Apartment landlords bleeding cash imperil $47 billion of loans

Higher interest rates and surging expenses are erasing their profits, even as rents are still climbing in many places.

May 25, 2023: Ron Geffner on family offices’ investing preferences

Arnault down but not out in Beverly Hills hotel plan

Voters in Beverly Hills, synonymous with wealth and extravagance, are pushing back against the City Council’s approval of the first U.S. Cheval Blanc, a high-end hotel backed by the world’s richest man. Preliminary returns show opponents with a slim 60-…

Mandarin Oriental residences unveils North American locations

Mandarin Oriental Residences are taking luxury living to the next level by unveiling two stand-alone locations in North America — one in Beverly Hills, Calif., and the other in New York City.

Ron Geffner on family offices’ investing preferences

Ron Geffner, an authority in the security industries, provides legal services to hundreds of hedge funds, private equity funds and venture capital funds.

What’s trending in luxury travel this summer

With COVID in the rearview mirror, families and ultra-high-net-worth individuals are primarily seeking out two things when it comes to travel this season: isolation and immersion.

World’s richest man loses $11 billion after LVMH stock rout

The founder of LVMH — whose offerings include Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior gowns — had seen his wealth balloon for most of 2023 as share prices of European luxury companies surged.

Carl Icahn is $15 billion poorer after hunter becomes the hunted

Carl Icahn doesn’t care what people think. He doesn’t care, he says, that some hotshot is trash-talking him. He doesn’t care that he, the legendary Carl Icahn, billionaire Lone Wolf of Wall Street, just got Carl Icahn-ed.

Private jets, hot off pandemic surge, face new hurdles and fewer customers

Besides the demand decline, the industry is also grappling with inflation, especially around a lack of maintenance technicians and pilots.

Super-big JPMorgan lays out plans to get even bigger

JPMorgan Chase executives have laid out a case for the nation’s biggest bank, with nearly $4 trillion in assets, to grow bigger still by providing more services to affluent clients.

Hedge funds clamped down on withdrawals in 2022, study says

This increased restriction was especially pronounced in funds using nonequity strategies, according to the study.

Wall Street built a $370 billion business cloning quant trades

JPMorgan Chase, Goldman Sachs Group and Morgan Stanley are among those hawking the products, which are known by the deceptively dreary name “quantitative investment strategies,” or QIS.

Financial Gravity’s new multi-family office director leans on decades of tax expertise

John Walters has immersed himself in the tax world for nearly four decades, but only in the past few months did he expand his work into something else, as one of the newest multi-family office directors with Financial Gravity.

May 22, 2023: How the next-gen approach to philanthropy is different

Determining the right price — a wealth management cost framework for families

Families of wealth are always curious about wealth management costs and often want to benchmark those expenses against their peers. Costs are an important consideration when devising an overall wealth management strategy. What is the right price and how…

Cresset Asset Management expands its reach

One of the country’s largest multi-family offices, Cresset recently made two major moves — merging with TRUE Capital Management and hiring Liz Nesvold in a new role as president. 

High-school dropout vaults into mega-wealth with M&A bargains

A British native now based in the US, Flacks is looking to ramp up his investments after acquiring four businesses in the same number of years. Those alone are currently worth more than $250 million, according to data compiled by Bloomberg.

The Point: The perfect getaway for your next family retreat

Multi-generational family offices often host annual retreats for family members and extended family office professionals.

Nvidia chip king's fortune doubles this year to $27.3 billion on AI boom

Insatiable demand for artificial intelligence investments has made chipmaker Nvidia Corp. the best-performing stock on the S&P 500 this year. It’s also given the fortune of Chief Executive Officer Jensen Huang a major boost.

How the next-gen approach to philanthropy is different

Erica Berger began running her family office after her father died in 2021. Before his death, Berger persuaded him to pivot from funding land restoration projects to impact investing.  

SALT iConnections Conference Liveblog

Crain Currency’s Marcus Baram is reporting live from the SALT conference in New York City. Keep an eye out for content updates throughout the next two days and follow us on social media at Crain Currency on Linkedin.

How to ensure your philanthropy has the most impact

Betty Pettine, director of philanthropic consulting for the Callan Family Office, explains the nuances of engaging in the business of philanthropy.  

How to tell if a family office conference is worth it

In-person family office conferences are making a comeback post-COVID — and family office professionals have become more discerning in which ones they attend.

Connecticut’s $600 million plan to narrow wealth gap: Give kids trust funds

A once-radical proposal to narrow the vast racial wealth gap and other economic disparities is poised to achieve a key milestone in the U.S.: Actual funding to put programs in place.

Here’s how much wealth you need to join the richest 1% globally

The $12.4 million entry point for Monaco’s richest is more than 200 times greater than the $57,000 needed to join the 1% in the Philippines, which is one of the lowest-ranked of 25 locations in Knight Frank’s study.