If you’re rich enough to start a single-family office you might want to consider the main reasons for doing so, says someone who has set one up.
Khaled Said, the CEO of the private investment group Capital Generation Partners, reckons that some of the best family offices he has seen are staffed with a couple of accountants and a treasurer.
“Most people see a single-family office as an investment business, but the biggest risks a family have aren’t necessarily about investing, they are usually centred more on fraud and tax liabilities.”
Said reckons that accountants can often be the best profession to deal with these risks. He manages some of his family’s money at Capital Generation Partners, which was originally a single-family office before it took other clients’ money. Said’s father Wafic Saïd is the 59th wealthiest person in the UK, with a fortune estimated at £1.5 billion, according to the Sunday Times Rich List. (Click for profile on Khaled Said)
Said added that the single-family offices that work best are the ones that are very clear what they want. “The also communicate that message very carefully to the family, those that work for the office and the outside world.”