Family Office Research Articles

Separate Family Offices Can Minimize Money Problems

Separate Family Offices Can Minimize Money Problems

PERAN UNIT PELAYANAN TERPADU PUSAT PELAYANAN TERPADU PEMBERDAYAAN PEREMPUAN DAN ANAK (UPT P2TP2A) DALAM MENDAMPINGI ANAK KORBAN KEKERASAN SEKSUAL

The Integrated Service Unit of the Integrated Service Center for the Empowerment of Women and Children (UPT P2TP2A) Serang Regency is an institution under the auspices of the Office of Family Planning for the Empowerment of Women and Children (DKBP3A) Serang Regency. UPT P2TP2A is an institution engaged in the social and legal fields. This study aims to determine the extent of the role of UPT P2TP2A in assisting Children Victims of Sexual Violence in Serang Regency. The method used in this study is a qualitative research in which the results of the findings in this study will be analyzed and described in detail and clearly. Cases of sexual violence against minors are still common in Serang Regency, seen from the data on cases of sexual violence which are increasing every year. To increase legal awareness of the community to be further improved. Extension programs that are considered to be able to prevent an increase in the number of sexual violence against children can be more effective. Basically, the role of UPT P2TP2A Serang Regency is in accordance with regulations on child protection and other implementing regulations. The obstacles that the researchers encountered were human resources, lack of legal education and the lack of parental roles.

The evolving climate change investing strategies of asset owners

Asset owners will play a foundational role in how the financial system will respond to the immediate and long-term physical, transition, legal, and other risks and opportunities emerging from global climate change. We investigated how asset owners incorporated climate change in their investments using a process framework of organizational change. We conducted more than 50 interviews with asset owners with over $750B assets under management, and their stakeholders, including beneficiaries, lawyers, consultants, and asset managers. These asset owners included retail investors, high-net-worth family offices, pensions, foundations, endowments, trusts, and corporations. Interviewees discussed their investment strategies related to climate change, including mitigation, adaptation, profit, philanthropic finance, risks, and opportunities. We found that legal stakeholders sometimes drove conversations, that trustees gradually matured in their fiduciary identities, and that staff struggled to operationalize investment mandates. We summarize proposed interventions that will help asset owners better serve their commitments.

The Enlightenment that Archegos Defaults Event to Our Country Finance Supervises

At the end of March 2021, the default of Archegos, an American hedge fund, led to a total loss of more than 10 billion dollars for a number of investment banks, which exposed the absence of supervision in the United States financial regulators. Based on the publicly disclosed information in the market, this paper analyzes the main process and key links of the incident in detail, summarizes and summarizes the defects and problems in the supervision of family office as a financial subject and derivatives trading in the United States, and puts forward opinions and suggestions on the supervision of family office and derivatives for financial institutions and regulatory departments in China.

A Measure That Really Works? Impact Evaluation of the Contribution for Self-Employment as a Tool of Active Labour Market Policy in Slovakia

Unemployment presents a significant challenge requiring attention not only in developing countries but also in economically developed ones. Active labour market policies offer a potential solution to address this issue. This study focuses on assessing the impact of the intervention called Contribution for Self-employment provided under the Act on Employment Services No. 5/2004 Coll in the Slovak Republic. This financial support is extended voluntarily to unemployed individuals seeking jobs and aims to partially defray the expenses associated with launching business ventures. The primary objective of this research is to quantify the effectiveness of the Contribution for Self-employment in enhancing the employment of its recipients, thereby gauging its efficacy in reducing unemployment. The evaluation employs a counterfactual impact assessment methodology, utilising propensity score matching for analysis, with propensity score estimated by the logistic regression. Data from the registry of jobseekers maintained by the Central Labour Office of Social Affairs and Family in Slovakia are utilised in this analysis. This study’s findings indicate a favourable impact of the contribution on the employment of its participants compared to the comparable non-participants. Consequently, this intervention emerges as a viable mechanism for supporting entrepreneurship and mitigating unemployment in Slovakia.

A Global Phenomenon and Chinas Emerging Role

This article offers a comprehensive examination of the present and future states of impact investing in China, an emerging domain where financial capital is strategically utilized to address societal and environmental challenges. The study commences with a historical review, outlining the global rise of impact investing and its transition within the Chinese economic framework. It meticulously differentiates between impact investing, Environmental, Social, and Governance (ESG) investing, and venture philanthropy, thereby elucidating their distinct roles and objectives. The paper then delves into the unique characteristics of the Chinese context, focusing on the early stages of the impact investing market, the cultural and legal challenges encountered, and the distinctive roles of family offices and high-net-worth individuals. It emphasizes the increasingly significant role of family offices in the Chinese impact investing arena. Additionally, the article critically assesses the current frameworks and methodologies for evaluating impact investments, discussing their limitations and the complexities involved in quantifying social and environmental impacts. Through policy recommendations, the study advocates for the strengthening of regulatory frameworks, the enhancement of standardization, and the promotion of educational initiatives to cultivate a more robust impact investing ecosystem in China. The paper concludes by recognizing the untapped potential of impact investing in China, suggesting that advancements in legal frameworks, market transparency, and public awareness could significantly propel the sector forward. This research contributes to a deeper understanding of impact investing in China, offering insights and guidelines for policymakers, investors, and scholars interested in the intersection of finance and social good.

Family Office Strategies in Art Investing: A Comprehensive Study Beyond Market Trends

Objective: The objective of this thesis is to explore the art investment strategies of family offices, focusing on their interactions with the art industry including artists, museums, galleries, and auction houses. The aim is to understand how these offices develop investment decisions that go beyond current market trends by integrating economic intelligence with cultural insights. This research provides practical guidance for family offices in art investment, fostering smarter, future-oriented market decisions while contributing to the art market's growth and cultural diversity preservation. Theoretical Framework:The theoretical framework of the thesis examines the evolution of family offices and their role in art investment, analyzing the dynamics and trends of the art market, the complexities of art investment including risks and rewards, and the importance of understanding art's value beyond economic terms. This framework sets the stage to explore how family offices balance financial goals with cultural and artistic appreciation in their investment strategies. Method：The methodology of the study employs a qualitative case study approach, focusing on the Cohen Family Office to explore decision-making processes and art value perceptions in family offices. Data is gathered from public sources, industry reports, and relevant literature, particularly regarding the Cohen Family Office's art investments. This analysis aims to understand how art investment decisions are influenced by art value perceptions and market dynamics within this specific family office. Results and Discussion: The study's results reveal that the Cohen Family Office demonstrates a profound understanding of art value, which influences their successful investment strategies, including strategic acquisitions and support of emerging artists. Their active engagement in the art industry enhances their investment decisions and art value perception. The office's approach balances artistic appreciation with financial planning, leading to significant cultural and economic impacts. The research highlights differences between personal family collections and strategically driven family office collections, emphasizing the latter's focus on long-term financial and cultural goals. Research Implications:The research offers valuable insights for family offices in art investment,emphasizing the importance of deep art value perception and strategic market engagement. It highlights how family offices can surpass market trends through informed decision-making, balancing economic and cultural values. The study contributes to a broader understanding of art market dynamics and family office roles, enhancing strategies for wealth management and cultural legacy preservation. Originality/Value:The originality and value of this thesis lie in its unique focus on family offices in art investment, providing a detailed case study approach and highlighting the importance of art value perception. This research offers fresh insights into combining cultural enrichment with financial acumen in art investment strategies, contributing significantly to the understanding of family offices’ roles in art market dynamics and the interplay between cultural legacy and wealth management.

Study on the Impact and Response of the Implementation of Property Tax and Estate Tax on the Worldwide Asset Allocation of Chinese High Net Worth Individuals in the Context of Global Tax Reform

This paper examines the impact of property tax and estate tax implementations on high-net-worth individuals in China, offering insights into effective asset allocation and tax planning strategies to achieve legal tax optimization. It explores global asset diversification, the establishment of offshore trusts, family offices, strategic immigration planning, and philanthropy as mechanisms to mitigate tax liabilities while ensuring wealth preservation and compliance with evolving tax regulations. This analysis aims to provide a comprehensive framework for navigating the complexities of wealth management in the face of significant fiscal policy changes.

Emerging Topics in Family Offices

Emerging Topics in Family Offices

The Role of Family Offices in Pakistan’s Startup Ecosystem

The Role of Family Offices in Pakistan’s Startup Ecosystem

The ethical coping and solution of stressful situations of social workers: Case of the Office of Labor, Social Affairs and Family in Slovakia

<p>Ethics, human behavior and stress management are concepts that accompany each person’s private and professional life. As thoughtful beings, we encounter unpleasant or stressful situations every day. In the comfort of home, behind closed doors, people resort to various ways of coping with stress, but when they are in common work areas, close to clients or colleagues, the inability to escape from stress often provokes inappropriate reactions and behavior. The obligation to behave ethically is all the higher, the closer contact with clients has the employee. The purpose of the paper is to analyze the state of ethical coping and solution of stressful situations of a social workers in the Office of Labor, Social Affairs and Family in the selected city in Slovakia and then propose recommendations that could improve the situation.</p>

Developments in the United Arab Emirates impacting family offices and family wealth structures

Abstract This article examines the United Arab Emirate’s (UAE) evolving legislative landscape for family offices and family wealth structures, focusing on the 2022 UAE Family Business Law and the 2023 Dubai International Financial Centre Family Arrangements Regulations and their implications for the management and succession of family businesses, as well as the regulation of family offices in various financial free zones.

일본에서 사회보장의 아동복지에 관한 연구

The Child Welfare Act aims to ensure the welfare of children so that they can be born healthy and grow up happily and safely. Japan's right to social security has been developed through the reorganization of various social security law-related systems, and the Child Welfare Act has also been institutionalized through various efforts to actively respond to society's demand for child welfare. Therefore, in this study, we would like to examine the Child Welfare Act among Japan's social security rights and find its implications for Korea.
 In accordance with the Child Welfare Act, Japan operates premature birth facilities, nursing care children's facilities, disabled child detention facilities, and maternal and child support facilities for pregnant women, and also introduces a foster parent system. Public involvement in the operation of facilities is high, and the role and responsibility of the state, metropolitan local governments, and basic local governments are clarified for the installation or operation of facilities and the implementation of child protection policies. In addition, in order to efficiently and integrally promote child welfare-related policies, the Ministry of Health, Labor and Welfare established the Child and Family Office in April 2023 for child abuse and transferred it to the direct agency of the Prime Minister.
 Child welfare in Korea is similar to Japan, but there is no dedicated department that acts as a control tower to oversee child welfare because ministries are separated from child welfare targets such as the Ministry of Health and Welfare, the Ministry of Gender Equality and Family, and the Ministry of Education. Children's guardians should raise children healthy and safe at home according to the developmental stage, and the state and local governments should take necessary measures to prevent children from being discriminated against, such as religion, property, or disability of their parents. In order to realize such child welfare, it is urgent to establish an integrated dedicated department, expand child protection facilities, and overhaul a careful and balanced system to implement effective policies suitable for changes in social structure. In this respect, the establishment of the Child and Family Agency in Japan has great implications for Korea.

Capital structure of single family office-owned firms

Single family offices (SFOs) manage trillions of dollars worldwide. The enormous value of assets under management highlights their key role as a cohesive wealth management tool globally. Despite the increasing relevance of SFOs, research on SFOs is still in its early stages. Particularly little is known about the capital structure of the firms owned by SFOs. By drawing on a hand-collected sample of 173 SFO-owned firms in the DACH (Germany, Austria, Switzerland) region, we compare the capital structure of SFO-owned firms with the capital structure of family-owned firms. Our empirical results show that SFO-owned firms display a higher long-term debt ratio than family-owned firms, indicating that SFO-owned firms follow trade-off theory, similar to private equity-owned firms. Additionally, we show that this effect is stronger for SFOs that sold their original family firm. In contrast, family-owned firms tend to be more conservative in their financial decision-making and seem to follow the logic of the pecking order theory.

Growing Pains: Helping a Family Office to Evolve

Growing Pains: Helping a Family Office to Evolve

Investable Real Estate Allocations in a Mixed Asset Portfolio; Both Long Term and During Different Cycles

The NCREIF Property Index (NPI) data starts in 1978 and has been used as a benchmark index for over 45 years. In 2006 NCREIF created the NCREIF Open-End Diversified Core Equity Index (ODCE) and used historic fund level data to create performance data back to 1978. ODCE was the first “investable index ” in direct real estate for institutional investors, family offices, and high net worth investors who can meet these direct funds’ minimum investment levels (typically $5 million). Individual investors with less money can also access ODCE returns through Interval Funds or “Fund-of-Funds” that invest in and are designed to track or beat the ODCE Index. Since 2009 general partners of funds are required to update their net asset value (NAV) to “fair market value” on a quarterly basis as a result of Topic 820 of the Financial Accounting Standards Board. Both ODCE funds and interval funds have improved their liquidity with either monthly or quarterly redemption options, making them more competitive (from a liquidity aspect) with publicly traded securities. We analyze portfolio allocations over 45 years – the longest time frame ever studied and over 6 NEBR economic cycles and 4 ODCE real estate return cycles using Markowitz efficient frontier analysis. We inspect up-cycle and down-cycle periods separately and add to the literature by analyzing the ¼, ½, and ¾ points (low, medium, and high risk/return points) along the Markowitz efficient frontier. Our findings support many of the 45 studies published, but conflict with some depending upon their study methodology and time frame (9 to 25 years) studied. We conclude that real estate would have improved historic risk adjusted returns in many cycle periods.

Are Single Family Offices Good Entrepreneurial Investors?

Are Single Family Offices Good Entrepreneurial Investors?

Family Offices: The Sober Guardians of Family Wealth

Family Offices: The Sober Guardians of Family Wealth

Lingkungan Kerja Pada Dinas Pengendalian Penduduk Dan Keluarga Berencana Karawang

The Office of Population and Family Planning Control (DPPKB) Karawang district is a government agency that has an important role in controlling the population in Karawang district through the family planning (KB) program. Practical Work is carried out by means of an internship in an agency or company in the Karawang area related to the aim of providing insight to students about the real world of work. This practical work report aims to find out the Work Environment at the Karawang Population Control and Family Planning Office. The basic method of obtaining data is by means of direct interviews, observations, and direct field observations. Overall the work environment at the Population Control and Family Planning Office in Karawang is running well, comfortably and smoothly, but the problems that often occur in the population control and family planning services are that there are often obstacles to the attendance application, namely SIAP which often occurs errors and makes it difficult for employees, besides that in the work environment of the Karawang Population Control and Family Planning Service there are several people who are not harmonious in carrying out their work. The solution that must be done is to add an internet connection to make it faster and provide training for this SIAP application, while to overcome The solution for workers who are not in harmony is to negotiate and bring someone together in an amicable way so that they are back in harmony again.

Leverage and derivatives: The case of Archegos

In March 2021, the default of Archegos, a US family office, led to large losses for some global banks. Archegos was able to accumulate large exposures to, and leverage on, equities by entering into derivatives transactions with bank counterparties. When the price of the underlying stocks started to decline, the firm was unable to meet variation margins, resulting in the liquidation of the stocks by the counterparty banks. In this paper, European Market Infrastructure Regulation (EMIR) data is used to analyse Archegos’ positions and show that it is possible to track the steep increase in concentrated exposures that the family office undertook in February and March 2021. The findings show how regulatory data collected under EMIR can be used to monitor leverage and concentration risk in derivatives markets.