Family office-2010

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This conference in Melbourne for family office professionals will discuss issues related to family office management

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Family office-2010

  1. 1. 1-2 Dec 2010 Park Hyatt Melbourne 3rd Annual Managing risk, succession and family legacy Family Office Congress  Living insights into how fortunes are kept, and lost  Strategies for managing the risks facing family offices today  Nurturing the entrepreneurial spirit in the next generation  Ideas for and psychology of business succession  Philanthrocapitalism: can it work?  How to choose your advisers wisely + PLUS Separate Family Office Services Workshop 30 Nov 2010
  2. 2. Speakers International guest speakers and Australian family offices Rupert Myer, AM B.Comm (Hons), MA Cantab Mr Myer is the Chairman of The Myer Family Company Ltd and a Director of the publicly listed Myer Holdings Ltd, AMCIL Limited & DUI Limited. He serves as Chairman of the National Gallery of Australia. He also serves as Chairman of Kaldor Public Art Projects, as a Board Member of The Felton Bequests’ Committee and as a Director of Jawun-Indigenous Corporate Partnerships. Andrew Reid Andrew was born and educated in New Zealand, and commenced his working life as a photojournalist from 1989 until 1994, documenting conflict primarily in North Africa, Croatia and Bosnia for many different international publications. Returning to New Zealand he married Atka, with whom he had worked in Bosnia. He formed and grew a successful aviation business over the next 12 years before selling his interest and he now chairs the Todd Family Council. Andrew holds an MBA (with Distinction) from the University of Canterbury, New Zealand. Candice Beaumont Candice is the Managing Director of L Investments in New York, a family office with a portfolio of public and private equity that is primarily focused on commodities. She is also a financial consultant to Genoil Inc, (www.Genoil.net) an emerging heavy oil technology and portfolio company of L Investments. Candice has well over a decade of experience working with and for family offices. Peter Fletcher Peter is the Managing Director of Parly Company, Switzerland. A family office which invests internationally in private/direct equity and alternative investment strategies. Peter has over 30 years of international experience in financial management functions in the trust and banking industry in Canada, Australia, Bermuda, Hong Kong and Switzerland. In addition to holding numerous directorships of investment funds and companies, Peter has served on various governments financial regulatory bodies. Malcolm Wood Malcolm Wood is head of investment strategy at Morgan Stanley Smith Barney Australia. Prior to this role, Malcolm was based in Hong Kong for five years as Asia-Pacific equity strategist for Morgan Stanley and strategist at Minerva Capital Management. Preceding this, Malcolm was at Morgan Stanley in Sydney for five years, as Australia equity strategist and head of research. In earlier roles, Malcolm was a director of international and domestic equity strategy at Credit Suisse First Boston Australia, and a US equities portfolio manager at BT Funds Management in Sydney and New York. Amin Al-Rashid Amin is the CEO of AR Investment Partners where he works with Family Offices, including Royal Families in the Middle East and financial institutions globally, on their private equity investments. Amin has co-invested on several billion dollar private equity investments. He has also managed the private equity investments for a number of high net worth families in Europe. Amin commenced his career in Strategy Consulting at Andersen Consulting and later in Mergers and Acquisitions at Rothschild. Kripa Sethuraman Kripa leads Family Office Exchange’s international client relationship management and content and insight development efforts as Managing Partner, International. Kripa works with UHNW families on issues ranging from governance, family office operations, asset allocation, and succession planning, on a one-on-one basis, as well as presenting on Family Office issues. Michael Southam Michael has worked as an independent consultant in Geneva’s financial community since 1990. He has also consulted to leading Swiss banks and financial institutions over the years. Based on accumulated research with families who have lost much or all of their fortunes, his presentation is littered with compelling insights into how wealth is lost over generations. Michael’s own family story is a case study itself… this is a must-see presentation for families and advisers who are concerned about risks and want to preserve family wealth for future generations.
  3. 3. Family Office Services Complex clients demand a higher level of service separate full-day Workshop 30 Nov, hilton on the park, Melbourne the evolution of project management services to wealthy families and the emergence Workshop facilitators of the family office structure have led to a strategic shift in direction for many inte- grated wealth advisory firms. these forward thinking firms want to re-position their suite of services to take advantage of the growing number of complex clients with dynamic family issues. in this practical full-day workshop, attendees have the opportunity to learn best practice in operational services to wealthy families, examine the different frame- works for engaging 2nd, 3rd and later generation clients, and delve into a number of case studies featuring Mfo and advisory firm operations. tim Gullifer Partner Deloitte Private scope of family office services Setting strategic family direction  Delivery and process of services  Integrated wealth management  Investment reporting and policy  leadership, longevity and continuity laurent roux Defining family vision, governance and constitutions  Founder Decision making processes and rules for operation  Gallatin Wealth Management Multi-generational involvement  Setting priorities around education and development  case study operational management within family office services Managing liquidity for uhNW Information management and storage  clients and families  infrastructure and reporting IT Morgan Stanley Smith Barney will Personal and human capital management  provide an insight into how wealth families can better manage liquidity Scale and measures of success  events – specifically from a wealth management perspective. key learning outcomes for attendees Delivered by: eraklis panagiotakis  Family wealth services within a SFO & MFO context Head of Wealth Management, Morgan  Strategic collaboration and multi-disciplinary advice to complex families Stanley Smith Barney  Generational engagement, leadership development and education case study  Comparing operational advice models Mutual trust Multi-family office We will encourage input from all attendees before, during and after the workshop. Advanced feedback and specific issues of all attendees will be taken into account and Founded by The Hon. W L Baillieu and worked into the agenda. five of his brothers in the 1930’s and incorporated in 1951, Mutual Trust Pty We will encourage input from all attendees before, during and after the workshop. Ltd today provides a comprehensive Advanced feedback and specific issues of all attendees will be taken into account and range of financial and wealth man- worked into the agenda. Workbook and case studies will be provided. agement services to extended family members and other selected clients. Delivered by: tim hammon CEO, Mutual Trust
  4. 4. DAY 1 11.10am 8.45am Welcome to country Next Generation: Nurturing the entrepreneurial spirit in a Risky environment Opening remarks from the chair Developing next generation leaders is critical to the success of the family business and to the family as a whole. 9.00am Opening Presentation ■ How do you best teach the next generation strategies to The essence and development of family offices achieve success? in Australia ■ How do you encourage entrepreneurialism needed to ■ What is a family office in Australia today? d evelop the family business in an ever-changing ■ Trends in the provision of UHNW services market while balancing risk taking? ■ Challenges and opportunities facing Australian family offices ■ What are the best methods to ensure the free-flow of ■ CAse sTuDY: The evolution of Mutual Trust into a multi- new ideas while operating under difficult global eco- family office nomic conditions with no clear patterns for recovery? Tim Hammon, CEO, Mutual Trust Candice Beaumont, Managing Director, L Investments, New York DEFINING RISKS FOR Followed by panel discussion featuring: FAMILY OFFICES Richard Weinberg, Managing Director, Terrace Tower Group Richard Davies, Managing Director, Jagen 9.20am Andrew Reid, Chairman, Todd Family Council How to Lose a Billion Moderated by Candice Beaumont, MD, L Investments “Read Othello: wealth does not breed respect”. Born into well-established families on both sides, Michael witnessed the break-up of the family fortune over his lifetime, 12.00pm Lunch and went back to analyse what had happened over the preceding 100 years. He took the opportunity to speak with 35 other families INVESTING FOR THE NEW NORMAL who had experienced similar losses, and identified common themes and milestones that led to the loss of family fortunes. 1.30pm Michael southam, Rockliffe Partners, Geneva Global Investment strategy Outlook Malcolm Wood, Head of Investment Strategy, 10.00am Coffee Morgen stanley smith Barney Followed by panel discussion: 10.30am 1.What is the new normal? Are we there yet? A Roadmap for the future The rise of China, peak oil and the “sustainability of growth”, Our journey and the development of the Todd the global financial crisis and the enormous burden of US and family ‘roadmap’ European sovereign debt. Given the changed global economic landscape, is there a “new normal” for investors around the Recognised as one of the leading family offices in the region, globe? Or is asset allocation and investment best practice the the Todd family has prospered over 7 generations, and now has same as it has always been? over 190 family members. With the huge growth in numbers, the Family Council (formed in 2003) has developed its own Barry Carp, CIO, River Capital Roadmap for the future and the family has been generous Malcolm Wood, Head of Investment Strategy, enough to share their plans with us at the Congress. Morgan stanley smith Barney Andrew Reid, Todd Family Council Chairman, New Zealand Adrian Redlich, CIO, Merricks Capital Dennison Hambling, CIO, First samuel, Melbourne session moderated by Peter Fletcher, Parly Company sA 3.00pm Coffee
  5. 5. 3.30pm – 5.00pm Breakout sessions: We break into smaller groups to allow for more interactive sessions. Each session will last 90 minutes. stream one: stream two: Looking at Co-investments and inter-family understanding risks in the family context collaboration (closed session by invitation only) In this session we explore in more detail how wealthy families Looking in more detail at emerging family office investment can best understand and mitigate the variety of risks they face. Ownership and control, risks around succession, risks relating strategies, co-investment models and latest thinking for SFOs. to non-family advisors and directors and risks arising from A limited attendance session promoting conversations and the inter-family relationships are all explored. sharing of ideas and opportunities. Hosted by: elise elliott, Director, Deloitte Private Hosted by: Peter Fletcher, Parly Company sa 5.00 – 7.00pm Cocktail & networking drinks
  6. 6. DAY 2 12.00pm Session tbc family business evolution 12.30pm Lunch 9.00am The evolution of a family business to a family choosinG eXternal anD office and beyond internal aDvisers A look at the history and development of the Myer Family in Australia and the priorities and challenges that have faced the 1.30 - 2.15pm family over several generations. How to Choose a Wealth Advisor: Understanding Rupert Myer, Myer Family Company the Wealth Management landscape Selecting the right organisation to partner with you in the 9.40am management and oversight of your family enterprise is one PAnel SeSSion of the most important decisions you will make. Success in this endeavour requires a significant investment of the fam- Managing business risk and succession ily’s time, talent, and resources to ensure a thorough and dis- In this session we explore different triggers for business suc- ciplined due diligence process. This presentation will review cession such as intergenerational transfer, sale of equity to some of the key success factors in ensuring a successful and non-family members, and distressed or turnaround situations. long-term relationship with your wealth advisor. We look at the risks associated with each situation and how Kripa Sethuraman, Head of international Practice, these risks can be planned for and managed. Family office exchange (london) Panellist: TBC Session moderated by: Greg Smith, Director, Champ Ventures 2.15 - 3.15pm PAnel SeSSion 10.30am Coffee Structuring an advisory board We can’t choose our family, and perhaps we wouldn’t want to… philanthrocapitalism but we can choose our closest advisers. Choosing the wrong ex- ternal advisers can be a disaster for wealthy families; choosing 11.00am the right ones can establish the family for generations to come. Where next for social entrepreneurs? So what is the essence of the best-trusted advisers? And how The “third sector” AKA the non-profit sector has been a hot- do we best establish an advisory board for the family? What bed of innovation over the last decade and more. Concepts blend of skills and attributes should we seek? of social entrepreneurs, social enterprise, the emergence Kripa Sethuraman, Family office exchage of social media based campaigns and awareness of climate Ari Bergman, General Counsel/Co. Secretary, Spotlight Group change have gained increasing prominence. Allen Robinson, Bridgestar Alongside this the sophistication of the sector has developed elise elliott, Director, Deloitte Private rapidly. Some modern philanthropists are asking new questions such as "can we create social good and seek financial returns 3.15 - 3.30pm Coffee break at the same time? If so can we invest the corpus for social good? And how do we measure the value of social impacts?" 3.30 - 4.15pm Other philanthropists have returned to simpler and more PAnel SeSSion traditional roles, and perhaps re-discovered the impact they can have in their local communities. Should philanthropy eyes Wide open: Seeing risks before they become be this sophisticated, or really should we just be supporting disasters worthy causes with more dollars? So how do we spot the hidden risks we are taking? In this Suzi Carp, Chair, River Capital Foundation session we look more closely at some war stories involving fraud, mis-management and sheer incompetence. Wendy Brookes, Head of Personal Services, The Trust Company Alex Wise, Managing Director, orchard Harbour Terry Farris, CEO, Unitus Capital David Bell, Managing Director, St David’s Road Advisory Peter Winneke, Head of Philanthropic Services, other panelists tbc Myer Family Company 4.00pm Conference close
  7. 7. Thank you to our sponsors and event partners Lead Sponsor Supporting Sponsors Network Partners Event Partners Dealers’ Group Council of Families Dealers’ Group is a multi-disciplinary membership group In conjunction with FOX and the Myer Family Company, for private client advisers and family offices. Dealers’ Group is hosting a one-day mini-retreat for family members and CEOs of family offices, to be held in Melbourne We facilitate the sharing of knowledge and information to and Brisbane. Numbers are strictly limited and this event is by encourage an ever higher standard of advice for private invitation only. If you would like to be considered for invitation, clients in Australia. please email Richard Milroy at rmilroy@dealersgroup.com.au Benefits include: Please note that confidentially is assured. For any enquiries • Preferred pricing: Discounted attendance to all Dealers’ on this matter please contact Richard as above. Group events • Private Client Advisor newsletter: Monthly newsletter covers topical issues related to private client advisory. • Access to Dealers’ Group website: Access to papers, presentations and audio files • Webinars: Monthly webinars direct to your desktop • Private lunch meetings: held quarterly For enquiries regarding membership, please contact Paul Salmon on 02 9555 4203 or email psalmon@dealers group. com.au.
  8. 8. to RegisteR Web www.dealersgroup.com.au R egistration Form Fax 02 9810 6746 please RegisteR me FoR: mail Dealers’ Group 212A Darling Street 3rd Annual Family Office Congress + Family Office Services Workshop Balmain NSW 2041 Family Office Congress only Family Office Services Workshop Only enquiRies Registrations eaRlY BiRD RegistRation Rate – BOOK & PAY BEFORE 29 OCTOBER 2010 Zaf makdum Tel 02 9555 4203 zaf@dealersgroup.com.au Congress Congress + Workshop Workshop only sponsoRship Single Family Offices & $1295 + GST $1995 + GST $995 + GST Jenna Jaaniste Tel 0404 344 347 Dealers' Group Members = $1424.50 = $2194.50 = $1094.50 jenna@dealersgroup.com.au Private client adviser $1495 + GST $2095 + GST $995 + GST Venues = $1644.50 = $2304.50 = $1094.50 Family office Congress Service provider $2295 + GST $2995 + GST $995 + GST Park Hyatt Melbourne = $2524.50 = $3294.50 = $1094.50 1 Parliament Square Melbourne VIC 3002 Discounts available for tables and group bookings. private client adviser rate is reserved for 03 9224 1234 accountants, lawyers and financial advisers. special rates: for not-for-profits are also available, please contact Paul Salmon on 02 9555 4203 or psalmon@dealersgroup.com.au Family office services Workshop Hilton on the Park stanDaRD RegistRation Rate – BOOK & PAY AFTER 29 OCTOBER 2010 192 Wellington Parade Melbourne VIC 3002 Congress Congress + Workshop Workshop only 03 9419 2000 Single Family Offices & $1495 + GST $2195 + GST $1195 + GST aCCommoDation Dealers' Group Members = $1644.50 = $2414.50 = $1314.50 Special rates have been organised Private client adviser $1795 + GST $2395 + GST $1195 + GST with the hotel. To access these rates, please contact the Park Hyatt = $1974.50 = $2634.50 = $1314.50 Melbourne during business hours on Service provider $2695 + GST $3495 + GST $1295 + GST 03 9224 1234 and quote Family Office = $2964.50 = $3844.50 = $1314.50 Congress. Rooms are limited. To avoid disappointment please ensure you please complete the following form book your accommodation early. Mr/Ms/Miss Given Names DealeRs’ gRoup Surname memBeRship Company/Organisation Membership is open to single family, multi-family offices and private client Position advisers including financial advisers, accountants and lawyers. Address City Postcode Cancellation policy Should you be unable to Phone Fax attend a substitute delegate is always welcome at no extra cost. Alternatively a full refund, minus 50% (incl. GST) service charge will be made for Email cancellations received in writing up to one month prior to the event. Regrettably, no refund will be method of payment given for cancellations received later than one month prior to the event. However, a full credit Cheque – please make cheque payable to Dealers’ Group Pty Ltd note will be issued. Book and pay securely online by credit card using PayPal at dealersgroup.com.au privacy The information you have given will be recorded in our delegate database. Dealers’ Visa MasterCard AMEX Group may also share this information with our event partners. Please tick the appropriate box if Name of cardholder you DO NOT wish to receive further correspond- ence. Card Number Expiry date / Signature Total $ Delegates will receive an email confirmation letter and tax receipt once registered. The Dealers’ Groups reserves the right to I am interested in future Dealers’ Group events change the programme without notice. ABN 78 117 870 943 I do NOT wish to have my details made available to other organisations

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