Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
*Gulfstream G700 not included
A family office investment service sounds like the sort of thing everyone should have. The drawback is that it only makes sense if you have $100m. Help is at hand in the investment trust universe! Over the years, several families have followed the investment trust route for their ‘family office’ investment function. Some have been set up specifically to achieve this, and some have evolved and ended up resembling one. The benefits of investing in these trusts alongside a ‘founding family’ include having a different attitude to investment – perhaps focusing on the long-term ability for capital to compound over generations. In many cases, portfolios will be diversified across different asset classes – both private and public, and occasionally have unique legacy assets. On the other hand, there appears to be a fairly persistent discount attached to trusts which are influenced by one or a handful of shareholders. Some might see this as an opportunity, but it is worth noting that few ‘family office’ trusts have managed to break the discount spell.
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