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N&Q: Family offices under scrutiny; Zuckerberg’s family office makes yet more acquisitions; New York financial dynasty sells chuck

Academic calls for more scrutiny of family offices

A London School of Economics academic says family offices need to be scrutinised more by society as their numbers and influence grows. Researcher Luna Glucksberg says in a new study: “The rise of elite dynasties, economic inequality, and the vast concentrations of global wealth in recent times means that the role of the ‘family office’ in our society demands scrutiny.” Glucksberg’s study called for more attention to be paid to the rise of family offices. “The role of the family office goes far beyond that of private bankers, whose short-term outlook mainly focuses on quarterly figures and yearly bonuses,” says Glucksberg. “They are about creating dynasties, ensuring generational transfers of wealth and the maintenance of the families’ culture.”

 

Zuckerberg’s family office makes acquisition

ICONIQ Capital, a closed multi-family office linked to Facebook founder Mark Zuckerberg, has made another investment in a startup. ICONIQ Capital has led a Series B funding of ServiceTitan, a business software provider. The investment represents the fifth one this year for ICONIQ in venture capital. And it has made many more before 2017.

 

Famed New York financiers sells chunk to outsiders

New York City-based Lebenthal Holdings is selling its asset-management business and woman-owned broker-dealer to South Street Securities Holdings Inc, according to reports. South Street has purchased a 49% ownership interest in Lebenthal & Co., led by CEO Alexandra Lebenthal, and a 100% stake in Lebenthal Asset Management, run by her brother James. Alexander and James represent the third generation of the family to run Lebenthal, which was set up in 1925 by their grandparents, Louis and Sayra, as a clearinghouse. The business was sold in 2001, but six years later it was revived by Alexander.

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