Australia Family Office Guide
Although Australia is not typically seen as one of the top destinations for private banking, the family office industry there has been growing quickly in recent years. The following free guide to Australia Family Offices will help you better understand Australian family offices and provide you with resources to learn more about Australia family offices. You should also check out our 100% free book on family offices.
Introduction to Australia
Australia has a well-developed financial sector and a thriving investment community. The country enjoys a high standard of living and has a high GDP per capital as well as a low poverty rate. Australia is the 13th largest economy in the world and large local economies in Melbourne and Sydney which both have strong financial industries.
Australia has a financial sector that is well-established and capitalistic, setting up a pretty welcoming environment for businesses and investors. The Australian government is highly stable with a market economy that has created a large amount of wealth. That wealth is now being increasingly entrusted to family offices. It is true that Australia’s family office industry is still developing but it has been growing rapidly and the concept appears to be taking off as you will read in the next section.
Family Offices in Australia
According to the Australian Trade Commission, “The top 250 family offices in Australia accounted for approximately A$181 billion as at May 2010, with the largest 20 accounting for A$67.7 billion.20 The range is from A$200 million to A$7.17 billion.” And that doesn’t include the “significant” number of smaller sub-A$200 million family offices that exist in Australia.
Again according to the ATC:
“An Australian family office is generally a private company that manages investments and trusts for a wealthy family and their extended members. Most family offices are relatively new in Australia, and have often only been created by the first generation in the last 10 to 20 years. There are some older families such as the Fairfax, Albert and Myer families where fifth, sixth and seventh generations are beneficiaries of the family office structure.
The traditional family office will provide a range of services from personal services (managing household staff) to property management, philanthropy coordination, legal and tax services, and financial and investment services. A family office will typically have an investment team that manages the assets for a number of beneficiaries. This service may be provided within the office or through the private banking or advisory services of a financial institution.
The multi-family office model is still young in Australia, however there seems to be a great deal of opportunity as a number of the ‘new’ wealth groups look to the experience of other families. On this theme, a number of families are co-investing and sharing due diligence on transactions.”
Top 20 Australian Family Offices
The following list of the top 20 Australian family offices in terms of assets under management comes from an Australian government report on private banking in Australia.
TOP 20 Australian FAMILY OFFICES Rank Family Office, Core Investments, Total Assets in Australian dollars (millions)
1 Smorgon Group, Diversified, $7,170 2 Lowy, Property, $5,040 3 Rinehart, Mining, $4,750 4 Thorney (Pratt), Diversified, $4,600 5 Andrew Forrest, Mining, $4,240 6 Triguboff, Property, $4,200 7 Packer, Gaming/media, $4,100 8 Clive Palmer, Mining, $3,920 9 Liberman Family, Diversified, $3,900 10 Gandel, Property, $3,030 11 Chris Wallin, Mining, $2,590 12 Alter, Property, $2,400 13 Terrace Tower Group, Property, $2,400 14 Kerr Neilson, Financial Services, $2,330 15 Australian Capital Equity, Media/Diversified, $2,290 16 Besen, Diversified/Retail, $2,267 17 Len Buckeridge Building, Materials, $2,240 18 Portland House (Hains), Diversified, $2,150 19 Bennett/Wright, Mining, $2,090 20 Lang Walker, Property, $1,970
The following is a collection of Australia family office resources:
Australia Family Office Resources Guide
Australia Family Office Resource #1: The Australian government has published a helpful guide to private banking in Australia including family offices.
Australia Family Office Resource #2: If you are looking for contact details of family offices in Australia you may want to consider using a Family Offices Database. A Family Office Database provides you with the complete contact details for 100′s or sometimes even up to 1,000 global single and multi-family offices within an easy to use Excel spreadsheet format. Learn more about this by clicking here.
Australia Family Office Resource #3: I heard about Australia’s Dealers Group recently while conducting an interview with a family office group. The firm connects family office professionals with industry events like the 3rd Annual Family Office Conference in Melbourne.
Australia Family Office Resource #4: I came across this great presentation on the “Family Office Scene in Australia.”
Australia Family Office Resource #5: Here is an article on how Australian family offices are investing in mezzanine debt.
Australia Family Office Resource #6: Here is an Australian men’s magazine detailing the process for building your own family office.
Australia Family Office Resource #7: This article discusses why the family office industry has grown so rapidly in recent years.
Australia Family Office Resource #8: This article talks about how Credo Group Holdings invested in an Australian multi-family office.
Australia Family Office Resource #9: You can read about the International Family Office Association launch party in Australia here.
Australia Family Office Resource #10: Here is an article covering how one Australian family office is launching a new system for philanthropy.
Australia Family Office Resource #11: This is an interesting story on how Australia is gradually adopting the family office model that has already been embraced in the U.S. and the E.U. countries.
Are you an employee or manager of a family office in Australia? Then we’d like to keep in touch with you. Simply send us an email at Richard@RichardWilsonCapital.
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