A New Wave of Innovation in Investment Management

“Unfortunately, there seems to be far more opportunity out there than ability…. We should remember that good fortune often happens when opportunity meets with preparation.”
― Thomas A. Edison

The world of investment management has always evolved rapidly. However, upcoming shifts are of epic proportions. We are currently only witnessing the tip of the iceberg in terms of changes that will impact the profession. Technological and macroeconomic pressures abound. Don’t be left behind. Reinvent yourself or risk being disrupted!


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Family Offices: How the Ultra Net Worth Families Protect & Create Wealth for Generations

auroreFamily offices are growing rapidly in scale and gaining significant influence. Yet given the inherently private nature of their activities and because the term is used loosely for marketing purposes, the field remains misunderstood. Each office is unique and reflects the distinct personality and objectives of its principal(s). From single to multi-family offices, staffed with a few investment professionals to full-service offices with hundreds of professionals, here is a sneak peek into an exciting corner of asset management and how ultra-high net worth families protect and create wealth.

  1. It’s a Family (Office) Thing. They now manage over $3 trillion globally – more than hedge funds. The Rockefellers and Gates are not the only families to have created one, but you’ll need at least $500M to $1B for a full-service family office. The trend towards family offices is accelerating. Here’s why.
  2. The New Rising Class. John D. Rockefeller was the United States’ first billionaire in 1916. According to BCG, there are now nearly 500 billionaires in the U.S – 100 new billionaires were created in the last five years alone. According to a recent UBS study, from 1995 to 2014, the number of global female billionaires grew even faster – by a factor of 6.6, versus 5.2 for men. More than 80% of female billionaires hail from the U.S.; though 19% of them were self-made. There are over 12,000 Americans who are worth more than $100M.
  3. Ultra-Wealthy Hold More Private Equity Than Stocks. According to Tiger 21, aggregate investments in PE – at 23% of total portfolio value – exceeded the value held in stocks. The biggest change in asset ownership has been the growth of PE, up from 12% in 2007. Over the same time frame, stocks dropped from 28% to 22%. Only real estate, at 25%, exceeds PE’s share of Tiger 21 wealth.
  4. Pritzker Group and Other Wealthy Families Skip PE Firms to Invest Directly. Families increasingly prefer to invest directly in private companies. Traditionally, wealthy families served as limited partners in PE firms, which in turn backed portfolio companies. But over the last several years, family offices have begun hiring  professionals to invest in private companies directly. Doing so successfully requires tremendous scale and expertize in a competitive investment environment.
  5. Germany’s intensely private and immensely wealthy Reimann family. Inspiring story of a family making bold investments in consumers products and coffee.
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5-Bullet Friday: Decision-Making

  1. Eight steps to making better decisions as a manager.
  2. Mens sana in corpore sano. How neuroscientists explain the mind-clearing magic of running.
  3. Humans are underrated. The critical 21st-century skill will surprise you.
  4. Donald Trump will win according to the author of ‘Dilbert’. Trump knows psychology and appeals to human irrationality. While it looks like his campaign will fall short, he has gone far by running on emotion. Hope voters will see through his game and look at the facts…
  5. Letter to My Younger Self by Doug Gilmour. He was one of a kind! Few could match his intensity and passion. I can’t wait for the start of the hockey season.


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Vendredi 5-Points: Prise de décision

  1. Huit étapes pour prendre de meilleures décisions en tant que gestionnaire.
  2. Mens sana in corpore sano. Les neuroscientifiques expliquent comment la course libère l’esprit.
  3. Les humains sont sous-estimés. La compétence essentielle du 21e siècle vous surprendra.
  4. Donald Trump va gagner l’élection selon le créateur de «Dilbert». Trump connaît la psychologie et fait appel à l’irrationalité humaine. Alors qu’il semble que sa campagne va tomber à court, il est allé loin en misant sur l’émotion. En espérant que les électeurs verront à travers son jeu et regarderont les faits..
  5. Lettre de Doug Gilmour. Il était dans une classe à part! Peu de gens pouvaient atteindre son niveau d’intensité et de passion. J’ai hâte au début de la saison de hockey.


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5-Bullet Friday: Private Equity Evolving

  1. The Future Belongs to the Bold – Canada needs more courage
  2. Searching for the “perfect private equity model” in a difficult market
  3. The Shifting Business Model of private equity
  4. Long interview with Henry Kravis of KKR– one of the iconic founding fathers of the modern PE industry
  5. Operational improvement the “private equity way
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Vendredi 5-Points: L’évolution de l’industrie du capital-investissement

  1. L’avenir appartient aux audacieux- Le Canada a besoin de plus de courage
  2. La recherche du «modèle de private equity parfait» dans un marché difficile
  3. Le modèle d’affaires du capital-investissement en évolution
  4. Longue entrevue avec Henry Kravis de KKR- l’un des pères fondateurs emblématiques de l’industrie du PE moderne
  5. Amélioration opérationnelle «à la private equity»
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Vendredi 5-Points: Investissement en capital de risque & Gouvernance corporative

L’été tire à sa fin. J’espère que vous en avez profité. Voici quelques articles intéressants qui ont attiré mon attention.

  1.  Comment Yale investi en VC pour générer 93 % IRR au cours des 20 dernières années.
  2. Les marchés publics sont brisés. Principes de gouvernance d’entreprise remplis de bon sens – Warren Buffet et 13 PDG signent une lettre ouverte.
  3. Le « casse-tête » de la bulle technologique. Pourquoi les marchés des capitaux publics et privés valorisent différemment les entreprises technologiques.
  4. Ce qui rend un entrepreneur à succès? Décoder l’ADN de l’entrepreneur.
  5. Comprendre les avantages et les inconvénients de la dette pour les sociétés financées par le capital de risque.
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