How the 0.001% invest – The family offices through which the world’s wealthiest 0.001% invest are a new force in global finance

A fascinating investing article from the Financial magazine The Economist:

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How the 0.001% invest

Think of the upper echelons of the money-management business, and the image that springs to mind is of fusty private banks in Geneva or London’s Mayfair, with marble lobbies and fake country-house meeting-rooms designed to make their super-rich clients feel at home. But that picture is out of date.

A more accurate one would feature hundreds of glassy private offices in California and Singapore that invest in Canadian bonds, European property and Chinese startups—and whose gilded patrons are sleepwalking into a political storm.

Global finance is being transformed as billionaires get richer and cut out the middlemen by creating their own “family offices”, personal investment firms that roam global markets looking for opportunities.

Largely unnoticed, family offices have become a force in investing, with up to $4trn of assets – more than hedge funds – and equivalent to 6% of the value of the world’s stockmarkets

www.economist.com/leaders/2018/12/15/how-the-0001-invest

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