This week, we explore the latest interior design trends for the ultra-wealthy. Marcus Baram asks experts about key trends as the industry continues to rebound dramatically post-pandemic. A core concept that designers are noticing? A strong emphasis on sustainability and the use of locally sourced products.
In other news, we report on Cambridge Associates' recent acquisition of Switzerland-based Siglo Capital Advisors. This move marks the firm’s first presence in the region, known for its favorable tax laws for high-net-worth individuals.
Finally, Crain Currency is proud to announce that we are a media partner for the upcoming Circulus Global Family Office Global Investment Summit on Sept. 19 in New York City. The full-day event will feature panels on global markets and fintech innovation, with a keynote from Steve Tananbaum of GoldenTree Asset Management.
As always, we appreciate any comments, ideas and insights that would make this newsletter more useful. I look forward to growing this family office community with your help. Please email me at [email protected].
HANDPICKED: What ultra-wealthy want in interior design
By MARCUS BARAM
From a 30-foot-deep moat with a swing bridge and underground tunnels that double as go-cart tracks, to herb gardens and meditation rooms, the ultra-wealthy are transforming their homes in ways that express their creativity, sense of security and quest for calm and relaxation.
These are just some of the trends influencing luxury interior design, which is rebounding strongly from the pandemic years — and expected to grow from $54 billion in 2023 to $120 billion by 2032, according to Business Research Insights.
The surge in interest has even birthed its own lingo, from “dark academia” (snug reading nooks and library walls) to “Japandi” (a hybrid style that combines Japanese minimalism with Scandinavian functionality).
One consistent theme that has only grown in recent years is the emphasis on sustainability and the use of local products. Searches for “modern organic bedroom” on the Houzz interior-design site have almost quadrupled year over year, according to the site’s Emerging Summer Trends Report.
And when it comes to ultra-wealthy clients, that trend is even more intense, said Shea Soucie of Chicago-based Soucie Horner.
Wellness and sustainability are two key themes that her clients demand, Soucie said. Recently, she worked on a house in Jackson Hole, Wyoming, that “was very much about how many of the materials could be locally sourced.” The design also featured small but unique details — like bird frit on the windows, which are little dots baked into the glazing on the glass.
That focus on sustainability also includes biophilic design, in which nature is incorporated into living spaces. “This can be done with living plant walls, interior trees, courtyard gardens and with extensive use of skylights,” said Colleen Coopersmith, a managing director of the New York-based Compass residential real estate brokerage.
‘Relax your mind’
Citing popular books like Peter Attia’s Outlive: The Science & Art of Longevity, Soucie said design is being infused with the idea of healthy living. “Devices are around us all the time,” she said, “and our homes are smart houses — do you need to have devices in your bedroom, or are we creating more of a cocoon? As you get toward the end of the day, you go into your master suite, and it’s meant to slow down and relax your mind.”
Recently, Soucie worked with a Belgian client to add features such as a cold plunge and infrared saunas.
In laying out the goal she seeks to accomplish, Soucie asks, “How are we helping people in their homes think about their health and well-being as well as creating a beautiful place to live?”
One of the lasting influences of hit shows like “Succession” was an obsession with “quiet luxury.” That continues to be the case in interior design, said Steve Hoedemaker, a Seattle-based architect who works with high-net-worth clients “who endeavor to not be very showy with wealth.”
Hoedemaker said he seeks to be open-minded in his approach, uses local woods like fir and cedar and focuses on “creating something that feels so subtly elegant that at first glance it’s not braggadocious; but in term of the level of thought, detail and consideration, it’s a joy to inhabit.”
Quiet luxury also incorporates features such as neutral colors, layered lighting and the use of items such as handmade ceramics and woven textiles.
Safe spaces
Another design feature that has made a comeback since the pandemic brought families together is a second kitchen, which works less as a functional space and more as a social hub for family and friends to gather around.
At the more extreme end are imaginative features that Al Corbi, the founder of SAFE (Strategically Armored and Fortified Environments), has designed for wealthy clients concerned about safety and security.
Recently, for some clients whose home sits on 200 acres of wooded property, Corbi designed a 30-foot-deep moat with a swing bridge, water cannons and a layer of flammable liquid that can be remotely ignited to create a ring of fire. He also has built underground escape tunnels that feature rifle ranges and double as go-cart tracks.
“It's about security and creativity. If you’re going to be able to survive underground,” Corbi said, “we want you to be having fun.”
Cambridge Associates acquires Siglo Capital Advisors
By ANDREW COHEN
Cambridge Associates has acquired Siglo Capital Advisors, a Zurich-based firm that invests in alternatives on behalf of pensions and other institutional clients in Switzerland.
The acquisition gives Boston-based Cambridge Associates its first office in Switzerland, where banking privacy and favorable taxes have traditionally made the country a hub for attracting foreign wealth.
“We used to see when families get to a certain size, they would build their own investment side and run it off their family office platform,” Cambridge Associates CEO David Druley told Crain Currency. “The last five years we’ve seen a distinct change in trend to where many family offices are outsourcing the investing function but creating all the other infrastructure of their family office.”
Siglo was founded in 2010 and focuses on insurance-linked securities, private credit, hedge funds and impact investing. Siglo’s Swiss clients can now access Cambridge’s global platform for private equity and venture capital investing backed by its team of 300 senior staff investors.
“The thing that is different in the Swiss pension system versus the UK and the U.S. corporate system is that the UK and the U.S. corporate defined-benefit plans is a shrinking market due to the corporations trying to get out of the pension business or offloading their liabilities. They’re terminating plans,” said Druley. “In Switzerland, the market is actually growing, which is quite different from two of the other largest pension markets in the world, the U.S. and the UK.”
Cambridge Associates was founded in 1973 and has 12 offices including Arlington, Virginia; Beijing; Dallas; Hong Kong; London; Munich; New York; San Francisco; Singapore; and Sydney.
LOOSE CHANGE
Ex-NFL player, sports journalist become advisers: Former NFL player Brandon Wilson and former sports broadcaster Rashad Johnson have joined the Louisiana-based advisory firm WFA. They will provide financial education to young athletes pursuing pro careers.
Travel company launches estates experiences: Red Savannah has begun accepting reservations for 21 private rental properties in Europe and the Caribbean. In the past, it has offered experiences such as a soprano from La Scala serenading guests during dinner.
New York fall arts preview: A fall arts preview couldn’t possibly include every potentially wonderful thing happening in museums and galleries and on stages in New York this season. That said, an abundance of arts activities are scheduled for the next few months.
Help us with a story: We’re working on a story about trust-based philanthropy. If you have any comments on the topic, reach out to [email protected].