New York (April 28, 2016) – The CFA Society New York (CFANY) hosted the “Multi-Family Office Conference” on the evening of April 21, 2016 attended by around 180 industry participants, a majority of whom were CFA charterholders and CFANY members. This conference marks the third highly successful and insightful discussion in the Asset Owner Series, after previous discussions on Insurance and Single Family Office.
The key organizer and CFANY volunteer, Maria Shtrapenina, CFA, brought together an excellent array of speakers from firms that well-represented the diversity of Multi-Family Offices in terms of size, structure, services offered and evolution.
Over the past several years, the financial services industry has witnessed the continuing growth of Multi-Family Offices. Multi-Family Offices typically offer comprehensive investment solutions to affluent individuals and families, with some also handling various financial matters for their clients, including budgeting, insurance, wealth transfer, and tax services.
The evening conference began with a keynote from Jason Pride, Glenmede’s Director of Investment Strategy, who monitors and manages the firm’s allocation strategies for over $30 billion in client assets. Glenmede has the largest AUM among the Multi-Family Offices in the US. In his keynote, Mr. Pride discussed key issues on the minds of his clients such as the recent correction in equity markets, credit market stress, China restructuring and his outlook for energy markets. The keynote provided an insight into what Glenmede’s HNW clients are concerned about with regards to their investment portfolios.
The keynote was followed by a panel discussion featuring Robert Wedeking, CFA, the Chief Investment Officer at Geller Family Office, M. Ram Lee, Partner at Seven Bridges Advisors, Michael Nelson, J.D., CFA, the Founder and Managing Partner of Eagle Bay Advisors, and Ashok Chachra, Managing Director at Allen & Company. Maria Shtrapenina, Director of Portfolio Management at TAG Associates, moderated the panel. The panelists first described the origin and evolution of their individual firms into a multi-family office platform and how that shaped the services offered, client type and investment strategies. They further elaborated on the vast range of services and the level of customization offered to clients, while also opining on custom vs. model portfolios, treatment of taxable accounts and cost of compliance, estate planning and selection of external managers. Closed to the press and governed by Chatham House rules this conference provided the audience with a unique view of an otherwise private industry. The discussion was followed by a networking reception with an open bar and hors d’oeuvres.
CFANY’s Asset Owner Series includes 10 evening programs in 2016 featuring asset owner CIOs who collectively oversee roughly 10 trillion assets. The Series will culminate with an Asset Manager CIO Roundtable featuring roughly 10 trillion in direct AUM oversight. According to OEDC and World Pensions Council estimates, there is approximately $95 trillion in institutional investor (asset owner and asset manager) AUM globally. CFANY’s Asset Owner Series will feature industry leaders who collectively and directly oversee roughly $20 trillion in AUM, or more than one-fifth of total institutional assets globally.