News in Brief: Howard Marks wants to create powerhouse MFO business; Resilience of the top 500 family businesses

Howard Marks looks to grow a powerful MFO offering

Howard Marks, founder of Oaktree Capital Management, and Peter Yu, managing partner of Cartesian Capital Partners are developing wealth advisory businesses.

Oaktree has agreed to pay £140 million to back UK-based Sanlam Wealth, owned by South African insurer Sanlam. SW chief executive Jonathan Polin, renowned for tackling bids and deals, will stay in control of his business.

Peter Yu used to run AIG Capital Partners prior to being forced out of the group in 2006. He went on to develop Cartesian as a private equity firm. Its SPAC expects to buy Alverium, a UK multi-family office, and US wealth adviser Tiedemann Group in a deal valued at $1.4 billion. The listed group will manage assets worth $54 billion.

Biggest 500 family businesses remain resilient, says report

The world’s largest 500 family businesses remain resilient, despite the Covid-19 pandemic, according to a report from EY and the University of St. Gallen. 

The top 500 generated $7.28 trillion in revenue last year, and employed 24.1 million people in 45 countries, said the report. 

“Family-owned enterprises have shown incredible resilience through the COVID-19 pandemic, prioritizing sustained workforces and pivoting when necessary to overcome new challenges,” said Helena Robertsson, EY global family enterprise and family office leader.