observation that the wealthy define wealth subjectively. One person with a million pounds might see themselves as wealthy, whereas another with 400 million could feel that they are not quite there yet. Once again, the words of another billionaire spring to mind. Asked how much money is enough, John D. Rockefeller is said to have replied, ‘just a little more’. Being wealthy is a state of mind and a perception of what wealth can achieve. There is a natural cycle to wealth in generational terms. There are the wealth builders: entrepreneurs, pioneers in their chosen field, buccaneers or simply hard and disciplined empire creators with a vision; then there are the custodians of inherited wealth (we will, for the purpose of this book, avoid dealing with the dissipaters of wealth). Whether through inherited money or by enterprise, the wealthy are, in the words of one private banker, ‘the winners in the blue ribbon game of the world’. Those who criticise the game and refuse to play it often forget that money is merely the medium of exchange that mediates the allocation of resources to produce what people want. A free market is as democratic as a free election. Moreover, as the liberal economist John Kenneth Galbraith used to point out, the more you study the alternatives to the market place, the more attractive capitalism becomes. Indeed, the first apostle of capitalism, Adam Smith, saw the ‘invisible hand’ as the mechanism by which a benevolent God organised a world in which human happiness was maximised. In researching this book, we have come to examine the differing – and changing – attitudes to wealth, its relationship with consumption and philanthropy, and what the truly, objectively wealthy value the most.
THE COLOUR OF MONEY Today’s wealth is, more often than not, conspicuously inconspicuous: in the words of one private banker, it is the client wearing jeans and a nondescript top that is often worth a great deal more than the client who arrives in a flash car, sporting ostentatious clothes. Serious wealth eschews fancy labels, instead favouring the truly bespoke and unique: it values customised, one-off products, services, travel, attire and other goods. A mentality has therefore developed that certainly spends but, in a world where many of the old status symbols are devalued by being more widely available, does so in a way that makes a claim not so much to a pricetag as to refinement and discrimination. La Vialla Estate, for example – which is featured in this book – produces a range of relatively affordable food items, but sells them to a discerning and impressively wealthy clientèle. Today’s wealthy care deeply and passionately about ethical issues, sustainability and a healthy lifestyle. Organic, fair trade, bio-dynamic, holistic approach: all are buzzwords of the new millennium and La Vialla is included here precisely because it has embodied these principles to the wealthy. However, there are other influences at work especially with new, progressive wealth, which are also altering buying patterns. The rise of the global economy has had a number of consequences. The wealthy travel more both on business and for holiday, which no longer means simply skiing in the winter and idling on the Cote D’Azur in the summer. Pleasure trips for today’s wealthy can entail slumming it in bush camps and war zones, or taking part in extreme adventures and travelling to the remotest corners of the world. Today’s wealthy are more active: they like to combine their travels with sporting, cultural or other themed activities. The increasing demands of business travel and work have placed a premium on time. The wealthy use private jets because they save time: the most finite resource there is. Yet, quality time is even more important than its quantity, and the wealthy have also re-discovered the advantages of a much slower form of travel – in mega yachts, on board of which they can live and conduct their business. The new generation vessels come with cutting-edge technology in addition to every comfort of an opulent home. Roaming the seas in such great style has long been the exclusive domain of the privileged few. Today’s wealthy buy or hire bigger yachts than ever – or opt for the convenience of part-owning a share in an innovative and unique vessel such as Yacht Plus. Fractional ownership offers, in addition to convenience, membership to a rarefied ‘club’ of like-minded peers. (In fact, wealth often leases rather than buys: jets, yachts, islands, properties…)
Today’s rich prefer to stay away from the prying eyes of the press and the celebrity circuit. When they are not enjoying the statelessness of the high seas, which offer inviolate privacy and discretion, they stay on private islands – whether their own or those belonging to other wealthy individuals – and in super-exclusive clubs whose members are equally wealthy and powerful. And, unlike their lesser pretenders, the wealthy hire top PR firms to keep them OUT of the newspapers.
WEALTH OBLIGE In addition, today’s generation of wealthy individuals are as passionately concerned about the environment as your token tree-hugging, lentil-eating – and penniless – eco-warrior. The newly wealthy and the younger inheritors of old money are acutely aware of the threat and the challenge of climate change, which has had a radical effect on their attitude across a whole range of issues. They also have the financial clout to do a lot more about it. In America, over the last seven years, venture-capital investment in the new ‘cleantech’ sector has increased exponentially. It has gone from 3% to 15% of overall investment: green (low-carbon) technologies are now big business and over the next ten years are looking set to rival the internet boom. Wealth is, above all, power: power to change people’s lives, make an impact on society and on the environment. Though often hidden, wealth has a direct and very real impact on every day and global politics. In general, great wealth stays above the fray. It uses its wisdom, and that of carefully selected professionals, to ensure its self-preservation, perpetuation and the generation of even more wealth – though not just for its own sake. Charitable trusts and philanthropic foundations are set up to ensure that future generations do not dissipate wealth but carry on the traditions established by the original wealth creator. Wealth sponsors the arts; endows hospitals, medical and scientific research, museums and universities; makes it possible for us to enjoy the opera, art galleries and all the wonderful historical and cultural pursuits that we, in developed Western societies, have come to take for granted. Many of today’s wealth builders don’t simply enjoy its rewards, but are keen to shoulder the responsibilities of ensuring that our planet and society have a future. Two of the richest tycoons in the world, Bill Gates and Warren Buffett, are also the world’s greatest philanthropists. John Maynard Keynes once remarked in this context that he would rather the rich tyrannised their bank account than their fellow men. The fact is that money made from capitalism has a whiter-than-white record when compared with money made from politics.
<< Luxury is better resourced, especially with an eye to exclusivity >> This publication celebrates wealth: those who create it, those who help preserve it and those who cater for it. We have sought to illustrate the nature of wealth, all the while avoiding the pitfall of listing the countless â€˜luxuryâ€™ products and services available today to both the moderately and the seriously wealthy. The features included in the book are not representative, but merely examples of the way wealth is buying refinement and exclusivity to distinguish itself from the wannabe-wealthy.
<< buy what you want, do what you want, and not give a damn about how much it costs >>
J.P. Morgan said you are rich when you can
<< Until the age of twelve I sincerely believed that everybody had a house on Fifth Avenue, a villa in Newport and a steam-driven, oceangoing yacht >> CORNELIUS VANDERBILT, JR
IS A COMPANY OFFERING FRACTIONAL OWNERSHIP
A NEW CONCEPT
YachtPlus is about 21st century yachting for the smart
money. Founded in 2005, YachtPlus is the first credible fractional proposition on
OF A NEW GENERATION OF YACHTS. Designed by the legendary Lord Foster, the vessel – the first in the 40 ‘Signature Series’ – is absolutely
luxury private yachts over 132 feet (40 metres). The company, headquartered in London, designs and builds contemporary luxury yachts for the exclusive use of its fractional program owners, and services the yachts on their behalf.
stunning and unlike anything else you’ve ever seen before.
THE TEAM YachtPlus is the concept of Han Verstraete, formerly of Marquis Jet (the company which pioneered fractional jet ownership in the 1980s) and Goldman Sachs. Rob Hersov, is one of Europe’s most influential entrepreneurs and the cofounder of Marquis Jet Europe, which he sold to Warren Buffet’s NetJets. Ruggero Magnoni is the vice-president of US investment bank Lehman Brothers. This high-powered team of founders and initial shareholders brings a
strengths: proven entrepreneurship, high-end sales and financial clout.
YA C H T S · C A R S · J E T S
significant cachet to the company and gives some indication of YachtPlus’s key
<< 21st century yachting for the smart money >>
FRACTIONAL OWNERSHIP Program owners gain flexible access to the
expanding YachtPlus fleet, which is located in the Mediterranean during summer and in the
Guests: Up to 12 in 5 cabins
Caribbean during winter. As a result of its fractional ownership model, YachtPlus allows owners to add a genuine superyacht to their portfolios of lifestyle assets without the hassles of owning a yacht or the unpredictability of charter. The minimum participation is 12.5% (1/8th share), meaning that each participant can be guaranteed five weeks use per
Full beam owner’s cabin on main deck with forward facing windows
leading to his and hers private balconies Four guest/VIP cabins on lower deck
Crew: Up to 8
year, including two weeks peak-time cruising.
Specifications YACHTPLUS 40 ‘SIGNATURE SERIES’ Designed by Lord Norman
Length: 135 feet (41 meters)
Foster, the internationally renowned architect known for his ground-breaking residential
Beam: 28 feet (8.4 meters)
designs, the 40-metre ‘Signature Series’ offers more deck space and interior comfort than
Draft: 7.5 feet (2.3 meters)
any equivalent yacht of her size, offering owners a genuine extension of the modern spaces
Design: Foster and Partners, London
where they live, work and travel around the world.
Construction: Rodriquez Cantieri Navali, Italy Maximum speed: 17.5 knots Cruising speed: 15 knots Communications: SATCOM, VHF, Wireless Internet throughout
Leisure Two tenders (guests and crew), two jet skis, SCUBA equipment, gym and massage areas on board.
CONCLUSION Anyone who has ever had to ship a yacht between Sardinia and Lyford Cay or the Hamptons will appreciate the fractional ownership concept. The quality of design and craftsmanship, the unique look of the vessel and the opportunity to join a community of very discerning yachtsmen and women makes YachtPlus a highly attractive option.
Contact YachtPlus 161 Brompton Road Knightsbridge London SW3 1QP Phone:
+44 (0)203 144 0103
+44 (0)203 144 0100
YA C H T S 路 C A R S 路 J E T S
SSC IS THE BRAIN CHILD OF JEROD
SHELBY WHOSE PASSION FOR FAST AUTOMOBILES DROVE HIM TO BEGIN PROTOTYPING THE ORIGINAL SHELBY SUPERCAR IN 1998, FOUNDING SSC AUTOS IN AUGUST 2000. HE IS TODAY THE SOLE OWNER OF THE COMPANY. Jerodâ€™s dream was to build the ultimate all round car and at the same time to capture the top speed record. His idea was to combine the best of everything: the amenities of a luxury car; leather interior; DVD/navigation; audio video system; backup camera,etc. all while maintaining exceptional handling, idle and daily drivability characteristics.
TIMELINE AND DEVELOPMENT From the beginning of 2000 March 2002 SSC focused on all chassis, cab and suspension development. Between early 2003 - April 2004 Shelby worked on finalizing the first full scale model prototype named the “aero sc8t” (supercharged 8 cyl tall [meaning it could accommodate a large driver]). April 2004 SSC logged its original times with the “Standard Aero” (787hp and 736 lb./ft.). Fine tuning began directly afterwards. In June of 2005 SSC unveiled the first version of the “Ultimate Aero”. This version put out 1046 hp and 821 lb./ft. Behind closed doors from mid 2004 - mid 2006 fine tuning carried on. 2006 also marked the change from the supercharger system to a fully proprietary twin turbo system. Internal testing showed that the twin turbo system bettered
the car all around (power, reliability, idle characteristics and daily drivability). 2006 marked the Ultimate Aero TT’s final development. Following the great success of the Ultimate Aero TT (1183hp and 1094 lb./ft.)the Standard Aero was also discontinued in 2006. Internal testing showed that the supercharger wasn’t capable of handling the rigors of the top speed attempt, 1183hp 1094 ft/lbs. One milestone was being tested by Road & Track and having the Ultimate Aero break the Road & Track slalom record previously held by the Ferrari Enzo.
CONCLUSION It is easy to see how the Ultimate Aero TT is capable of beating the Bugatti’s top speed record by comparing the following spec:
SSC: 2750 lbs Veyron: 4000lbs SSC: 1183 hp Veyron: 1001 hp SSC: 1094 tq Veyron: 922 tq SSC: 0.357 cd Veyron: 0.36 (top speed mode)
Langley Virginia and proved to be stable up to speeds of 273 mph. With less drag, more power, and less weight than the Veyron along with the proper aerodynamics the conclusion is easily made. The idle and daily drivability of the Ultimate Aero are surprisingly great, and not just relatively speaking, making this the ultimate every day super car.
YA C H T S · C A R S · J E T S
The Ultimate Aero TT has also been tested at NASA’s full scale wind tunnel in
Contact Shelby SuperCars LLC P.O. 4508 West Richland, WA 99353
<< A super car you can drive everyday >> JEROD SHELBY
YA C H T S 路 C A R S 路 J E T S
chief executive air
CHIEF EXECUTIVE AIR (CEA), FOUNDED
JEFFREY MENAGED Jeffrey Menaged was a business major at NYU when he realised that his business skills and talents
IN 2001 BY JEFFREY MENAGED, SELLS, BUYS AND HIRES PRIVATE JETS,
could be put to better use outside the classroom. After spending 12
OFFERING A HIGHLY CUSTOMISED SERVICE. THE COMPANY HAS ONE OF
years in the apparel business he took an opportunity in the fastgrowing world of private jet travel and created a firm catering to the
THE LARGEST FLEETS OF PRIVATE JETS WITH AN INTERNATIONAL NETWORK OF OVER 200 JET SERVICES PROVIDERS AND ACCESS TO
needs of VIPs, celebrities, high-level business executives, athletes and musicians. Jeffrey is renowned for his absolute dedication to his clients.
THOUSANDS OF PLANES. CEA’s team creates personalised private charter flights tailored to their passengers’ precise requirements, from the type of plane to gourmet meal services and in-flight entertainment.
On one well-known occasion the American rap sensation Ludacris was scheduled to perform at Blender Sessions at the Sundance Film Festival. The performance was about to be cancelled due to a blizzard until Jeffrey stepped in and arranged a private jet charter to take him to Park City.
CEA understands that clients require individual attention and that their
A COMPLETE SERVICE Not only the flight itself but
time is at a premium. The company therefore also
every detail of clients’ journeys are catered for. A wide choice of
offers a full VIP Jet Concierge service to take
services are offered in the air. Charter Specialists can arrange facilities such as in flight spa treatments, beauty and personal
care of clients’ needs on the ground – whether
welness services and even tutoring or lessons. The size of the plane determines the galley facilities on board
arranging transport, booking accommodation,
and the scope for preparing meals. Chief Executive Air has
making VIP restaurant and club reservations,
relationships with some of the world’s most celebrated chefs
acquiring tickets for sporting and cultural events,
including Mario Batali, Todd English, Emeril Lagasse, Danny Meyer and Masaharu Morimoto. A Charter Specialist can coordinate
or hiring bodyguards.
delicious in-flight meals and superb wine pairings from these expert caterers, one of the company’s partner chef’s restaurants or the restaurant of the client’s own choice. For shorter flights, every private jet carries a full range of light Jeffrey Menaged
snacks, coffee, tea, soft drinks and a well-stocked bar.
<< Private jet travel is our business >> Entertainment and amenities are provided whatever the length of the journey to ensure that clients’ flights are as relaxing and productive as possible. Jets are equipped as standard with Airshow flight tracker, a CD, DVD and VCR player and basic film and music libraries. Portable devices can be provided if clients prefer and specific films and CDs are made available on request. Some jets are also equipped with in-flight phones, Direct TV®, Internet and fax access.
THE PERFECT CHOICE Charter jet travel is the ultimate in convenience and, as private jet users know, holds many advantages over commercial flights. Check-in times, delays and problems with connections are cut out completely. Instead of a crowded cabin, passengers can enjoy a relaxed and private environment with the extra services of their choice. Chartered flights are direct and serve a wider range of airports. CEA is the perfect partner for corporate jet, executive jet or fractional jet owners who need extra capacity or last minute jet travel. Charter jet travel and charter jet packages can be customised to clients’ individual needs. The cost of hiring a private jet is often fraught with hidden fees and technical terms, confusing to the most experienced traveller. CEA’s ‘Charter Jet Price Guarantee’ simplifies the process. The price is up-front, fixed and absolute. No extra charges are added for ‘unforeseen circumstances’ – weather conditions, landing and parking fees, credit charges or international fees. The savings to the client are often up to 15 or 20% of the standard cost of private jet charter. Additionally, CEA offers a jet card program which allows clients to buy time with a guaranteed charter rate and guaranteed availability. When clients are ready to buy, sell or upgrade their private jet, Jeffrey Menaged can be relied upon to source out their exact requirement.
GOING GLOBAL CEA is going global from the end of 2007/beginning of 2008. A London, UK office is in the pipeline, followed by another in Dubai.
1400 Broadway, 36th floor New York, NY 10018
YA C H T S · C A R S · J E T S
Chief Executive Air
<< All decent people live beyond their incomes nowadays, and those who arenâ€™t respectable live beyond other peopleâ€™s. A few gifted individuals manage to do both >> SAKI (H.H. MUNRO)
THE BEAU-RIVAGE PALACE HAS A 150-
ARRIVE The Beau-Rivage Palace boasts Switzerland’s only female chief concierge, who welcomes guests in the best tradition of
YEAR-LONG PEDIGREE AS SWITZERLAND’S FINEST HOTEL AND A RESORT IN A LEAGUE OF ITS OWN. A celebration of classic opulence and
Swiss hoteliers, offering them an array of regional treasures and activities including museums, wineries, concerts, events, adventures or simply relaxation.
and faces the majestic slopes of the Alps. Beau-Rivage Palace is at the forefront of The Leading Hotels of the World and its restaurant is featured
DISCOVER The Beau-Rivage Palace is an oasis of grandeur, hospitality and unashamed luxury. Many of the rooms overlook the incomparable Lake Geneva and the hotel’s picturesque park of ten
in the Swiss Michelin Guide. The Cinq Mondes Spa is a breathtaking haven of relaxation and beauty.
acres. The hotel is now the proud owner of a sparkling new Cinq
D E S T I N AT I O N S
contemporary comfort, the hotel overlooks the magnificent Lake Geneva
MondesSpa, which offers a new concept in wellness.
The Beau-Rivage Palace is a centre of dining excellence.
the English Bar to the hotel’s popular terrace, your every appetite will
Michelin star for the delicacy of its langoustines, the zest of its eggs
be catered for. The Beau-Rivage Palace’s legendary wine cellar
à la truffe, and the boundless creativity of chef Florian Giraud. Next
houses some of the world’s most remarkable wine, numbering in the
door, L’Accademia, the Italian restaurant at the Hôtel Angleterre &
region of 600 crus and 75,000 bottles. In short, everything has been
Résidence (the sister hotel) invites guests to sample their delicacies.
undertaken in order to transform your stay into a moment of
For a more informal atmosphere guests may enjoy the elegant
brasserie Café Beau-Rivage. During the summer months, ‘Le Montreux’, the steamboat where cuisine is served directly from the ovens of the Beau-Rivage Palace, is a delectable treat.
From the careful selection of exquisite whiskies and noble cigars at
The hotel’s restaurants include La Rotonde, recently crowned with a
With 169 rooms, 33 of which are suites, two restaurants,
two bars, a lavish ballroom, eleven banquet rooms, a conference center and the Cinq Mondes Spa, the Beau-Rivage Palace is a world unto itself. The hotelâ€™s immaculate leather bound guest books contains the names of such social luminaries as: Coco Chanel, Mary Pickford, Gary Cooper and the Duke and Duchess of Windsor. Noel Coward and Somerset Maugham not only stayed in the hotel but featured it in their writing and Emperor Hirohito, Nelson Mandela, Poincare, the President of Argentina and Lord Curzon are amongst the pantheon of world leaders who have visited.
At the beginning of the 20th century the Beau-Rivage
Palace was the site of international conferences about the reconstruction of Europe. Today the hotel caters for concerts, banquets, conferences and weddings as well as meetings and conventions held by modern corporations whose participants appreciate the efficiency of the high tech conference rooms in these beautiful surroundings.
D E S T I N AT I O N S
INTRODUCTION IF YOU SUBSCRIBE TO THE VIEW
The estate occupies an enviable position on the heights above Arezzo, some
90 minutes drive from Florence airport. It consists of 300 hectares of olive groves, vineyards
THAT WEALTH CARRIES SOCIAL AND ENVIRONMENTAL RESPONSIBILITY – OR IF YOU ARE SIMPLY PREPARED TO PAY FOR SUPERB QUALITY ORGANICALLY PRODUCED FOOD – VISITING
and forestry, with 23 restored stone Tuscan houses that are let to Vialla disciples and aficionados between the months of April and October. Driving into the estate is an experience in itself. The entrance conforms with everyone’s romantic idea of Italy: long, check cloth-clad tables positioned under the shades
FATTORIA LA VIALLA IS A MUST. It will also be a revelation. La Vialla is not simply an organic (or rather, bio-dynamic) farm in the
of trailing vines and old fig trees, laden with green-tinged olive oil, ricotta cheese, homemade spreads, organic cured meats, bread, tomatoes and organic farm wine.
middle of the Tuscan countryside, but a vast estate run on the basis
VISION When you drive into the estate, you drive into another world. La Vialla takes the
of its own concepts and philosophy of life.
organic farming concept to a new level. It is a self-sustaining, state-of-the-art project that combines old farming methods with new technology. Visitors have the option of renting a self-contained house on the estate and live off the land for the duration of their stay. The estate is run on the principle of a ‘closed circle’ which would impress even the most fervently purist among conservationists: absolutely no by-products are wasted. Organic waste is fed into giant macerators, to be pumped back into the ground. Grain grown on the estate is fed into a centuries-old wooden grinder (donated to La Vialla by a nearby monastery); the husk is turned into animal feed, while the unprocessed flour is used for the estate’s bread and other bakery products.
<< The European estate for dedicated environmentalists and organic food devotees >>
PRODUCE La Vialla’s state of the art dairy makes and matures two types of cheese, both from organic estate sheep milk: Peccorino and Ricotta. The vineyards are old and established, with some generic grape varieties cultivated. Wine-making is an art and La Vialla excels in this too. Oak barrels line the cellars and Vin Santo is offered to every visitor, in accordance with traditional Italian hospitality. La Vialla is the vision and life’s work of the Lo Franco family. The stone mansion in which the Lo Franco children grew up houses the olive press. Two gigantic granite wheels go to work in November, the month of the olive harvest, and some 35 people work day and night to extract the ‘green gold’ from the estate’s olives.
EXPERIENCE No description could ever do justice to La Vialla, however. The place needs to be experienced more than seen: the quietly opulent, unpretentious and authentic décor of the massive stone houses; the inherent comfort and peace; the harmony with nature; the passion of the owners who are so hands-on, and who know and greet every visitor in their respective language; the indescribable flavour of the food and wine; the serenity… Given La Vialla’s discretion, which borders on cultish secretivity, discovering the estate is a triumph in every sense of the word. Once found, La Vialla becomes indispensable to discerning and health-conscious palates. Because devotees cannot live without the once-tasted, never-forgotten products, La Vialla has developed a mail order distribution service that keeps a select number of consumers well supplied throughout the year.
Contact Fattoria La Vialla Famiglia Lo Franco Via de Meliciano 26 52029 Castiglion Fitocchi Tuscany Italy Phone:
+39 0575 477720
+39 0575 477704
D E S T I N AT I O N S
italian luxury travel << Travel to Italy in grand style >> INTRODUCTION ITALIAN LUXURY TRAVEL (ILT) IS THE TRAVEL DIVISION OF THE FREMURA GROUP, A MULTIFACETED COMPANY FOUNDED IN THE 1800S AND OPERATING IN THE FIELDS OF SHIPPING, FINANCE, FREIGHT FORWARDING, COMMUNICATIONS AND REAL ESTATE. In the mid-1600s, Francesco Fremura laid the foundations of what is now a vast business empire. Cesare Fremura, his direct descendant, is at the helm of ILT, a totally bespoke and personalised travel service that draws on the vast resources and connections of the Fremura Group.
<< Beyond the ‘red cord’...your dream >>
ILT offers city-based or themed packages for the ultimate Italian experience. Venice, Milan, Florence or Rome – or a combination of all four – are on the itinerary. Tailored packages may be focused on areas such as food and wine, culture, fashion and shopping, golf, sun and sea, skiing, casinos and gambling, or beauty and spas. ILT uses its extensive connections to offer clients a selection of private jets, helicopters and yachts, as well as either chauffeur or personally driven Ferraris and Maseratis. If desired, clients can start their trip by visiting the car factories where these automobiles are designed and manufactured. Under Cesare Fremura’s personal supervision, ILT arrange top hotels and private villas for their clients, all offering butler, housekeeper and cook at their disposal 24 hours a day. Italian Luxury Travel is being featured alongside the profiles of wealth management firms and private banks precisely because it appeals to the lifestyles, requirements and expectations of the high net worth clients who work with these organisations. ILT is the most highly personalised introduction to experiencing ‘La Dolce Vita’, Italian style. Clients have the opportunity to define what Italy means to them. For some, it is synonymous with fashion and the catwalks of Milan. ILT takes visitors to the heart of the fashion houses, arranging direct access to the fashion shows and latest collections, and allowing them to customise their shopping experience by way of personal introductions. For others, Italy brings to mind fine food and wine. ILT can arrange the most extraordinary culinary experiences, taking clients to exclusive clubs and ‘best kept secret’ restaurants and offering access to the greatest wine cellars in the country. For the culture lover, clients are offered the opportunity to discover Italy through access to theatres, festivals and events that only an insider can offer. ILT has also covered the sporting scene by giving clients access to exclusive golf and ski clubs, and of course yachts, drawing on the Fremura Group’s vast maritime connections. Italy is justly famous for its unrivalled spas and ILT can roll out the red carpet in organising a beauty trip. And at the end of any day, if clients are so inclined, they can take a private jet to the casinos of Venice, Montecampione and Monte Carlo. ILT’s lifestyle philosophy is defined by appreciation for and enjoyment of beauty, elegance and exclusivity. Clients are treated as personal guests invited to share in it.
<< Care, elegance and impeccable organisation >>
Contact Italian Luxury Travel Via Fradeletto 29/b, 30173 Mestre
+39 041 2690217 +39 041 2690261
+39 041 2690260 email@example.com
D E S T I N AT I O N S
INCREASINGLY NOT JUST STATUS SYMBOLS OF LUXURY, BUT A
<< Indulge in a week of sheer bliss every year, for life >>
FUNDAMENTAL YEARNING COMING SOON AFTER BASIC NEEDS,
The Banyan Tree Private Collection is a private destination club that offers a combination of
INTRODUCTION THE PRIVATE VILLA INDUSTRY IS A FAST GROWING MARKET SEGMENT. TRAVEL AND MOBILITY ARE
brand-new two-bedroom villas in selected award-winning Banyan Tree properties, as well as
ESPECIALLY FOR THE URBAN MIDDLE CLASS. The newly prosperous will want to see their own countries, and also experience new, different, and exotic worlds beyond their own shores. The
private villas and residences in some of the world’s most desirable locations, among them Tuscany, Provence and other gateway cities. It grants members unparalleled access to a rapidly-expanding portfolio of beautifully appointed villas. These often include signature Banyan Tree amenities, such as private pools,
Banyan Tree Private Collection supports this trend – Mr Ho Kwon Ping, Executive Chairman of Banyan Tree Holdings Limited.
open-air sunken baths, and landscaped gardens with sun loungers. All villas are artistically decorated and most are attached to the Banyan Tree resorts, providing members with resort amenities and services.
MEMBERSHIP Banyan Tree Private Collection, the first asset-backed destination
DINING Few experiences can compare to the naturally romantic ambience of having
club in Asia, has recently launched in the UK. The club offers perpetual and transferable
the sand at your feet, and the only music playing is the sound of the waves lapping upon
membership and boasts one of the most attractive joining and annual fees in the
sandy shores. Fewer still can compare to a gourmet sandbank dining experience under a
destination club industry.
starlight canopy. This is what you’ll be privy to and more with Banyan Tree Sandbank Dining
Individual membership can be acquired for a one-time joining fee of US $120,000 and
experiences, where fine cuisine meets all the splendours of nature.
an annual fee of US $3,000. Corporate membership can be acquired for a one-time joining fee of US $220,000 and an annual fee of US $6,000. All readers of Beyond Black are
SPA ‘Reawaken simple sensory pleasures, for a complete experience that defines the
entitled to a Special Introductory Rate of US $100,000 for Individual membership and US
Banyan Tree Spa’
$200,000 for Corporate membership. There are limited memberships for this introductory
Taking a holistic approach to physical and spiritual well-being, the award-winning
rate. Unused villa nights are sold through the Banyan Tree resort reservation system,
Banyan Tree Spa promises a true sanctuary for the senses. Drawing on Asian traditions
generating additional room revenues for the Club which subsidizes annual dues and villa
dating back centuries, these intimate retreats blend romance with sheer serenity. Banyan
Tree’s intimate spa pavilions draw upon local inspiration for their architecture, blending
Members have one week entitlement per year, in perpetuity (corporate members two
seamlessly with the beauty of the natural environment.
weeks per year). They will have access to two-bedroom villas located in Banyan Tree resorts: Phuket, Seychelles, Bintan, Indonesia and Ringha, and Lijiang in China. They will
FURTHER FACILITIES Other benefits include access to the private golf
also have access to two-bedroom serviced residences in key gateway cities including
course, swimming pool, specialty restaurants, gym and leisure facilities and diving and
London and four bedroom villas in non-Banyan Tree locations: Tuscany, Italy and Provence,
water recreation facilities, where available. Members also hold a privilege card that entitles
them to savings on food and beverage and merchandise purchased at all the resorts’ restaurants, spas, and galleries. Also included is hassle-free travel with dedicated membership services that provide holiday planning advice and booking. Members enjoy the indulgence of a second home without the expense of owning a property. They will benefit from asset-protection as the club’s properties around the globe are safeguarded by an independent company, with shares held by trustee shareholders. Membership value is likely to increase over time, as the company’s assets appreciate and hotel room rates increase. As membership grows, more Banyan Tree properties, as well as private villas, will be added to the Club’s portfolio.
Contact More information on Banyan Tree Private Collection may be found online at www.btprivatecollection.com. Membership enquiries may be directed to Kelly Magor:
+44 (0) 20 3170 7295
Web site www.btprivatecollection.com
D E S T I N AT I O N S
coenraad vermaak safaris
<< Excellence is unquestionably a habit with Coenraad Vermaak Safaris >> INTRODUCTION
AROUND THE CAMPFIRE AND IN THE FIELD
A DEDICATED, CARING PROFESSIONAL HUNTER HOLDS HIS GUESTS IN
COENRAAD VERMAAK Coenraad Vermaak is a 6th generation South African who has hunted extensively in many African countries for over 40 years. In an industry
THE PALM OF HIS HAND. So much so that closer bonds and more intimate personal relationships are formed during a safari than in any other activity I
where legends loom larger than life, he made his mark by leaving indelible footprints in the game conservation industry. He pioneered the professional hunting industry in South Africa where he founded Coenraad Vermaak Safaris (CVS) in 1970 – a time when
know. I have always said that I am not actually in the trophy hunting business
professional hunting was virtually unknown in South Africa. The Vermaak hunting legacy
but in the memory making business. I help my clients create everlasting
began with Coenraad’s Grandfather, C. M. Vermaak, back in the early 1900s, when an average safari lasted two months! This legacy, along with what is clearly a passion, was
memories, whether they are in the heart and mind or on the wall and whether
passed through the generations. As a result, Coenraad Vermaak Safaris is today family
they are for the most humble individual who has spent his life’s savings on a
owned and run. From humble beginnings, operating mainly in the KwaZulu Natal Province, the enterprise grew into a small family business which slowly spread its wings throughout
one-off safari or a billionaire who can afford anything, anytime. The secret is
South Africa. This internationally renowned safari company is today the largest and
to maintain these relationships and to sincerely enjoy and share with our
longest established in Southern Africa and boasts an impeccable international reputation.
clients all aspects of their safari – triumph and happiness, sadness and
SAFARI IN STYLE The safari camps – which vary in style from luxury lodges to
disappointment, frustration, fear and, of course, friendship. To share
typical ‘Hemingway’ style tented camps with all amenities provided – are of the highest order. They are serviced by qualified staff, including chefs and waiters, trackers, skinners
knowledge and to always go that extra mile to ensure an experience that will and camp managers who, along with your personal Professional Hunter, are your friendly
never be forgotten. These are some of the aspects that comprise a quality safari. I am most humbled when I receive Christmas cards from loyal clients
and knowledgeable hosts and hostesses. Special dietary requirements are catered for where possible. These dedicated people are passionate about their work and will always cater to your every need. Most importantly on any safari is the emphasis is on privacy,
35 years after their first safari! – Coenraad Vermaak
exclusivity and very personal service.
Those fortunate travellers who have enjoyed the privilege of experiencing life on safari with Coenraad Vermaak Safaris will bear witness to the fact that there are very few things in this world that will equal bagging their dream trophy after an exhilarating stalk that leaves them both physically and mentally exhausted and completely humbled by the experience, or seeing their children posing proudly beside their very first trophy and knowing that it was a life-changing experience for them, or simply sitting around a campfire under a twinkling African sky, listening to the roar of a lion that you know is no more
in Botswana as well as in other African countries. One of the many
than 50 yards away!
distinguishing attributes of CVS is the fact that, unlike any other outfitter it has, for over 10 years, offered its clients the special
SAFARI OPTIONS There are various safari options to choose from. For a first
privilege of trophy hunting in several well known National Parks and government owned
time hunter the favoured option is a Plains Game Safari, where an average safari will last
game reserves which are not available to the average outfitter.
10-14 days depending on what your trophy priorities are. There are 49 different species available in South Africa and 22 in Botswana. A bird-
SUMMARY Coenraad Vermaak Safaris (CVS) is well known worldwide for the highest
shooting safari requires 5-10 days. On offer for the serious collector are twelve species of
quality hunting, bird shooting and photographic safaris it offers, as well as the superior
Waterfowl, eight of Francolin, three of Pigeon and Dove and two species of Guineafowl,
trophies and overall African experience that goes along with this. The carefully planned
Quail and Sand-grouse.
safaris with specific attention to detail and personal service are without question well
Safaris for any of the Big Five (Lion, Leopard, Elephant, White Rhino and Buffalo),
beyond the average available.
which often include a selection of Plains Game as well, require 10-16 days when hunting in South Africa and up to 21 days in Botswana.
EXPLORING AFRICA Many hunters and their families who wish to explore more of Southern Africa before or after their hunting safari will opt to include a few days of bird shooting as well as a few days of touring and sightseeing. This could include visiting the cosmopolitan city of Cape Town and the renowned South African wine country or enjoying a sun-set cruise down the mighty Zambezi while visiting the Victoria Falls in Zambia, photographing the Big Five at close quarters at one of the many world famous game parks, fishing for the notorious Tiger Fish in the Okavango Delta in Botswana, or embarking on a romantic steam train journey through Africa on the most luxurious train in
the world. The choices are endless and CVS, with their intimate knowledge of Africa and all
Coenraad Vermaak Safaris
it has to offer, will advise and assist you in putting together a personalized itinerary based
PO Box 1084
on your exact requirements.
STAFF AND RESOURCES CVS is based in Hilton, South Africa from where
the company, which is family owned and family run, is managed by Coenraadâ€™s son Hans Phone:
+27 33 3431973
office in Maun, which manages three superb hunting areas with a staff compliment of 20.
+27 33 3431993
The use of modern technology, communication systems and physical plant, state of the art
equipment and a fleet of especially adapted safari vehicles guarantees excellent service
with back-up under all conditions in the field. There is no substitute for experience and above all, the hunting areas that CVS has exclusive access to are unquestionably the best
D E S T I N AT I O N S
and his daughter Eileen with a specialist staff of 35. The Botswana operation is run from its
available. The company offers hunting safaris in 14 different areas in South Africa and three
nomads of the seas
<< Patagonia by air, land and water >> INTRODUCTION
‘No matter how seasoned a traveller you are or what you’ve experienced so far, there
is a place that your adventurer’s heart is still longing for. Let Nomads of the Seas reveal the deep and unseen Patagonia before your astounded senses, and let your heart be content.’ The southern tip of South America, where the Andes Mountains disappear into the Pacific Ocean, is a geographical location that has been kept secluded for centuries. Pristine glaciers, rivers, lagoons, fjords and forests shelter an incredibly bountiful biodiversity. Nomads of the Seas brings this amazing world within your reach. Nomads is a highly specialized and unique operation: an expedition cruise set for 28 passengers only, with 32 crew members, carrying on board a complete transportation system that enables guests to experience the surrounding landscape by air, land and water.
ACTIVITIES Nomads’ complete array of vehicles make any location not only a safe and comfortable destination, but also the perfect setting to engage in specific activities that will unveil the wonders of Patagonia. Nomads of the Seas offers two activity programs. The first one is Ultimate Fly-Fishing, where fly-fishers are taken to wherever the best catch may happen to be, whether that means flying out on a helicopter or traveling on a jet boat or zodiac. The pristine, remote destinations and the commute itself add adventure to the already exciting fly-fishing experience. The second alternative is the Ecotourism Program, which is based on a series of specialized activities. Some of these include a scientific approach. The program offers Whale Watching expeditions deep in the South Pacific Ocean, an environment that in recent years has proved to be home for more than 50% of the cetacean species of the world. Bird Watching is also an obligatory stop for worldwide fans, since Patagonian lands harbour approximately 450 different bird species. All these wonders, and those hidden in the fjords and rain forests, can be registered during Nature Photography excursions, using multiple formats. Specialized guides provide information on the different species, as well as photographic assistance. Nomads’ Ecotourism Program has also a set of outdoors adventures, designed for explorers who are interested in actively getting in touch with the natural beauty of Patagonia. The invitation is to experience the magnificent surroundings while enjoying the excitement of jetboating or rafting, the calm appeal of kayaking or trekking, or the magical, paced wonder of horseback riding. The helicopter will allow for outstanding panoramic views over Patagonia, and will be part of the trekking expeditions, airlifting passengers to starting points deep in the mountains.
GRAND CLASS SERVICE Nomads’ definition of nomadic enjoyment comes complete with grand class service, providing a gratifying experience onboard: comfortable yet elegant decor, a spa with talassotherapy tubs to help you unwind before a night of well-earned sleep, gourmet regional cuisine, daily wine tastings, lectures and the exclusive hospitality of our crew. Passengers will find that all crew members – captain, sailors, pilots, guides, and chefs, to name a few – will be happy to talk and share experiences with the guests. ‘We are certain that no matter how seasoned travelers are or what they’ve experienced so far, the world still hides a place that can open their minds and hearts: Patagonia, by air, land and water.’
SCHEDULE Nomads of the Seas offers 7-night cruises that depart each Saturday from Puerto Montt, Chile. The season begins in October and ends in April; the navigation area stretches over 750 km / 450 nautical miles, from Puerto Montt to the Taitao Peninsula. The specific schedule is decided on a trip-by-trip basis, depending on weather conditions, fishing scenarios and cetacean behaviour. Daily activities are planned 12 to 24 hours in advance, with experts reviewing these and other aspects so as to define a program that will make the most of each day.
Contact Nomads of the Seas Del Inca 4446, Piso 4 Las Condes, Santiago
+56 (2) 414-4600
+56 (2) 206-1450
D E S T I N AT I O N S
<< Our clients are treated as family from the time they arrive at the airport until the time they depart Spain >>
THE COMPANY Fernando Saiz has been operating for more than 30 years and enjoyed the privilege of hosting more than 800 hunters from all over the world. Together with its partners, Nacho R. Arias, Beltran Cotoner and Juan M. Mitjans, Fernando Saiz - Spain plans each trip with meticulous detail in order to make it a memorable one.
THE GAME Spain offers a great variety of hunting grounds: from the traditionally driven Red Legged Partridge (the partridge is one of the most challenging birds in the world with its fast and furious flights over the guns) to the rolling hill for the Spanish Red Deer, European Fallow Deer, European Roe deer, European Mouflon Sheep and European Wild Boar, to the high mountains where four species of Ibex and two species of Chamois graze in the wild.
THE HUNTS Groups for driven Red Legged Partridge vary from 8 to 10 shooters and the season lasts from October the 8th until Christmas time. All group members are accommodated at Fernando and Koki Saiz’s beautifully restored, 14 room XVI Century home in the middle of La Mancha. The regular program is a three day/ four night shoot. The day begins in the field with four different drives, a break at midday for a small snack and ending with a nice lunch. Each shooter has his own loader and “secretario” who carries and loads the guns.
Combination hunts for the different species of big game are also organised. The length of a trip depends on the number of animals hunted. The season lasts from September to February and from March until June. All these hunts are conducted by an English speaking professional guide who is very knowledgeable about the animals and their sizes. All game is hunted in National Preserves that are very well managed and where the game is very abundant and of very high quality. These National Preserves are located in different parts of Spain.
FACILITIES AND APRÈS SHOOTING All travelling is done by car and accommodation is at five star Hotels close by the hunting area. There are no backpacks or tents to carry - this is a very gentleman hunt. The day may start at the mountains but always ends with a nice dinner at the Hotel. The groups are offered traditional Spanish cuisine as well as the best wines from the different regions of Spain. Ladies who do not wish to accompany the hunters are taken sight seeing and shopping by a tour guide. The aim is to provide as much enjoyment for the companions as for the shooters themselves.
Contact Fernando Saiz - Spain Vereda de las Peñas 53 Alcobendas 28109
D E S T I N AT I O N S
Madrid – Spain
<< To turn $100 into $110 is work. To turn $100 million into $110 million is inevitable >> EDGAR BRONFMAN
tailored moves INTRODUCTION
TAILORED MOVES IS AN ADVISORY
BACKGROUND Nicholas Cotton worked for many years with high networth individuals as Associate Director for HSBC Private Bank and with SG
SERVICE AIMED AT HIGH NET WORTH INDIVIDUALS AND PROFESSIONALS MOVING TO OR WITHIN LONDON. The company offers
Hambros. Founded in 2005, Tailored Moves was the response to his own clients’ difficulties surrounding the lack of impartial and personalised services desired when they were relocating.
swift and personalised assistance with every aspect of the moving process, allowing the client to continue with everyday matters throughout
Tailored Moves draws on the traditions and expectations valued in the private banking industry – discretion, reliability and efficiency – allowing clients to concentrate on more important matters, secure in the knowledge
the time-consuming and often stressful business of relocating his or her
that the details of their relocation are being carried out exactly as they want.
home and life. Tailored Moves caters to national and international clients,
SERVICES “You have always made yourself available when matters including those moving to London from the emerging business markets of
needed addressing and you were able to deliver a thoroughly professional and
Russia, China and India.
Some of the diversified services provided by Tailored Moves include:
<< Tailored Moves were able to assist in a discreet and professional manner providing good, impartial advice and we are exceptionally grateful to Nicholas Cotton for the assistance that he has provided over a period of months >>
Finding a new home and securing a borrowing facility
Assistance with Children’s education
Introduction to immigration lawyers, property lawyers and surveyors
Address all insurance needs for family, property and car
Source and arrange a removal company
Contacting utility companies and local authorities
Organising interior decorators
Domestic staff requirements
In the first instance, a meeting is held – either in person, by telephone or email – to determine the client’s exact needs. Once these are established, a flat fee is agreed. Throughout the move the client is regularly kept informed of progress and any changing circumstances are taken into account.
SUMMARY ‘We have a passion for exceeding expectation’ >
Relocation advisory company providing a high-quality, discreet, personal and customised service
Tailored to high net worth individuals and professionals moving to or within London
Flexible and wide-ranging service catering to any or all requirements
Flat fee (including retainer) covers the entire process
Contact Nicholas Cotton (founder) +44 (0)20 8673 2084
swaine adeney brigg INTRODUCTION
SWAINE ADENEY BRIGG ARE THE OLDEST
AN INTERNATIONAL BYWORD FOR QUALITY
A visit to
Swaine Adeney Brigg’s premises on St James’s Street is an experience in itself: the
ESTABLISHED MANUFACTURERS OF LEATHER GOODS AND UMBRELLAS
intoxicating scent of handcrafted leather; the look and feel of the classic wooden handled
IN THE WORLD. Quintessentially English, their products have appealed to
umbrellas; the unparalleled craftsmanship of the hand-plaited whips; the wonderful attaché and brief cases of every size and in so many different leathers; the evidence of
discerning ladies and gentleman for more than 250 years. During that time
attention, expertise and excellence in every item of luggage.
they have grown to become one of the most respected and exclusive Typically English in character, Swaine Adeney Brigg continue to create items of the
retailers in the world, with an unrivalled reputation for quality and excellence. All their goods are handmade to exacting standards, using
highest quality and with timeless appeal. Bespoke leather production usually takes 6 to 12 weeks and is carried out by hand in their Cambridge workshops where virtually all their products can also be initialled, engraved or embossed by hand.
traditional methods and the very finest leathers. The company was first given a royal warrant by George III for their carriage-driving whips, a
<< Defined by quality since 1750 >>
distinction that has been renewed and repeated for other products many times since.
Swaine Adeney Brigg have been one of the best regarded traditional
makers and retailers of equestrian and country clothing, leather goods and umbrellas since 1750, when John Ross founded a whip making business in Piccadilly. This was purchased in 1798 by James Swaine, foreman of a successful whip making enterprise in Holburn. The company’s reputation was confirmed by a royal appointment to His Majesty King George III and to his sons. In 1845 Edward Swaine took his nephew into partnership, which became known as Swaine Adeney. Thomas Brigg and Sons was founded in 1836 in St James’s Street. Brigg specialised in the manufacture of the finest umbrellas, walking sticks and hunting crops and quickly became a popular destination for the fops and dandies of 19th century London. This popularity and acclaim was again confirmed in 1893, when Thomas Brigg and Sons received a Royal Appointment from Her Majesty Queen Victoria – the first umbrella maker ever to be honoured with such an appointment. The Royal appointments continued with Her Majesty Queen Victoria and His Majesty Edward VII, and Brigg umbrellas continue to keep Britain’s Royal family dry to this day. The occupation of France in the Second World War occasioned the loss of Brigg and Sons’ Paris shop. Fortunately, help was at hand in the form of Swaine Adeney. The two firms joined forces in February 1943, an arrangement that has continued ever since.
CULTURAL ICONS ‘No self-respecting Gentleman should be without one’ Swaine Adeney Brigg’s reputation for quality goods has led to their adoption as distinctive symbols of Englishness and sartorial excellence by film and television producers for decades. The character Steed in the popular series The Avengers, with his classic English ‘City Gent’ style, favoured the classic Brigg Whangee umbrella. Swaine Adeney were behind James Bond’s black attaché case in From Russia with
Love, and Indiana Jones owes his hat – almost as much a star as the actor who wore it
– to the business. More recently, the Da Vinci Code film featured a number of the
Swaine Adeney Brigg
54 St. James’s Street London SW1A 1JT United Kingdom
0207 409 7277
0207 629 3114
<< If you’re going to make money, you have to look like money >> JAMES BUCHANAN ‘DIAMOND JIM’ BRADY
tavola rasa INTRODUCTION TAVOLA RASAâ€™S PHILOSOPHY IS THAT, IN AN AGE IN WHICH STANDARDS OF CRAFTSMANSHIP ARE DECLINING AND APPEARANCE IS SEEN AS MORE IMPORTANT THAN FUNCTIONALITY, UNCOMPROMISING PERFECTION IS MORE IMPORTANT THAN EVER BEFORE. The company was founded to create furniture that is aesthetically appealing and beautifully made, yet highly usable at the same time: these concepts should not be mutually exclusive.
Led by designer and furniture maker Sameh El-Shahat, Tavola Rasa is a celebration of quality in every sense. Items have no user-unfriendly backs, undersides or inner spaces and each looks just as good from the outside as it does from the inside, or even underneath. Every piece is made and finished by hand to the highest of specifications using a carefully-balanced combination of traditional and modern techniques and materials.
Contact Tavola Rasa Flat 2, 7 Wetherby Place London SW7 4NG
+44 (0)207-259 2635 +44 (0)7836334170
+44 (0)870-137 9773
Sameh’s passion for design dates back to his first year at
Cambridge University, where he studied engineering and was captivated by the aesthetics of Jesus College Chapel, visible from the window of his halls of residence. After he graduated, Sameh spent some years as a banker in London before leaving the world of finance in 1999 to set up the furniture business now known as Tavola Rasa (previously Sama & Company), meaning that his true passion would never again be subjugated to his working life. Sameh has undertaken large private commission projects in Germany, Spain, Italy, France and Greece. His pieces have also found homes in London, Paris, New York and Brussels and soon in Moscow. He divides his time between London, where he undertakes his design work, his workshops in Trujillo and Alexandria, and wherever his furniture pieces have a new home. Tavola Rasa’s team consists of some of the finest craftsmen and cabinetmakers active today. The sum of their combined experience of fine and attentive work, turning woods into beautiful furniture, is upwards of four centuries.
Sameh sees Tavola Rasa as the Haute Couturier of furniture,
creating pieces that are both for and about his clients. Custom-made pieces are uniquely tailored to the character and requirements of the individual. As a first step, this involves sittings with the subject. Sameh’s designs are driven by the consideration that furniture, which is constantly a part of our immediate surroundings, should be an intensely personal expression of being. ‘It is my deeply held philosophy that this makes it a very privileged part of our private space and one that must help provide us with a sense of comfort in as short a period from the time of acquisition as possible and therefore much consideration must be paid to its conceptualisation, design and ultimate creation.’ All pieces are therefore and by definition one-offs and individuals in their own right and with their own character. They are conceived with the intention of becoming part of a client’s most personal environment. Given the time-consuming nature of the process, only a limited number of BESPOKE
Tavola Rasa pieces are made each year.
DEMI-COUTURE ‘Haute Couture furniture for people I have not yet met.’ In addition to Sameh’s bespoke, highly-individualised pieces, Tavola Rasa also produces limited edition collections of Demi-Couture furniture. Employing the same standards of craftsmanship, with the same concern for design and attention, these unique pieces are ideal for clients whose time constraints do not allow for sittings or the manufacturing period of Haute Couture. Demi-Couture collections are created on common themes, enabling existing clients to acquire appropriate new pieces without the wait, and for those unfamiliar with the company’s work to purchase furniture of unparalleled quality.
FUNCTIONAL AND BEAUTIFUL
Tavola Rasa aims to provide its clients
with quality, functionality, exclusivity and artistic design – attributes they may not initially expect to find in the same piece of furniture. Furniture is something so taken for granted that its significance is often unacknowledged. It is constantly present, whether consciously noticed or not, always at hand and frequently used. The company believes that furniture should be an intimate part of life and spares no effort to ensure that its pieces remain a major contributor to its clients’ happiness.
<< Art as functional furniture >>
cercle deluxe INTRODUCTION
A NEW CIRCLE IS BEING
IMPERIAL ROMANCE AND WORLD-CLASS ART Cercle Deluxe chose Vienna as the premiere event launch host city. Vienna owes its universal appeal to the way it
DRAWN AT THE INTERSECTION OF BUSINESS AND CULTURE
excitingly combines imperial nostalgia with a highly creative cultural scene, responsibly cultivating
IN CENTRAL EUROPE Cercle Deluxe Gmbh
a precious heritage and charming traditions whilst taking on board the latest trends. Architecture dating from imperial times has left an indelible mark on the city. Magnificent edifices,
(www.cercledeluxe.com) is an entity focused on networking high
predominantly in baroque, historicism (“Ringstrasse”) and art nouveau styles, and the city’s grand
net worth individuals, B2C and B2B relationships in the high
scale cause you to forget that this is the capital of the small Republic of Austria with only eight million inhabitants. In Vienna, you re-live the romance of a long-lost empire.
end goods, financial services and related sectors. The premiere event on Nov. 29th- Dec.2nd centers on the emerging markets
Yet it is not only the city’s imperial architecture that renders it a city of beauty. Vienna also boasts world-renowned museums, art collections and works of art. The Kunsthistorisches Museum (Museum of Fine Arts) houses the world’s largest collection of paintings by Bruegel, while
of Eastern Europe/Russia, China and the Middle East. Exclusively held at the 5 star traditional JJW Grand Hotel
numerous works by Gustav Klimt and Egon Schiele are exhibited at the Austrian Gallery Belvedere and the Leopold Museum in the new MuseumsQuartier. Vienna has traditionally accorded the arts great respect, and over the centuries has never
Vienna as well as the newly opening JJW Ring Hotel Vienna, ceased to foster creativity and attract artists from other countries. Vienna boasts 50 theaters,
Cercle Deluxe will feature private luxury exhibitions, live entertainment, and an informal conference.
including three opera houses and two stage musical theaters, 100 museums, and renowned drama, music and dance festivals. In addition, ambitious exhibitions are frequently mounted. All this ensures an extraordinarily rich cultural program throughout the year, making Vienna one of Europe’s leading cultural centers. Vienna, as a city of music, enjoys a paramount reputation around the world. No other city has been home to so many composers of international renown. Some, such as Schubert, Strauss, Schoenberg and Berg were born there, others, such as Mozart, Beethoven, Haydn, Brahms and Mahler chose to live there. It boasts one of the world’s finest orchestras – the Vienna Philharmonic – as well as the Vienna Symphony Orchestra and several other orchestras and ensembles of note. The Vienna State Opera is one of the world’s leading opera houses, and is joined by two more in the city. The Vienna Boys’ Choir enchants music lovers the world over. In addition to classical music, Vienna has also made its mark as a city of musicals, and recent successes in electronic music show that the avant-garde is also taken seriously in Vienna. Yet another top-caliber attraction and a place to experience the baroque is the Liechtenstein Museum. After a period of ‘exile’ brought on by the Second World War, the outstanding collection of the Princes of Liechtenstein returned to Vienna in March 2004. The Liechtenstein Museum in the restored, baroque Garden Palace of the Princely Family boasts over 200 paintings, sculptures and pieces of decorative art. One of the world’s most extensive collections of Rubens is joined by prominent works by van Dyck, Lucas Cranach and Raphael, as well as compositions by Rembrandt, van Ruysdael and Hamilton. The Palace’s magnificent library – previously closed to the public – may be visited, and a further highlight is the unique frescoes by Johann Michael Rottmayr. Cercle Deluxe participants will have special access and will be able to enjoy highlights that reflect the rich cultural heritage of Vienna. To participate at this exclusive event, please inform yourself at www.cercledeluxe.com/weekenddreams.
SUMMARY ‘The ultimate luxury is the luxury to dream’. Our motto at Cercle Deluxe serves as an inspiration to go beyond conventional thinking in relationship building, exhibitions, and direct sales within the luxury goods and financial services sectors.
STRUCTURE Event and Exhibition – Located at the Grand Hotel and Ring Hotel in Vienna, combining both a contemporary setting and traditional 5 star elegance, with customized exhibition space possibilities. Direct Sales – 2500 affluent and opinion leader invitation-only guests are expected. CRM – An excellent opportunity to deepen the relationship with key clients in a unique entertaining atmosphere where personal dialogue is underlined. Conference and Network – Focused on emerging markets and capitalizing on the Vienna location as the time honored “Door to the East”, renowned speakers provide insight and connections on China, Russia and Middle East business opportunities. Media Integration – Unique content integration with international print and broadcast media available, e.g. “Vision Deluxe” program integration with CNN International.
OUR OFFERING CERCLE DELUXE - A NEW APPROACH The theme of the Cercle Deluxe premiere event is the triumvirate of emerging markets from the Middle East, Russia and China. The host city is Vienna, the Austrian capital long renowned for its particular charm, sophistication and traditional role as a meeting place for international diplomacy and culture. Invitation Only All guests are invited by Cercle Deluxe in conjunction with our strategic partners and exhibitors. There will be no admission without personal invitations and no tickets will be open for public sale.
MISE EN SCENE Byzantium meets the Orient, hosted in Baroque. Following the “emerging market triumvirate” theme of the Russian, Middle Eastern and Chinese emerging markets, Cercle Deluxe will set the stage of the event by integrating cultural elements of each region into the exhibition space and entertainment program. Part fantasy bazaar, part elegant ballroom, the exhibition lifts itself beyond the realm of other exhibitions by focusing on the cultural relevance and traditions of the triumvirate, while giving nod to their increasing global influence. Think Global, Touch Local.
ENTERTAINMENT International highlights that reflect on the rich cultural tapestry from each region will be in constant flow at the event. For example: from the Don Cossack choir to the Shanghai Opera, from masked ball to belly dance, an inspiring mix of art and commerce looks simultaneously forward and into the past.
perspectives of participation and indulgence. Following the tradition “The Vienna Congress dances”, Cercle Deluxe serves up a sumptuous platform of cultural exchange in
A mix of venues from catwalk to night club transport the entertainment elements into new
an intimate setting.
RED SPOT WAS FOUNDED IN
2005 AND BECAME THE FIRST RUSSIAN COMPANY TO OFFER
PEOPLE Andrei Voronine is the owner of ATH, a leading Russian business travel company, employing over 250 staff in 7 offices. Andrei is a Moscow State University graduate with an MBA from INSEAD.
PROFESSIONAL LIFESTYLE MANAGEMENT AND PRIVATE
Marcello Prospato has a lifetime experience working with some of the wealthiest families in
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and producer of Cinema Art film studio. Her short movie was awarded a prize at the Venice Film
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art festivals in Europe, the Art Against Drugs international festival and a show for Carrera & Carrera.
Anna Mikhalkova is a famous actress and an A-List Russian personality. Anna is a co-owner
Maxim Korolev is a producer, whose projects include the Bely Kvadrat film awards, Russian
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<< The first lifestyle management boutique in Russia >> 142
This in turn enables Red Spot to act as a highly personalised and customised service provider. Red Spot works on the basis of an annual membership providing clients with 24/7 assistance and support all over the world. Temporary guest membership is also available and widely subscribed to by companies and personalities during their stay in Moscow.
In a country such as Russia, having well-connected insiders at your service 24/7 can make all the difference, whether setting up office, launching a product or just sampling the delights of its extraordinary culture. Red Spot can arrange virtually anything (especially as some of its members’ daily budget exceeds 100 000 Euro): from tickets to the VIP area at the Kremlin Cup, to hiring costumes from the Bolshoi for a Halloween party or an invitation to an exclusive private dinner; from getting a visa at Moscow airport to organising police escort from the airport to a Crimean
When a reporter asked him to confirm the speculation that he was worth over one
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First published in Great Britain in 2007 by Beyond Black London UK
ÂŠ Beyond Black 2007
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