Working with a busy Fund Manager to set up a Private Office in the US

Clive is a very successful Fund Manager. He is a US resident and lives in New York with his wife and youngest child. His other two children are living and studying abroad in Europe. The family has significant assets and investments mostly US focused and US based. Clive is very busy and does not have time to manage the relationships with his various advisers.

Clive’s Goals

• Outsource the day-to-day management and administration of the family including managing relationships with all advisers, investment management and tax compliance.
• Develop a broader “Family Office” style relationship, taking a holistic view across all assets, planning and implementing the smooth transfer of wealth to the next generation.
• Simplify his investment portfolio and ensure it is suitable for the family’s long-term needs.

Our Recommendations

• Outsource all Private Office activities to the Family Office team in the US, to include accounting, book-keeping, consolidated reporting and the coordination of domestic and international tax filings.
• Family Governance and Succession team to develop a bespoke next generation education program for the three children.

Outcomes (To Date)

• Stonehage Fleming now act as the family’s full service Private Office, providing Clive peace of mind and time to spend on things that are most important to him.
• Our Family Governance and Succession team ran two family workshops with the family to start conversations and open up communication around family values, purpose of wealth and expectations.
• Sophisticated, expert reports are generated from multiple data sources to give a holistic overview of their portfolios—showing both lifestyle assets, including art and property and their investments against benchmarks.