Family Office World The Ever-Evolving Nature of Family Offices and Where the Opportunity Lies with Avy Stein, Co-Founder and Co-Chairman of Cresset
Dec 17, 2019
Avy Stein, Co-Founder and Co-Chairman of Cresset, shares insights from his extensive background in private equity. He discusses the transformation of family offices, particularly how Multi Family Offices are reshaping the wealth management landscape. The conversation delves into the nuances of navigating the investment models between wire houses and RIAs. Stein also highlights the wealth transfer from baby boomers to younger generations, emphasizing the demand for transparency, philanthropy, and innovative governance in managing family wealth.
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What Is a Family Office
- A family office manages the wealth and affairs of an entrepreneur-turned-capitalpreneur and their family.
- It can range from simple administrative tasks to full investment management teams.
Assets Needed for Family Offices
- Effective single family offices with institutional quality investment teams typically require several billion dollars in assets.
- For basic public market investing and administrative work, several hundred million dollars may suffice but without institutional quality.
Why Avy Stein Started Crescent
- Avy Stein and Eric Becker started Crescent after realizing no existing platform combined unparalleled investment infrastructure with deep family office services.
- They found many co-investment opportunities but lacked a suitable holistic platform to serve ultra-high net worth families.
