THE FUTURE OF
FAMILY OFFICES
The Evolution of Responsible Wealth Ownership
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Family offices are by no means a new phenomenon: their origin can be traced back to the major-domos of ancient Rome, which managed the treasuries and servants of large houses. The evolution of the family office — through the industrial revolution to JD Rockefeller's first modern family office — has influenced everything from business practices to the very concept of intergenerational continuity.
Their evolution is an ongoing process; the family office is, once again, at a crossroads. Traditionally used to preserve wealth across generations, today's family offices must grapple with maintaining family cohesion and unity, all while confronting a future driven by technological, economic and environmental disruption. With succession becoming a top priority globally, the future of the family office is inextricably tied to the generation of Millennials next in line to take the helm.
In this collection, Tharawat Magazine explores the history and future of family offices, stories from family offices in Iraq and India, as well as insights from two of the world's leading experts in the family office space.
Al Handal International Group: A Culture of Giving and the Family Office
For over four decades, Iraqi Al Handal International Group (HIG) has played a critical role in the Middle East and North Africa's economic landscape. And now, HIG has also given rise to a new initiative, the Al Handal family office.
Interview with Omar Al Handal, Managing director of Al Handal International Group, Dubai
Kirby Rosplock: How Family Offices Last
Understanding the dynamics of enterprising families — the largely invisible forces that drive their success across generations — is part of Kirby Rosplock's DNA. As an author, consultant and the Founder of Tamarind Partners, her passion for sharing knowledge with the family office community is informed by her family’s rich business history.
Interview with Kirby Rosplock, PhD, Author, Consultant and Founder of Tamarind Partners and Tamarind Learning, USA
Dinesh Hinduja Family Office: Entrepreneurship Meets Money Management
In 2007, the Blackstone Private Equity Group secured a majority stake in Gokaldas Exports, the Hinduja family's second-generation garment export business. And as Jai Rupani, now CIO and Principal of the Dinesh Hinduja Family Office, puts it: that was just the beginning.
Interview with Jai Rupani, CIO and Principal of the Dinesh Hinduja Family Office, India
Tobias Prestel: Doing Well by Doing Good
A transformation is unfolding within the family office space, and it's changing the way global family offices approach their mission. Their traditionally straightforward objective is giving way to a more proactive and socially responsible model of wealth stewardship.
Interview with Tobias Prestel, Founding Partner and CEO of Prestel & Partner, Germany
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