Things are changing in the world of family offices. Single family offices are increasing in number as more people gain enough wealth to make it worthwhile setting one up. At the same time, multi family offices are changing.
Patrick Thomas spent his entire career at family-owned firms, including Pernod Ricard, where he became CFO at 33, German cosmetics firm Lancaster and William Grant & Son, and most famously Hermes. He says that family firms should get better at lobbying politicians.
Family-owned bank Fleming has joined forces with multi-family office Stonehage, the latest in a series of consolidations in the sector. But when does a family office stop being a family office?
It might not be a household name, but Sweden’s Kinnarps is one of Europe’s biggest furniture makers. It combines a strong family tradition, roots in the town where it was founded with financial success. We met its non-family CEO.