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The private member-only FOX website provides the international community with access to industry intelligence on current trends and best practices in the family office.

The Resource Center contains White Papers and newsletter articles on topics of interest to sophisticated international families of exceptional wealth, as well as those who work in the family office and other professional advisor service providers. A Document Archive contains useful documents submitted by members to share with other others. Documents including Family and Family Office Mission Statements, Confidentiality Agreements and Questionnaires for Consultants are readily available for download. Useful Links and Reading Lists provide additional support for conducting research.

The Directory of Leading Advisors is an excellent resource to find advisor members with proven experience within the multi-national private wealth industry.

Publications

Leading Advisors

Publications

Material in the FOX Resource Center is organized according to a variety of topics including Industry Trends & Issues, International Trends & Issues, Investments, Philanthropy and The Family Office Concept, among others. Here is a small sample of material in the Resource Center.


FOX Newsletters
Industry Trends & Issues	Back to Top
Developing Effective Business Systems at Bristlecone


The Family Office Bookshelf


Investing in the Family	Back to Top
Strategic Planning for Financial Families


Internships for the Next Generation


Investments	Back to Top
Going Global: Customized Portfolios of Hedge Funds with an Asian Focus


A Perfect Fit: Tailored Hedge Fund Portfolios for the Family Office


The Power of an Intellectual Property Index


Income Driven Equities: The Best of Both Worlds


Challenging Conventions: Building a Better Stock Market Index


Strategies for Today's Long-Term Investor


Investing Globally: Today's Emerging Markets


The Future for Managed Futures


Integrated Planning	Back to Top
Managing Uncertainty and Minimizing Risks


The Private Face of Public Risks


What 'Risk Management' Means for Financial Families


An Estate Plan Checklist in Six Easy Pieces


Philanthropy	Back to Top
Charity Begins at Home - And Today! Year-End Charitable Giving


The Family Office Concept	Back to Top
Setting Expectations and Measuring Success


Recruitment, Retention and Compensation	Back to Top
Recruiting, Retaining and Rewarding Top Talent: Understanding Nonqualified Deferred Compensation Plans


Investor and Family Profiles	Back to Top
A Family Roadmap for Strategic Wealth Management



FOX Research
FOX Research	Back to Top
The Pursuit of Health Insurance for FOX Members 1995 - 2005


Alternative Investing Practices by Family Enterprises


2002 Wealth Management Cost Study


FOX Technology Meeting Summary - January 2002


State of the Industry Survey (1997)


Multi-Client Family Office Industry Study (1998)


2002 Family Office Compensation Benchmarking Study


The Global Financial Family: A Study on the State -of-the-Art 1999-2000


FOX Member Surveys	Back to Top

Industry Publications
Industry Trends & Issues	Back to Top
Credit Crisis and Municipal Markets
Asset Preservation Advisors November 2007 Municipal bonds have traditionally been safe, tax-favored investments, but concerns about bond issuers’ claims ability had called that into question. This white paper from Asset Preservation Advisors explores the credit crisis and concludes that while a handful of insurers could temporarily lose their AAA ratings, the long-term impact on the municipal market should be minimal.

Family Offices Allocating More to Private Equity
European Venture Capital January 2008 Family offices have been increasing their allocations to private equity, a trend that’s likely to continue according to a study by European Venture Capital and Private Equity Association. The report also found a strong preference for investing in buyout funds and evidence that the number of family offices will increase as more company owners retire.

Emerging East Asian Economies More Resilient
Asian Development Bank January 2008 Thanks to strong economic growth and improved financial systems, emerging East Asian economies are more resilient in the face of market turbulence. This comes from a report by the Asian Development Bank, which examines the markets, assesses remaining risks and recommends shortcomings to address in the region’s debt markets.

More Diverse Portfolios
Barclays Stockholders January 2008 Investors in the United Kingdom are opting for more diverse investments in their portfolios, according to information from Barclays Stockbrokers. Barclays found that 79 percent of investors were making efforts to keep their portfolios diversified. Among the investors, 20 percent diversify by investing in different asset classes, 19 percent through different markets and 40 percent through different sectors, such as aerospace and financial services.

How to Be a Smart Business Seller
Jordan Dolgin, Wilson Vukelich September 2007 An article by the business and tax law firm of Wilson Vukelich focuses on the legal aspects of business exit preparations, minimizing the legal “skeletons” that can erode the overall deal price and increase the cost and time to complete a deal.

The Importance of D&O Liability Insurance
HUB International, August 2007 In an increasingly litigious society, characterized by ever stricter corporate governance standards, there is a growing need for liability insurance for company directors. A paper by HUB International examines the different types of directors and officers insurance policies available, drawing on a number of case studies. Also includes reference to the private and non-profit sectors.

Business Continuity Planning Overview


Legislative Proposal Overview 2006 - Greenberg Traurig


Finding The Perfect Fit by Sara Hamilton - Worth Magazine Dec. 2004


The Impact of Conflicts of Interest on the Investor


The Next Big Thing: Managing Conflicts


Active Defense of Your Life Insurance Portfolio: Know Your Threats, Know Your Weapons


Portable Alpha: What's All the Buzz About?


Designing, Implementing and Operating the Family Limited Partnership to Avoid A Section 2036 Attack


Assessing Appropriate Investment Strategies in Today's Markets


The Federal Estate Tax: Overview of Essential Elements After JGTRRA


The Tax on Dividends: Speculations on How Taxation Changes Might Affect Investor Strategies


The Multi-Family Office Mania


Family Offices and the Investment Advisers Act - White Paper


World Wealth Report 2002


Probing Questions For Interviewing Wealth Advisory Firms


Managing Change in the 21st Century


Financial Transitions in the Wake of New Liquidity in Europe


Wealth Management as a Financial Legacy


Wealth Management Industry Standards


Washington Report - IRS Reveals Strategy for Family Limited Partnership Cases


World Wealth Report 2000


The Evolution of Wealth Management in the U.S.


Research on the Global Financial Family


Portrait of an Evolving Industry - U.S. Family Wealth Management


Families in Transition


Family Office Ten Year Trends (FOX Fall Forum 2000)


Family Traits - Anatomy of the U.S. Private Investment Process


International Trends & Issues	Back to Top
In the Year 2050: Beyond the BRICs
John Hawksworth and Gordon Cookson, Price Waterhouse Coopers March 2008 Emerging markets will continue their rapid growth through 2050, and the increasing number of strong markets will give investors choices beyond the BRIC economies of Brazil, Russia, India and China, according to updated projections from PricewaterhouseCoopers. The report predicts that China will overtake the United States as the world’s largest economy in 2025, but the fastest growth may occur in Vietnam.

China’s Rapidly Increasing Cadre of Billionaires
David Barboza, Boston Consulting Group November 2007 The United States has the world’s most billionaires with 415, but China is second and closing the gap fast with 100, up from just 15 a year ago, according to an article in the International Herald Tribune. The article looks at the new billionaires’ sources of wealth and considers where they may decide to use their money and influence.

Another Look at Private Wealth
International Financial Services London November 2007 International Financial Services London offers its take on the international market for private wealth in a report titled "International Private Wealth Management 2007." IFSL analyzes the size, structure and key developments for the market of individuals with at least $1 million in investable assets.

Increased Taxation May Drive Out Non-Doms
Stonehage January 2008 The UK has a long tradition of openness to outside influences and contributions. It has served as a safe harbour for religious and other persecuted minorities for hundreds of years and has enjoyed a rich mixture of international talent, money and connection. L ondon has long been the preeminent financial capital for foreign exchange, insurance and international equities trading and more recently, has become a hub for the private equity and hedge fund world.

Investing in China’s Growth: Follow the Party’s Plan
Brian Lancaster, Anthony Butler, Gregory Laughton and Lad Duncan, Wachovia Capital Markets October 2007 While investors cannot ignore China’s rapid economic growth, they must exercise caution in this emerging market, a new paper from Wachovia says. The successful investor needs to be patient, tolerant of risk and willing to understand and navigate the country’s regulatory framework with an emphasis on interpreting the Five-Year Plan.

Product Focus: The Evolution of Emerging Markets
Michael Gomez, PIMCO October 2007 The growth of local currency debt markets offers investors new opportunities to potentially benefit from the structural improvements occurring in the world’s emerging markets. A portfolio manager explains why the local debt and currencies of emerging markets are among the most attractive investments for global fixed-income investors.

Guernsey Incorporated Cell Companies
Mark Helyar, Butterfield Bank October 2007 This paper, commissioned by Butterfield Bank, serves as a guide to help families and other interested parties understand the complexities of a new type of segregated cell company, designed to provide robust separation of assets in structured financial transactions.

Sneak Attacks from Unexpected Sources
Finjan December 2007 China has become a prime source of malicious computer activity, according to Finjan, a California-based provider of Web security solutions. In its December monthly report, Finjan shows the network of connections between Chinese-based servers and how hackers use it to launch spyware attacks from legitimate, even government, Web sites in Western countries. The report also details how the attacks work – and what real-time action can be taken against them.

U.S. Investments in German Companies Increase
Dresdner Kleinwort December 2007 German companies are shifting to overseas ownership – with the largest group of foreign investors coming from the United States. That’s according to a report from Dresdner Kleinwort, a German investment banking firm. U.S. investors owned almost 18 percent of German equities by 2007, up from only 2 percent in 2001, according to the report.

Emerging East Asian Economies More Resilient
Asian Development Bank November 2007 Thanks to strong economic growth and improved financial systems, emerging East Asian economies are more resilient in the face of market turbulence. This comes from a report by the Asian Development Bank, which examines the markets, assesses remaining risks and recommends shortcomings to address in the region’s debt markets.

China Gaining as Major Player in Global Wealth
Victor Aerni, Christian de Juniac, Bruce Holley, Tjun Tang, The Boston Consulting Group September 2007 Look for China’s wealth market to grow faster over the next five years than that in any other country, according to a study by the Boston Consulting Group. The report predicts an annual growth rate of 17.4 percent for China during that period, far above the anticipated 5.6 percent annual rate expected for global wealth.

Rapid Growth for Emerging Global Markets
Lyxor Asset Management November 2007 Investments in emerging global markets are expected to grow quickly, and exchange traded funds may provide one of the best ways to invest in these markets. That’s according to investment professionals speaking at a conference organized by Lyxor Asset Management. One prediction was that emerging markets will account for one-third of world markets by 2017.

Closing the Gap in Financial Markets
IFSL Research November 2007 European activity has substantially outstripped U.S. activity for the past five years in key financial markets, including commercial and international banking, according to IFSL Research’s 2007 report on financial market trends in Europe and the United States. Europe’s biggest improvement has come in initial public offerings, hedge funds and private equity funds raised.

Choosing the Best U.S. Convergence Option
University of Arkansas November 2007 By tightening reporting and accounting procedures, the Sarbanes-Oxley Act has created obstacles for foreign firms that want to cross-list in the United States as a convergence option. Researchers from the University of Arkansas examine convergence patterns and suggest the best option – cross-listing or acquisition by a U.S. firm – for various types of foreign firms.

Asia at Highest Risk for Money Laundering
Davia Temin and Suzanne Oaks, Fortent October 2007 Asia has experienced the greatest increase in money laundering risk, according to a survey by Fortent of senior compliance officers at financial institutions. Respondents identified private banking and electronic cash systems as areas to watch for increased crime.

Technical Currency Strategies Still Viable
W. Parker King, Dan Klim, Rajni Tyagi Putnam Global Institutional Management September 2007 Despite the poor performance of technical- or momentum-based currency management strategies during the past three years, technical strategies still have a place within a multi-strategy approach, according to a study conducted by the currency team at Putnam Global Institutional Management.

Back to the Future
RAB Capital August, 2007 The chief executive of RAB Capital examines the current investment landscape and finds similarities with the 19th century.

Rothschild Trust Review
Rothschild Trust Corporation August, 2006 Industry authorities discuss tax-friendly onshore trust locations, the pitfalls associated with giving up U.S. citizenship and residence, the best way to structure the purchase of residential property in France, the impact of the Civil Partnership Act on the UK’s tax treatment of trusts, and retaining settler control over trust investments.

China Country Report
Wachovia Corporation August, 2006 The Chinese economy has posted very impressive GDP growth rates in the past few years, and a significant slowdown does not seem very likely, at least not in the foreseeable future. However, China faces a number of serious challenges that investors would be well advised to keep in mind.

Pictet Panorana
Pictet & Cie June, 2006 The robust global economy should provide reassurance to financial markets worrying about the sustainability of corporate earnings growth. Although the slide of the dollar will take some of the shine off this growth for European or Japanese companies, it will boost profits for U.S. multinationals.

Investing in the Japanese Markets
Charles B. Grace Jr. and Mark deVries, Ashbridge Investment Management June 2006 After a prolonged period of malaise, the Japanese economy finally appears to have regained equilibrium. This important catalyst, along with solid earnings growth prospects and reasonable valuations, supports a greater allocation to Japanese equities over time. Given the rally in that market, however, investors may want to be patient and buy on weakness.

Protecting Offshore Finances
Abbey National June 2007 U.K. citizens who are retirees living abroad or overseas workers face the dilemma of staying with a bank back home or shifting to a local financial institution. This article by Abbey National for EUBankers.net considers the pros and cons. It also offers suggestions for how to protect against identity theft while living abroad.

Avian Flu - Science, Scenarios and Stock Ideas


Taxation of Trusts in Switzerland: New Clouds on the Horizon


Investment Performance Reporting: Just the Facts, Ma'am


China and India: Taking Different Paths to the Future


The New Silk Road: Challenges and Opportunities in China


Asset Structuring and Wealthy International Families


Professional Trustees and Investment Managers in the Modern Era


The Control of Offshore Trusts & Fiduciary Structures


Tax Issues for Multinational Clients


Transnational Planning - Tax Traps and Opportunities under U.S. Law


Offshore Financial Centers: The Supranational Initiatives


Worldwide Taxation in Latin America: Strategies for Private Banks


Family Continuity & Governance	Back to Top
How to Make Family Meetings Work
Trisha Mills, Calibre March 2008 Many clients have heard about family meetings — meetings that go beyond regular, quarterly reviews of planning items or investment results — either from their advisors or from other families of wealth. Some experiences have been wonderful while others have been less successful. Although most clients have some idea as to what family meetings are about, those perceptions are often fragmentary and based on limited personal experience. So at some point, most families ask, should we have a family meeting?

Building a Family Archive: The Secrets Of Success
Melanie Aspey, Rothschild Archive December 2006 Driven by a desire to preserve the family history and make it tangible to future generations, the Rothschild family employed a rarely used trust vehicle for establishing and managing their archives. The unique approach is an option that other families looking to create a dynamic archive should consider.

Principles of Wealth for Long-Term Success
Stuart E. Lucas, Knowledge@Wharton November 2007 As an heir to the Carnation fortune and a financial adviser, Stuart Lucas is an experienced wealth manager. In this article from Knowledge@Wharton, he offers the eight principles of strategic wealth management that he says are at the heart of every decision he makes.

Wealth Management As A Second Family Business


Ten Things Owners Need to Do to Sustain Family and Wealth


Discussion Questions for Sustaining Family Wealth


Recognizing and Managing Fiduciary Risks within the Family Office


Fiduciary Liability in Managing the Family Office


The Trustee as Mentor


The Trustee as Regent Within a Family Governance System


The Family Balance Sheet


Investing in Wealth Creators


A Reflection on Mentoring


A Reflection on the Meaning and Practice of Work Within a Family Governance System


A Reflection on the Role of Aunts and Uncles in a System of Family Governance


A Reflection on the Role of Elders in a System of Family Governance


A Reflection on the Roles and Responsibilities of Each Family Member as Owner of the Family


Coping with Inherited Wealth


Investments	Back to Top
Limited Predictability with ECB Bank Lending Survey
Bernhard Speyer, Christian Weistroffer, Deutsche Bank Research February 2008 While the ECB Bank Lending Survey provides useful insight into banks’ lending behavior, it is not a foolproof indicator. This research paper by Deutsche Bank examines the bank lending survey’s predictability and urges caution, concluding that the survey is only moderately successful at forecasting future lending standards and loan demand in the euro area.

Building Alternative Investments into Portfolios
Scott Welch, Fortigent February 2008 Alternative investments are an increasingly necessary element in high-net-worth portfolios, according to a research report from Fortigent. The author, Scott Welch, builds the argument for alternative investments, analyzes the appropriate allocation and explores the challenges of implementing alternatives in different-sized portfolios.

What’s Wrong With the Traditional Approach to Global Investing?
Jan M. Inscho, Capital Guardian Trust Company June 2006 Many people make the mistake of applying a conventional, Old World, “us versus them” strategy to global investing. However, there is a growing recognition that successful global investing requires real time asset allocation, a true understanding of cultures and indepth, on the ground knowledge of local markets in order to recognize the best opportunities as well as uncover risks that could be easily overlooked.

Think Globally, Act Locally
Greycourt & Co. January 2008 Taking a global approach to equity investing makes sense, but using global equity managers to implement this approach can be problematic, says a white paper from Greycourt & Co. The paper examines the concept and argues for a middle ground between true global investing and a more localized approach.

Riding the Real Estate Roller Coaster
Wachovia Capital Markets November 2007 Non-traditional mortgage lenders are exiting the market, and the subprime crisis is making headlines. Where do we go from here? Wachovia Capital Markets provides perspective and recommendations in its report, "Investing in the Changing Face of Real Estate". Beyond the residential and commercial real estate markets, Wachovia explores the subprime crisis, private equity and emerging markets in India and China.

Analyzing the Risk Beyond Core
JP Morgan November 2007 European real estate investors are reaching out from direct private investment in core stabilized assets. In this article, JP Morgan explains a mean-variance optimization tool that investors can use to analyze the risk of buying outside Europe or in the public markets.

20/20 Hindsight on Pre-IPO Investing
Bessemer Venture Partners November 2007 Does investing in a pre-IPO outweigh the risks? It can, based on a look at Bessemer Venture Partners’ “anti-portfolio.” The author of this EU Banking News Network article explains why BVP passed on later winners, including eBay, FedEx and Intel, and offers tips for private investors.

Multi-Strategy Funds vs. Funds of Funds
Fortigent November 2007 A research paper from Fortigent examines the strengths and weaknesses of both multi-strategy funds and funds of funds and, in the end, concludes neither type of investment has a distinct advantage over the other.

The Search for Alpha in Hedge Funds
MayerCap November 2007 Despite investors’ concerns that newer hedge funds have significantly high attrition rates, a MayerCap study of funds launched in 2003 and 2004 indicates there is a “sweet spot” investing in fund managers with $30 million to $250 million in assets under management.

Fund of Hedge Funds Portfolio Optimization Using the Omega Ratio
Fortigent November 2007 Because it captures skew and kurtosis in addition to the more commonly measured standard deviation, the omega ratio allows for a more robust optimization of the risks and returns of investing in hedge funds than does the more widely used Sharpe ratio, Fortigent researchers claim.

The Next Phase for Emerging Markets
Pimco November 2007 The growth of local currency debt markets offers investors new opportunities to potentially benefit from the structural improvements occurring in the world’s emerging market. A PIMCO portfolio manager explains why the local debt and currencies of emerging markets are among the most attractive investments for global fixed-income investors.

REITs Continue to Find a Place in Portfolios
Dave Butler, Nicola Mitchell, Kim North, Reita November 2007 Most independent financial advisors continue to reserve a place in client portfolios for real estate investment trusts, despite turbulence across stock markets and in the property sector. This comes from a study by Reita of more than 240 U.K.-based financial advisors. The researchers found that 34 percent of IFAs showed increased preference for global funds and concern about U.K. property investment.

Transaction-Cost Analysis as Source of Alpha
Mark Coppejans and Ananth Madhavan, Barclays September 2007 A new research paper from Barclays Global Investors argues that accurate transaction-cost models allow portfolio managers to make better decisions regarding which securities should or should not be traded, and the optimal size of each trade.

The Role of Correlation in Total Portfolio Management
iShares August, 2007 This article discusses methods of ensuring an investor’s portfolio is aligned with his or her needs and attitudes toward risk.

Clean Technology - The Investment Opportunity
Peter T. Martenson, Macquarie Funds Management June 2007 Clean technology appears to be the natural extension of the information technology innovations that started in the early 1990’s and continue today. Clean technology applications are focused on improving the current energy production and resource consumption economics that are increasingly impacting corporate cash flows and balance sheets. Entrepreneurs, private equity firms and companies have recognized over the last ten years that these new technologies represent a significant market and strong source of future potential revenues and profits.

The Value Inside Multi-Sector Fixed Income
Barclays Global Investors April 2007 At $26.7 trillion, the U.S. fixed income marketplace is twice the size of the market capitalization of U.S. stocks. While the size of the fixed income marketplace is noteworthy, for financial advisors the evolution within the asset class itself carries greater magnitude. Today's fixed income market contains thriving diverse sectors, enabling advisors to enhance portfolio income, manage portfolio risk, and improve portfolio efficiency in ways previously available only to institutional investors.

The Role of Correlation in Total Portfolio Management
iShares May 2007 Most individuals consider their decisions with a balanced eye. They compare the potential rewards of each opportunity against potential detractors, such as cost and risk. For investors, choosing investments involves a similar evaluation, comparing returns against risks and costs (including expenses and taxes). Yet for many investors, the sum of these decisions–a portfolio–is often poorly aligned with their needs.

An Extra Dimension to Modern Portfolio Theory
Brian Dunn, Aquillian Investments August 2006 A paper by Aquillian Investments seeks to extend the risk/return trade-off of modern portfolio theory by introducing a third dimension: impact, or the benefits to be gained from investing in the social good. Based on the notion that people are not motivated by financial considerations alone, the paper’s author argues that a “new efficient frontier” provides a useful mechanism for evaluating portfolios that are truly optimal for real-life investors.

Horizon Executive Summary Best Practices
Brian X. Hurley, Senior Director of Marketing Horizon Cash Management, May 2007 While hedge fund managers have the best of intentions, a survey by Horizon Cash Management shows a significant number fall short of best practices in the industry. Among the survey’s findings: one-third do not perform an independent check on pricing or valuations, two-thirds of those who do perform those checks fail to document their findings, and less than one-half benchmark their returns on cash.

Pictet Monthly Bond Letter — March 2007


Brazil: Land of Ipanema Beach, Samba and Imports


Emerging Markets: Portfolio Structuring to Capture Long Term Growth


It's Good to be King (or a Landlord)


Pricing Power Shifts: Landlords Beginning to Smile


"Sound Bites" - Comments on 39 High-Grade REITs


Deriving Value Using Structured Products


Hedge Funds in an Investment Portfolio - White Paper


Has Goldilocks Overstayed Her Welcome in Emerging Debt Markets?


Volatile Chinese Market Requires Steady Hand


A New Perspective on the Value Premium


Fundamentals-Weighted Indexing Offers New Insight on Value Investing


LaSalle Investment Strategy for Real Estate 2006


Restricted Management Accounts


Increasing the Tax Effectiveness of Concentrated Wealth Strategies


Are High Yield Bonds an Asset or Liability in a Portfolio Today


Diversifying Concentration Risks: A Lesson From Enron


Active Vs. Passive Investing


Active Vs. Passive Investing In Bull And Bear Markets


Absolute Return Strategies - What Are They, Why Consider Them Now And Whom Do They Suit Best?


Much Ado About Bonds


Analyzing Alternative Hedging Strategies


Diversifying Concentrated Holdings


Modern Portfolio Theory and Quantum Mechanics


Indexing In The Twenty First Century


A Comparison of ETFs and Mutual Funds


Concentrated Security Risk


Status of the Private Equity Market


Comparing Financial and Charitable Techniques for Disposing of Low Cost Basis Stock


Broad Capitalization Indices of the US Equity Market


Buying Property on Foreign Soil


Explaining Stock Returns: A Literature Survey


Tax Efficiency and Tracking Error


LJH Overview on Hedge Funds


Performance Persistence in Hedge Funds: Winners Do Repeat


Do Hedge Funds Belong in US Taxable Portfolios?


Optimal Hedge Fund Portfolios


Hedge Fund Transparency


Supranational Classifications


Understanding Hedge Fund Performance


Timberland Portfolio Characteristics


Got the Product Development Hues


Timberland Investing


Emerging Markets: 2001 An Emerging Odyssey


After-Tax Wealth Management


Active Management of Municipal Bond Portfolios


Buying the Forest for the Trees: Investing in Timberland


Evening the Odds


Unrealized Capital Gains and the Measurement of After-Tax Portfolio Performance


Value at Risk for Portfolio Management


Was Going Short Against the Box Really a Perfect Hedge


Why Hedge Funds Make Sense


Understanding Risk


Diversification How Much Is Enough


Does Hedging a Concentrated Equity Position Add Value


High Exposure To Low-Basis Stock: Too Much Of A Good Thing?


High Net Worth Investors and Listed Options


How Large Should Your Committment to Private Equity Really Be?


Calculating After Tax Returns Beyond AIMR


Capital Gains Tax Rules, Tax Loss Trading, and Turn-of-the-Year Returns


Investing in Managed Loan Funds


Engineering Greater Liquidity in Real Estate Portfolios


Hedging Strategies - Spread the Wealth


How to Improve Your Indexed Portfolio


Russell 1000 Growth Reconstitution


Managing Single Stock Risk: Unlocking Liquidity with High Net Worth Clients


Market Neutral Strategies: The Proverbial Free Lunch? 1Q01


Mortgage Backed Securities


Prime Brokerage and the Family Office


The Benefits of Managed Futures


Study Committee on After Tax Portfolio Issues


Protecting Earned Income Through International Employee Leasing Programs


Integrated Planning	Back to Top
Choosing the Ownership Option for Private Trusts
Michael Stanford-Tuck, Appleby Global January 2008 Private trust companies can protect and enhance a family’s wealth, but the ownership options need to be weighed carefully. In this article, Michael Stanford-Tuck of Bermuda-based Appleby Global discusses such choices as the non-charitable purpose trust, the Cayman Islands’ STAR trust and the British Virgin Islands’ VISTA trust.

Managing Change: Successful Estate Planning In Today’s Legal Environment
Evelyn M. Capassakis, PricewaterhouseCoopers LLP December 2006 Rarely does a year go by without Congress tinkering with the Tax Code. With the Economic Growth and Tax Relief Reconciliation Act of 2001, however, Congress modified the federal estate and gift tax system in several ways that will keep estate planning in a state of flux until at least 2010.

Offshore Trusts for U.S. Citizens and Residents
Joshua S. Rubenstein, Katten Muchin Rosenman LLP December 2006 Much intrigue and glamour has historically surrounded the concept of offshore trusts – frequently administered in tropical or semi-tropical islands that no one has heard of outside the context of adventure films. They have been touted as affording high net worth individuals everything from tax avoidance to creditor protection to complete secrecy of one’s affairs. As with most things, these stories are partly true and partly fantasy. It depends on many factors.

‘Exit Tax’ Moving through Congress
Baker & McKenzie August, 2007 Baker & McKenzie provides an update on a House bill that includes an “exit tax” requiring expatriates to recognize gains on their assets, as well as other onerous taxes, as an addition to the current expatriation tax rules.

Untapped Potential of Insurance
Nease, Lagana, Eden & Cully August, 2007 Most affluent families own life insurance, but many fail to leverage its full investment capacity, according to Nease, Lagana, Eden & Culley, which assisted Family Office Exchange with a survey of insurance use by family offices.

Immigrant Trusts


All Change at the Top. A Dramatic Change in the Fortunes of the UK’s Wealthiest People Since 1989


Key Facts About Hurricane Readiness


The Private Trust Company - A Fiduciary Services and Asset Management Alternative for High Net-Worth Families


Implications of New Hampshire's New Trust Laws For Families' Trust and Private Trust Company Strategies


Where's the Risk? Safeguarding Insurance Portfolios – Documenting Active Stewardship


Independent Directors


The Rights of Relationships and Prenuptial Agreements


Estate and Charitable Planning for Art and Collectibles


The SEC Inquiry Into Pension Consultants


Uniform Trust Code


IRS Update: The Do's and Dont's From a Planners Perspective (Suggested Do's and Don'ts For Those Tax Advisors and Their Clients Who Engage in Entity Discount Planning)


Structures That Will Ferry Families Through Tumultous Times


Estate Planning Checklist 2002


Negotiating Premium Reductions On Existing Life Insurance Policies


Tax Court Denies Gift Exemption for LLC Interests


Low Interest Rates Favor Certain Planning Techniques


Put It In Trust (FOX Fall Forum 2000)


The Benefits of Conducting a Legal Trust Audit


The Private Trust Company Concept


Risk Management for Trustee Companies


Duties and Responsibilities of an Executor


Duties and Responsibilities of Trustee


Creative Use of Foreign Entities for Asset Protection and Tax Planning - Part I


Creative Use of Foreign Entities for Asset Protection and Tax Planning - Part II


Philanthropy	Back to Top
Wealth on a Philanthropic Mission
Threshold Group May 2007 Socially responsible investing lets investors use their investment capital for advocacy – to advance a social cause or a values-driven position. In this paper, the Threshold Group defines SRI, shows how it fits into wealth management and provides points for families to consider in exploring whether to consider this approach for their investment portfolios.

Five Paths to Making a Difference
Foundation Source Press November 2007 No one road to philanthropy offers the best approach. Foundation Source considers the strengths of five different paths that foundations take: checkbook philanthropy, responsive funding, venture philanthropy, results-sustained philanthropy and collaborative funding.

Green Philanthropy
New Philanthropy Capital November 2007 Only 5 percent of private donors in the United Kingdom give to environmental causes, but interest is rising. An extensive report from New Philanthropy Capital examines specific environmental problems and challenges, suggests charitable approaches and offers a guide for donors and funders.

Engaging Family Members in Philanthropy
Ellen Remmer, The Philanthropic Institute September 2007 Foundations provide unique opportunities for education, life experiences and family bonding that build better citizens as well as stronger families. In this paper from Foundation Source, leading philanthropic advisors share ideas that families can implement with or without the help of an advisor.

The Business of Giving
Matthew Garrahan, Financial Times August 2007 In a rare interview with the Financial Times, entrepreneur-turned-philanthropist Eli Broad discusses the responsibilities of vast wealth and how he is using his billions to further the work of a wide array of educational, medical, cultural and environmental causes.

Million Dollar Man
The Sunday Times August, 2007 Meet the hard-nosed capitalist who has just given half of his multimillion-dollar salary to charity. The Sunday Times reports on hedge fund manager Philip Richards and new philanthropy among the super-rich.

Foundation Communications - The Grantee Perspective


Litigation and Nonprofits


Cross-Border Grant Making by Private Foundations


9-11: Family Foundations Respond


Private Foundations


Overview of Family Foundations


Using Equity Linked Investments to Fund CRTs


The Wisdom Tradition of Philanthropy


Common Concerns: Current Issues Affecting Family Foundations


Grandchild-Grandparent Philanthropy as an Element in a System of Family Governance


Charitable Giving for the Next Millennium


The Donor Advisor: The Critical Role of the Advisor in Philanthropy


Philanthropy’s Second Annual Holiday Giving Guide


Prosperity, Justice and the Wisdom Tradition


Is It Better to Give Than to Receive


The New Packard


Alternatives to a Family Office	Back to Top
Trust Companies for Family Wealth: Build My Own?


The Private Trust Company - A Charter Created for Family Wealth Management


The Private Trust Company Concept


The Multi-Client Family Office


Advantages and Disadvantages of Accepting Outside Clients


The Family Office Concept	Back to Top
Keep Careful Lifetime Gift Records
IHT & Trusts August 2007 Her Majesty’s Revenue and Customs will be watching more carefully for lifetime transfers, or gifts, on IHT200 estate forms until April 2008, according to the British agency’s IHT & Trusts newsletter.