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Benno Raeber, a Principal at Prime Advisory Group, a family office, describes his firm as “essentially a risk management group.” With offices in Zurich, the Bahamas, and Ireland, the firm serves mostly five large clients, two of which reside in LatAm, while the others have invested or are looking to invest there, specifically in Brazil, Ecuador, Colombia, and Venezuela. Distilling what he sees as the main trend in the region in terms of managing risk, he says that, important as liquidity no doubt is, investors care more about control and tangibility ...

LatAm has the highest density of high and ultra-high net worth individuals per capita of any region in the world, and as their numbers and fortunes have swollen in recent years, many have turned to family offices to manage their wealth. The independence and versatility of the family office model attracts them, especially in the face of recent volatility in the global markets. While some family offices outside the region have won LatAm clients, the numbers and sophistication of local family offices has been growing rapidly, as well. As Paul Karger, a co-founder and managing partner of Twin Focus Capital Management, LLC, a Boston-based multi-family office with LatAm-based clients, says of the LatAm local family office market, “The opportunities are massive. People need independent advice.” ...

Like most things undergoing rapid growth and change, the family office space has seen its share of semantic confusion – with the same words meaning different things to different people. According to Paul Koch, president of Altasol, a Miami-based provider of performance and risk management services to international banks in the commercial banking and wealth management space, this has been one of the unfortunate consequences of the vogue taken on by the term “family office” in recent years. “You have a family office which may be owned by a major family in Brazil to service their own needs ...

In the face of persistently volatile markets, rising fees, and more aggressive financial regulations around the world, there are three elements thatcharacterize the investment approach of wealthy LatAm families, according to Klemens Zeller, Director of International Solutions in the Miami office of RBC Wealth Management. The first element is a concern over costs. “In an environment where it´s harder to generate high investment returns and preserve the value of your family patrimony,” he says, “there is much higher focus on ...

Sometimes the best investment requires a subtle change of focus.  According to Lisa Gray, the founder of graymatter Strategies LLC, one of themost important assets that a family can invest in is rarely considered an asset at all. “There are alternative assets within the family that most families overlook: the family members themselves, the hidden talents and abilities that are there.”  By investing there, she says, families can “have returns at multiple levels: in the relationship with the family member and in the material form to the family’s wealth.”

Two related trends have characterized the management of family assets in the LatAm region over the last decade, and particularly since thebeginning of the global financial crisis in 2008. One is that wealthy families have grown dissatisfied and disillusioned with the large private bank model and have turned increasingly to the single or multi-family office model for managing their wealth. As Carol Pepper, CEO and Founder of Pepper International, a New York-based family office serving international clients, explains, “Ultra high net worth families and individuals, particularly since the crisis, are definitely becoming more interested in the family office model ...

To understand the asset manager’s keen interest in attracting family office investment, let’s start with a history lesson: the Gold Rush of 1848-55. A gentleman named James Marshall kicked the whole thing off in January 1848 when he found gold at Sutter’s Mill in northern California. Word of the discovery quickly spread around the West Coast and then dispersed around the world. Prospectors came from all over the globe on the hope of striking it rich. Originally, nuggets could be found simply by walking around and picking them up off the ground ...